Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 40

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 40
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 discretion. Each
loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without
interest, or, at the lender’s discretion, up to $3,000,000 of the notes, or the “working capital notes,” may be converted
upon consummation of our initial business combination into working capital units at a price of $10.00 per unit, or the “Working
Capital Units.” In addition, our insiders, officers and directors or their affiliates or designees may loan us funds in support
of our potential extension to allow additional time for us to complete an initial business combination which will be evidenced in extension
convertible notes, or the “extension notes,” to be repaid in cash or $10.00 per unit, or the “Extension Units,”
at the closing of our initial business combination. If we do not complete our initial business combination, the loans would be repaid
out of funds not held in the trust account, and only to the extent available. The Working Capital Units would be identical to the Private
Placement Units sold in the Private Placement. The terms of such loans by our sponsor or its affiliates, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our insiders or an
affiliate of our insiders as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all
rights to seek access to funds in our trust account, but if we do, we will request such lender to provide a waiver against any and all
rights to seek access to funds in our trust account.

After
our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees
from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the tender
offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will
be known at the time of distribution of such tender offer materials or at the time of a shareholder meeting held to consider our initial
business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive and
director compensation.

On June 14, 2024, our sponsor had agreed to loan us an aggregate of
up to $500,000 to be