Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 65

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 transfer of the 60,000 Founder Shares accounted
for as compensation under Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation”
(“ASC 718”). The estimated fair value of the 60,000 Founder Shares totaled $54,450. On December 6, 2024, the Company recognized
a share-based compensation expense of $53,754, net of the nominal cash consideration of $696 paid by the directors.

The
Private Placement shares are identical to the Class A ordinary shares included in the Units being sold in this offering. However,
the Company’s insiders have agreed, pursuant to written letter agreements with the Company, (A) to vote their founder shares
and Private Placement shares (as well as any public shares acquired in or after this offering) in favor of any proposed initial business
combination, (B) not to propose, or vote in favor of, an amendment to our memorandum and articles of association effective at the
time that would stop our public shareholders from redeeming their shares for cash or selling their shares to us in connection with an
initial business combination or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
an initial business combination by the Combination Deadline unless we provide public shareholders with the opportunity to redeem their
public shares to receive cash from the Trust Account in connection with any such vote (regardless how such shareholders vote for such
amendment), (C) not to redeem any founder shares and private shares (as well as any other shares acquired in or after this offering)
for cash from the Trust Account in connection with a shareholder vote to approve our proposed initial business combination (or sell any
shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote to amend the provisions
of our memorandum and articles of association effective at the time relating to shareholders’ rights or pre-initial business combination
activity and (D) that the founder shares and private shares shall not participate in any liquidating distribution upon winding up
if an initial business combination is not consummated. 

11

The
insiders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until (1) with
respect to 50% of the founder shares, the earlier of six months after the date of the consummation of the Company’s initial
business combination and the date on which