Company: PGACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044013
Chunk: 155

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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 initial business combination (except to certain
permitted transferees).

Promissory Note — Related Party

On
June 14, 2024, the sponsor has agreed to loan the Company up to $500,000 (the “Promissory Note”) to be used for a
portion of the expenses of the IPO. Immediately before the IPO, the Company had an outstanding loan balance of $295,019 and the
balance was repaid. There is no balance as of March 31, 2025 and December 31, 2024.

Working Capital Loans

In addition, in order to meet the Company’s
working capital needs following the consummation of the initial public offering if the funds not held in the Trust Account are insufficient,
or to extend its life, its insiders, officers and directors or their affiliates/designees may, but are not obligated to, loan the Company
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of the Company’s initial business combination, without interest,
or, at the lender’s discretion, up to $3,000,000 of the notes (“Working Capital Loans”) may be converted upon consummation
of the Company’s initial business combination into Working Capital Units at a price of $10.00 per Unit. If the Company do not
complete an initial business combination, the loans would be repaid out of funds not held in the Trust Account, and only to the extent
available.

As of March 31, 2025 and December 31, 2024, the
Company had no borrowings under the Working Capital Loans.

Due to Related Parties

On June 6, 2024, the Company appointed Jia
Peng as Chief Financial Officer, in addition to the current position as a member of the board of the directors. During the Term as Chief
Financial Officer and a member of board of directors of the Company, Jia Peng will receive cash compensation in the amount of $5,000,
payable each month.

As of March 31, 2025 and December 31, 2024, the
Company had accrued expenses for Jia Peng of $14,000 and $14,300, respectively.

On June 14, 2024, the Company appointed William
Snyder as Chairman and Chief Executive Officer,