Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 1059

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 11
Chunk 1059
---
 of other offering costs. At the IPO date, cash of $941,835 was held outside of the Trust Account (as defined below)
and is available for the payment of accrued offering costs and for working capital purposes.

The Company’s initial business combination
must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the Trust
Account (excluding any deferred underwriters’ fees and taxes payable on the income earned on the Trust Account) at the time of the
agreement to enter into the initial business combination. The Company will complete its initial business combination only if the post-transaction
company in which its public shareholders own shares will own or acquire 50% or more of the outstanding voting securities of the target
or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will
be able to complete an initial business combination successfully.

F-7

Upon the closing of the IPO, management has agreed
that at least $10.00 per Unit sold in the IPO will be held into a U.S.-based trust account (“Trust Account”). The funds held
in the Trust Account will be invested only in U.S. government treasury bills with a maturity of 185 days or less, or in money
market funds meeting the applicable conditions of Rule 2a-7 promulgated under the Investment Company Act that invest solely in direct
U.S. government treasury. Except with respect to dividend and/or interest earned on the funds held in the Trust Account that may
be released to the Company to pay the Company’s tax obligation, if any, the proceeds from the IPO and the sale of the Private Placement
Units that are deposited and held in the Trust Account will not be released from the Trust Account until the earliest to occur of
(i) the completion of the Company’s initial business combination; (ii) the redemption of any public shares properly tendered
in connection with a shareholder vote to amend the company’s memorandum and articles of association effective at the time to (A) modify
the substance or timing of obligation to redeem 100% of the Company’s public shares if the Company does not complete the Company’s
initial business by the Combination Deadline (as defined below) or (B) with respect to any other provision