Company: PGACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044013
Chunk: 24

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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”), including
1,125,000 additional Units granted to the underwriters to cover over-allotments, if any (the “Over-Allotment Option”). Public
Unit consisting of one Class A ordinary share (the “Class A Ordinary Shares”) of the Company, par value $0.0001 per share
(the “Public Shares”), and one right (the “Rights”) of the Company, each right entitling the holder to receive
one-fifth of one Class A Ordinary Share for (the “Public Rights”). The Units were sold at an offering price of $10.00 per
Unit, generating total gross proceeds of $86,250,000.

16

Simultaneously with the closing
of the IPO, we consummated a private placement (the “Private Placement”) with Aitefund Sponsor LLC, our sponsor (the “sponsor”),
of an aggregate of 244,250 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating
gross proceeds to the Company of $2,442,500. Each Private Placement Unit consists of one Class A ordinary share (the “Private Placement
Shares”), and one Right (the “Private Placement Rights”). The terms and provisions of the Private Placement Shares and
Private Placement Rights in the Private Placement Units are identical to the Public Shares and Public Rights, respectively, except that,
subject to certain limited exceptions, the Private Placement Shares are subject to transfer restrictions until the consummation of the
Company’s initial business combination. On December 6, 2024, a total of $86,250,000 of the net proceeds from the IPO and the Private
Placement was deposited in a trust account (the “trust account”) established for the benefit of the Company’s Public
Shareholders at a U.S. based trust account, with Wilmington Trust, N.A., acting as trustee.

Since our IPO, our sole business
activity has been identifying, evaluating suitable acquisition transaction candidates and preparing for consummation of an initial business
combination. We presently have no revenue and have had losses since inception from incurring formation and operating costs. We have relied
upon the sale of our securities and loans from the sponsor and other parties to fund our operations.

The sales of the Private
Placement Units issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No commissions
were paid in connection with such sales.

Separation of Units

On January 23