Company: PGACR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-075873
Chunk: 59

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
will be classified as temporary equity. At all other times, ordinary shares will be classified as shareholders’ equity. In accordance
with ASC 480-10-S99, the Company classifies the Class A ordinary shares subject to redemption outside of permanent equity as
the redemption provisions are not solely within the control of the Company. Given that the 8,625,000 Class A ordinary shares sold
as part of the Public Units in the IPO were issued with other freestanding instruments (i.e., rights), the initial carrying value
of Class A ordinary shares classified as temporary equity has been allocated to the proceeds determined in accordance with ASC 470-20.
If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in
the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become
redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately
as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The
Company has elected to recognize the changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument
to equal the redemption value at the end of each reporting period.

As of June 30, 2025 and December 31, 2024, the
Class A ordinary shares subject to possible redemption reflected in the balance sheets are reconciled in the following table:

    Class A 
ordinary 

    shares 
subject to 

    possible 
redemption 
  
    Balance as of May 31, 2024 (Inception) 
    $- 
  
    Gross Proceeds 
     86,250,000 
  
    Proceeds allocated to public rights 
     (1,565,438)
  
    Class A ordinary shares issuance cost 
     (2,470,987)
  
    Initial measurement of carrying value to redemption value 
     4,036,425 
  
    Remeasurement of carrying value to redemption value 
     268,878 
  
    Balance as of December 31, 2024 
    $86,518,878 
  
    Remeasurement of carrying value to redemption