Company: PGACR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-075873
Chunk: 64

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 64
---
 is no balance as of June 30, 2025 and
December 31, 2024.

Working Capital Loans — Related
Party

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 June 30, 2025 and December 31, 2024, the
Company had $175,000 and $0 borrowings under the Working Capital Loans.

13

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 June 30, 2025 and December 31, 2024, the
Company had prepaid expenses of $300 and accrued expense of $14,300 for Jia Peng, respectively.

On June 14, 2024, the Company appointed William
Snyder as Chairman and Chief Executive Officer, in addition to the current position as a member of the board of the directors. During
the Term as Chairman and Chief Executive Officer and a member of board of directors of the Company, William Snyder will receive cash compensation
in the amount of $7,500, payable each month.

As of June 30, 2025 and December 31, 2024, the
Company had accrued compensation