Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 19

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
22,681, or approximately $0.014 per share. On July 9, 2024, the Company issued an additional 431,250 Class B
ordinary shares to the Sponsor, at par value, for the purchase price of $43. In total, an aggregate 2,156,250 Class B ordinary shares
were issued to the Sponsor and executives, at a per-share price of approximately $0.012 per share, including an aggregate of up to 281,250
Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On
December 6, 2024, the underwriters fully exercised the over-allotment option for an additional 1,125,000 Units, reducing the Class B
ordinary shares subject to forfeiture to 0.

Concurrent
with the IPO, the sponsor transferred an aggregate of 60,000 of its Founder Shares, or 20,000 each to its three independent directors
for their board service, for nominal cash consideration, of $696. The fair value of the transfer of the 60,000 Founder Shares accounted
for as compensation under Accounting Standards Codification (“ASC”) 718, “Compensation – Stock Compensation”
(“ASC 718”). The estimated fair value of the 60,000 Founder Shares totaled $54,450. On December 6, 2024, the Company recognized
a share-based compensation expense of $53,754, net of the nominal cash consideration of $696 paid by the directors.

The
Private Placement shares are identical to the Class A ordinary shares included in the Units being sold in this offering. However,
the Company’s insiders have agreed, pursuant to written letter agreements with the Company, (A) to vote their founder shares
and Private Placement shares (as well as any public shares acquired in or after this offering) in favor of any proposed initial business
combination, (B) not to propose, or vote in favor of, an amendment to our memorandum and articles of association effective at the
time that would stop our public shareholders from redeeming their shares for cash or selling their shares to us in connection with an
initial business combination or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
an initial business combination by the Combination Deadline unless we provide public shareholders with the opportunity to redeem their
public shares to receive cash from the Trust Account