Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 297

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 297
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    or investment powers over the sponsor. Thus, he is deemed to have beneficial ownership of the shares held by the sponsor.

23

As of the date hereof, our initial shareholders beneficially owned
approximately 20% of issued and outstanding ordinary shares and have the right to appoint all of our directors prior to our initial business
combination. Holders of our Public Shares will not have the right to appoint any directors to our board of directors prior to our initial
business combination. Because of this ownership block, our sponsor may be able to effectively influence the outcome of all other matters
requiring approval by our shareholders, including amendments to our memorandum and articles of association effective at the time and approval
of significant corporate transactions including our initial business combination.

Our sponsor has agreed (a) to vote any founder shares and Public Shares
held by it in favor of any proposed initial business combination and (b) not to redeem any founder shares or Public Shares held by it
in connection with a shareholder vote to approve a proposed initial business combination.

Our
sponsor, our officers, and our directors are deemed to be our “promoters” as such term is defined under the federal securities
laws.

Transfers
of Founder Shares 

The founder shares, Private Placement Units, Private Placement Shares,
and any Class A ordinary shares issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up
provisions in the agreements entered into by our insiders. Our insiders have agreed not to transfer, assign or sell any of their founder
shares until (1) with respect to 50% of the founder shares, the earlier of six months after the date of the consummation of
our initial business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.50 per share (as
adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing after our initial business combination and (2) with respect to the remaining 50%
of the founder shares, six months after the date of the consummation of our initial business combination, or earlier, in either case,
if, subsequent to our initial business combination, we consummate a liquidation, merger, share exchange or other similar transaction which
results in all of our shareholders having the right to exchange their shares for cash, securities or other property.

The
Private Placement Units and the securities