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

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 10
---
 who executed a waiver of any and all rights to
the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s
indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However,
the Company has not asked the Sponsor to reserve for such indemnification obligations, nor have the Company independently verified whether
the Company’s Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets
are securities of the company. Therefore, it cannot be assured that the Sponsor would be able to satisfy those obligations. None of the
officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective
target businesses.

6

Going
Concern Consideration

As
of September 30, 2025, the Company had $349,018 cash and a working capital deficit of $117,878. The Company expects to incur significant
professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of
an initial business combination. In connection with the Company’s assessment of going concern considerations in accordance with
the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions
raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plan in addressing this
uncertainty is through the borrowing of Working Capital Loans, as defined below (see Note 5). In addition, if the Company is unable to
complete an initial business combination within the Combination Period by March 6, 2026, unless further extended, the Company’s
board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance
that the Company’s plans to consummate an initial business combination will be successful within the Combination Period. As a result,
management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as
a going concern within one year after the date that the unaudited financial statements are issued. The unaudited financial statement
does not include any adjustments that might result from the outcome of this uncertainty.

Risks
and Uncertainties

As
a result of the military action commenced in February