Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 1

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 1
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 account that may be released to the Company to pay the Company’s tax obligation,
if any, the proceeds from the IPO and the sale of the Private Placement Units that are deposited and held in the trust account will
not be released from the trust account until the earliest to occur of (i) the completion of the Company’s initial business
combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend the company’s
memorandum and articles of association effective at the time to (A) modify the substance or timing of obligation to redeem 100% of
the Company’s public shares if the Company does not complete the Company’s initial business combination by the Combination
Deadline (as defined below), or (B) with respect to any other provision relating to shareholders’ rights or pre-business combination
activity and (iii) the redemption of all of public shares if the Company is unable to complete their initial business combination
by the Combination Deadline, subject to applicable law. In no other circumstances will a public shareholder have any right or interest
of any kind to or in the trust account. The proceeds deposited in the trust account could become subject to the claims of the Company’s
creditors, if any, which could have priority over the claims of the public shareholders.

Our efforts to identify a prospective target business will not be limited
to a particular industry or geographic location. Since our IPO, our sole business activity has been identifying and evaluating suitable
target businesses. We presently have no revenue and have had losses since inception from incurring formation and operating costs. We have
relied upon the sale of our securities and loans from the sponsor and other parties to fund our operations.

1

Initial
Business Combination

Nasdaq
rules require that we must complete one or more initial business combinations with a total aggregate fair market value of at least 80%
of the value of the assets held in the trust account (excluding any deferred underwriters’ fees and taxes payable on the interest
income earned on the trust account) at the time of our signing of a definitive agreement in connection with our initial business combination.
We refer to this as the 80% of net assets test. If our board of directors determines that it is not able to independently determine the
fair market value of the target business or businesses, we may obtain an opinion from an independent investment banking firm or an independent
valuation or appraisal firm, with respect to the satisfaction of such criteria. In addition,