Company: PGACR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-075873
Chunk: 71

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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the “sponsor”),
of an aggregate of 244,250 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit, generating
gross proceeds to the Company of $2,442,500. Each Private Placement Unit consists of one Class A ordinary share (the “Private Placement
Shares”), and one Right (the “Private Placement Rights”). The terms and provisions of the Private Placement Shares and
Private Placement Rights in the Private Placement Units are identical to the Public Shares and Public Rights, respectively, except that,
subject to certain limited exceptions, the Private Placement Shares are subject to transfer restrictions until the consummation of the
Company’s initial business combination. On December 6, 2024, a total of $86,250,000 of the net proceeds from the IPO and the Private
Placement was deposited in a trust account (the “trust account”) established for the benefit of the Company’s Public
Shareholders at a U.S. based trust account, with Wilmington Trust, N.A., acting as trustee.

17

Since our IPO, our sole business
activity has been identifying, evaluating suitable acquisition transaction candidates and preparing for consummation of an initial business
combination. 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.

The sales of the Private
Placement Units issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No commissions
were paid in connection with such sales.

Separation of Units

On January 23, 2025, the
Company announced that holders of the Company’s Public Units may elect to separately trade the Public Shares and Public Rights from
the Public Units, commencing on or about January 27, 2025.

The Class A ordinary shares
and rights were traded on the Nasdaq Global Market (“Nasdaq”) under the symbols “SPHA” and “SPHAR”,
respectively. Units not separated continued to trade on Nasdaq under the symbol “SPHAU.”

First Name Change

On March 11, 2025, the Company
held an extraordinary general meeting (the “First Shareholder Meeting”).

At the First Shareholder
Meeting, the shareholders of the Company, by special resolution, approved the proposal to amend Company’s amended and restated
memorandum and articles of associations (