Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 28

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 right entitling the holder to
receive one-fifth of one Class A Ordinary Share for (the “Public Rights”). The Units were sold at an offering price of $10.00
per Unit, generating total gross proceeds of $86,250,000.

Simultaneously
with the closing of the IPO, we consummated a private placement (the “Private Placement”) with Aitefund Sponsor LLC, our
sponsor (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.

15

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 “SP