Company: PGACR
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044013
Chunk: 43

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 43
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 Acquisition Corporation” (the “Name Change”).

Promptly following the approval,
the Company filed a Second Amended and Restated Memorandum and Articles of Association (the “Current Charter”) with the Cayman
Islands Companies Register to effect the Name Change. In connection with the Name Change, the Company’s ticker symbols for its units,
ordinary shares and rights changed from “SPHAU”, “SPHA”, “SPHAR”, in each case to “AIFEU”,
“AIFE”, and “AIFER”, and commenced trading under the new symbols on March 12, 2025.

Results of Operations

We have neither engaged
in any operations nor generated any revenues to date. Our only activities from May 31, 2024 (inception) to March 31, 2025 were
organizational activities, those necessary to prepare for the IPO, described below, and, after the IPO, identifying a target company
for an initial business combination. We do not expect to generate any operating revenues until after the completion of our initial
business combination. We may generate non-operating income in the form of interest and dividend income on cash and investments held
in the trust account. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and
auditing compliance), as well as for due diligence expenses in connection with completing an initial business combination.

For the three months
ended March 31, 2025, we had a net income of 680,854 which consisted of interest and dividend income of $896,603 on cash and
investments held in Trust Account which was offset by operating cost of $215,749.

17

Liquidity and Capital
Resources

The Company’s liquidity needs up to March
31, 2025 had been satisfied through a payment from the Sponsor of $25,000 for the Founder Shares to cover certain offering costs and the
proceeds from the public offering and private placements.

As of March 31, 2025, the
Company had cash of $273,472 and a working capital of $285,131.

For the three months
ended March 31, 2025, there was $259,534 of cash used in operating activities resulting from interest and dividend earned on cash
and investments held in trust account of $896,603, the increase in prepaid expenses of $44,631, and the decrease in due to related
parties. The changes were offset by net income