Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 387

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 387
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 B ordinary shares to the Sponsor, at par value, for the
purchase price of $43. In total, an aggregate 2,156,250 Class B ordinary shares were issued to the Sponsor and executives, at a per-share
price of approximately $0.012 per share.

F-14

Concurrent with the IPO, the sponsor transferred
an aggregate of 60,000 of its Founder Shares, or 20,000 each to its three independent directors for their board service, for nominal cash
consideration, of $696. The fair value of the transfer of the 60,000 Founder Shares accounted for as compensation under Accounting Standards
Codification (“ASC”) 718, “Compensation – Stock Compensation” (“ASC 718”). The estimated fair
value of the 60,000 Founder Shares totaled $54,450. On December 6, 2024, the Company recognized a share-based compensation expense of
$53,754, net of the nominal cash consideration of $696 paid by the directors.

The Private Placement shares are identical to
the Class A ordinary shares included in the Units being sold in this offering. However, the Company’s insiders have agreed,
pursuant to written letter agreements with the Company, (A) to vote their founder shares and Private Placement shares (as well as
any public shares acquired in or after this offering) in favor of any proposed initial business combination, (B) not to propose,
or vote in favor of, an amendment to our memorandum and articles of association effective at the time that would stop our public shareholders
from redeeming their shares for cash or selling their shares to us in connection with an initial business combination or affect the substance
or timing of our obligation to redeem 100% of our public shares if we do not complete an initial business combination by the Combination
Deadline unless we provide public shareholders with the opportunity to redeem their public shares to receive cash from the Trust Account
in connection with any such vote (regardless how such shareholders vote for such amendment), (C) not to redeem any founder shares
and private shares (as well as any other shares acquired in or after this offering) for cash from the Trust Account in connection with
a shareholder vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer in connection
with a proposed initial business combination) or a vote to amend the provisions of our memorandum and articles of association effective
at the time relating to shareholders