Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 383

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 383
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redemption

The Company accounts for its Class A ordinary shares subject to
possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (ASC 480).
Ordinary shares subject to mandatory redemption (if any) will be classified as a liability instrument and will be measured at fair value.
Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within the control
of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) will be
classified as temporary equity. At all other times, ordinary shares will be classified as shareholders’ equity. In accordance with
ASC 480-10-S99, the Company classifies the Class A ordinary shares subject to redemption outside of permanent equity as the
redemption provisions are not solely within the control of the Company. Given that the 8,625,000 Class A ordinary shares sold as
part of the Public Units in the IPO were issued with other freestanding instruments (i.e., rights), the initial carrying value of
Class A ordinary shares classified as temporary equity has been allocated to the proceeds determined in accordance with ASC 470-20.
If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in
the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become
redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately
as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The
Company has elected to recognize the changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument
to equal the redemption value at the end of each reporting period.

F-12

As of December 31, 2024, the Class A ordinary shares subject to possible
redemption reflected in the balance sheet are reconciled in the following table:

    Gross Proceeds 
    $86,250,000 
  
    Less: 

    Proceeds allocated to public rights 
     (1,565,438)
  
    Class A ordinary shares issuance cost 
     (2,470,987)
  
    Plus: 

    Initial measurement of carrying value to redemption value 
     4,036,