Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 62

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 62
---
 the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment
Reporting Improvements to Reportable Segment Disclosures” (“Topic 280”). The amendments in this ASU require
disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating officer
decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment
profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how
the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities
with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing
segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim
periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this ASU for
the year ended December 31, 2024 and there was no material effect on our financial statements.

Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 — Initial Public
Offering

On December 6, 2024, the Company sold 8,625,000 Units (including 1,125,000
Units issued upon the full exercise of the Over-Allotment Option) in its IPO. Each Unit has an offering price of $10.00 and consists of
one share of the Company’s Class A ordinary share and one right. Each right entitles the holder thereof to receive one-fifth
of one Class A ordinary share upon completion of the Company’s initial business combination. The Company will not issue fractional
shares. As a result, the holder must hold rights in multiples of 5 in order to receive shares for all of their rights upon closing of
an initial business combination.

Note 4