PANTAGES CAPITAL ACQUISITION CORPORATION (FORMERLY KNOWN AS AIFEEX NEXUS ACQUISITION CORPORATION) FORM 10-Q QUARTERLY REPORT FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

Overview

Pantages Capital Acquisition Corporation (the “Company”) is a blank check company incorporated in the Cayman Islands on May 31, 2024. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with one or more businesses or entities.

Initial Public Offering

On December 6, 2024, the Company completed its initial public offering (IPO) of 8,625,000 units, including 1,125,000 additional units granted to the underwriters to cover over-allotments. Each unit consisted of one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share. The units were sold at an offering price of $10.00 per unit, generating total gross proceeds of $86,250,000.

Simultaneously with the IPO, the Company completed a private placement of 244,250 units with its sponsor, Aitefund Sponsor LLC, at a price of $10.00 per unit, generating gross proceeds of $2,442,500.

Results of Operations

Since the IPO, the Company’s sole business activity has been identifying and evaluating suitable acquisition transaction candidates. The Company has not engaged in any operations or generated any revenues to date. For the three months ended June 30, 2025, the Company had a net income of $723,213, which consisted of interest and dividend income on cash and investments held in the trust account, partially offset by formation and operating costs. For the six months ended June 30, 2025, the Company had a net income of $1,404,067, which consisted of interest and dividend income on cash and investments held in the trust account, partially offset by formation and operating costs.

Liquidity and Capital Resources

As of June 30, 2025, the Company had cash of $294,644 and a working capital of $107,405. The Company’s liquidity needs have been satisfied through the proceeds from the IPO and private placement. The Company intends to use the funds held outside the trust account to identify and evaluate target businesses, perform due diligence, and complete an initial business combination.

The Company may need to obtain additional financing to complete its initial business combination or if it becomes obligated to redeem a significant number of its public shares upon completion of the initial business combination.

Contractual Obligations

The Company has entered into a registration rights agreement with the holders of the founder shares and private placement units, which entitles them to make up to three demands for the Company to register such securities. The Company has also entered into an underwriting agreement with the underwriters, which entitles them to a cash underwriting discount and a deferred fee upon the consummation of an initial business combination.

Critical Accounting Policies

The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

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.