PANTAGES CAPITAL ACQUISITION Corp 8-K

What Happened
Pantages Capital Acquisition Corp. (PGAC) filed an 8-K reporting that at its extraordinary annual meeting on June 3, 2026 shareholders approved extending the company’s business combination deadline from June 6, 2026 to June 6, 2027 on a month-to-month basis (up to 12 months). The extension requires monthly deposits into the company’s trust account equal to $0.033 per public share remaining after redemptions, capped at $60,000 per month. In connection with the vote, 5,889,094 shares were tendered for redemption.

Key Details

• Shareholder vote date: June 3, 2026; new outer deadline: June 6, 2027 (month-to-month extensions up to 12 months).
• Redemptions: 5,889,094 shares tendered; approximately $62,410,178.04 will be removed from the Trust Account (about $10.60 per share).
• Post-redemption share counts: 2,980,156 Class A shares and 2,156,250 Class B shares outstanding.
• Trust account: approximately $28,993,998.16 will remain after redemptions; monthly extension payments are $0.033 per public share (subject to a $60,000 cap).

Why It Matters
For investors, the approved extension buys the SPAC more time to complete a merger or other business combination but comes with costs: redemptions reduced the trust cash materially (to ~ $29M) and the company will need to fund monthly deposits to preserve the extended deadline. Shareholders who redeemed will receive cash (~$10.60/share), reducing the pool of public shares and the cash available for a future deal. This is a material update for holders and potential deal counterparties because it affects available cash, timelines, and the capital structure going into any eventual transaction.