PANTAGES CAPITAL ACQUSITION Corp

Previous wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Pantages Capital Acquisition Corporation (f/k/a “Aifeex Nexus Acquisition Corporation). References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Aitefund Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Current wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Pantages Capital Acquisition Corporation (f/k/a “Aifeex Nexus Acquisition Corporation” and “Shepherd Ave Capital Acquisition Corporation”). References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Aitefund Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Previous wording

For the three months ended June 30, 2025, we had a net income of $723,213, which consisted of interest and dividend income on cash and investments held in trust account of $900,939 and partially offset by formation and operating costs of $177,726.

Current wording

For the three months ended September 30, 2025, we had a net income of $686,686, which consisted of interest and dividend income on cash and investments held in trust account of $911,969 and partially offset by formation and operating costs of $225,283.

Previous wording

For the six months ended June 30, 2025, we had a net income of $1,404,067, which consisted of interest and dividend income on cash and investments held in trust account of $1,797,542 and partially offset by formation and operating costs of $393,475.

Current wording

For the nine months ended September 30, 2025, we had a net income of $2,090,753, which consisted of interest and dividend income on cash and investments held in trust account of $2,709,511 and partially offset by formation and operating costs of $618,758.

Previous wording

For the period from May 31, 2024 (inception) through June 30, 2024, we had a net loss of $17,320, which consisted of formation and operating costs of $17,320.

Current wording

For the period from May 31, 2024 (inception) through September 30, 2024, we had a net loss of $146,534, which consisted of formation and operating costs of $146,534.

Previous wording

As June 30, 2025, the Company had cash of $294,644 and a working capital of $107,405.

Current wording

As September 30, 2025, the Company had cash of $349,018 and a working capital deficit of $117,878.

Previous wording

For the six months ended June 30, 2025, there was $413,362 of cash used in operating activities resulting from dividend earned on investments held in trust account of $1,797,542, and the decrease in due to related parties of $31,188. The changes were offset by net income of $1,404,067, the decrease in prepaid expenses of $2,139, and the increase in accounts payable and accrued expenses of $9,162.

Current wording

For the nine months ended September 30, 2025, there was $641,488 of cash used in operating activities resulting from dividend earned on investments held in trust account of $2,709,511, the decrease in accounts payable and accrued expenses of $3,774, and the decrease in due to related parties of $33,521. The changes were partially offset by net income of $2,090,753 and the decrease in prepaid expenses of $14,565.

Previous wording

For the six months ended June 30, 2025 and for the period from May 31, 2024 (inception) through June 30, 2024, there were no investing activities.

Current wording

For the nine months ended September 30, 2025 and for the period from May 31, 2024 (inception) through September 30, 2024, there were no investing activities.

Previous wording

For the six months ended June 30, 2025, there was $175,000 of cash provided by financing activity resulting from the proceeds from promissory note to related party.

Current wording

For the nine months ended September 30, 2025, there was $457,500 of cash provided by financing activity resulting from the proceeds from working capital loan to related party.

Previous wording

In order to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, our directors, officers and the sponsor (together, the “insiders”) or their affiliates or designees may, but are not obligated to, loan us funds as may be required. If the Company completes the initial business combination, it would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from the trust account would be used for such repayment. Up to $3,000,000 of such loans (the “Working Capital Loans”) may be convertible into Units of the Company, at a price of $10.00 per Unit (the “Working Capital Units”) at the option of the lender. As of June 30, 2025 and December 31, 2024, the Company had $175,000 and $0 borrowings under the Working Capital Loans.

Current wording

In order to fund working capital deficiencies or finance transaction costs in connection with an initial business combination, our directors, officers and the sponsor (together, the “insiders”) or their affiliates or designees may, but are not obligated to, loan us funds as may be required. If the Company completes the initial business combination, it would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from the trust account would be used for such repayment. Up to $3,000,000 of such loans (the “Working Capital Loans”) may be convertible into Units of the Company, at a price of $10.00 per Unit (the “Working Capital Units”) at the option of the lender. As of September 30, 2025 and December 31, 2024, the Company had $457,500 and $0 borrowings under the Working Capital Loans.