Business Context and Reporting Period
Pantages Capital Acquisition Corporation (PGAC), a Cayman Islands exempted company, filed this Form 8-K on August 21, 2026. The Company's securities (Units, Class A ordinary shares, and Rights) trade on The Nasdaq Stock Market LLC under the symbols PGACU, PGAC, and PGACR, respectively.
Key Financial Metrics
This filing does not provide specific financial statements, revenue, profit, cash flow, margin, debt, or liquidity figures. The report focuses exclusively on a listing deficiency regarding the Market Value of Listed Securities (MVLS).
Material Changes and Listing Status
On August 21, 2026, the Company received a notice from Nasdaq indicating that its MVLS has been below the $50 million minimum requirement for the last 30 consecutive business days, violating Nasdaq Listing Rule 5450(b)(2)(A). The Company also does not meet the requirements under Listing Rule 5450(b)(3)(A). This notice is a notification of deficiency and does not currently affect the listing or trading of the Company's securities.
Outlook, Compliance, and Risks
- Compliance Period: The Company has 180 calendar days, until February 17, 2027, to regain compliance.
- Compliance Requirement: To regain compliance, the MVLS must reach at least $50 million for a minimum of 10 consecutive business days during the Compliance Period.
- Consequences of Non-Compliance: If the Company fails to regain compliance by the deadline, Nasdaq will notify the Company that its securities are subject to delisting. The Company would then have the opportunity to appeal the determination to a Hearings Panel.
- Management Commentary: The Company is monitoring its MVLS and evaluating options to regain compliance but states there can be no assurance of success.
Investor Verification Checklist
- Verify the current Market Value of Listed Securities (MVLS) to assess the gap from the $50 million threshold.
- Monitor the Company's stock price and trading volume over the next 180 days to gauge the likelihood of meeting the 10-day compliance window.
- Review any subsequent filings for updates on specific strategies or capital actions intended to increase MVLS.
- Confirm the status of the Company's search for a business combination, as SPACs often rely on merger announcements to boost market value.