Pantages Capital Acquisition Corporation Right is a financial instrument that represents a contingent contractual claim issued in connection with the formation of Pantages Capital Acquisition Corporation, a special purpose acquisition company (SPAC) incorporated in 2024 and based in Wilmington, Delaware. The primary purpose of this right is to grant its holder entitlement to receive a specified portion of a share or another security of the surviving entity upon the successful completion of a merger, share exchange, asset acquisition, or similar business combination by the SPAC. Rights such as these are commonly used to provide an additional incentive for investors who participate in the initial public offering of a SPAC. Pantages Capital Acquisition Corporation Right plays a key role in facilitating capital formation and aligning investor interests during the pre-combination phase of the SPAC lifecycle. While it does not represent direct equity ownership before a qualifying transaction, the right is a tradable security and reflects market expectations about the likelihood and potential value of a future business combination undertaken by the underlying SPAC.