The company's financial position has deteriorated, with the current ratio falling to 0.79 in 2025Q3 and total debt climbing from zero in 2024Q4 to $457.5K.
| Total Current Assets | 456.89K | 655.44K |
| Cash & Short-Term Investments | - | - |
| Cash Only | - | - |
| Short-Term Investments | - | - |
| Accounts Receivable | - | - |
| Days Sales Outstanding | - | - |
| Inventory | - | - |
| Days Inventory Outstanding | - | - |
| Other Current Assets | 0 | 0 |
| Total Non-Current Assets | 89.23M | 86.52M |
| Property, Plant & Equipment | 0 | 0 |
| Fixed Asset Turnover | - | - |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Long-Term Investments | 351.48M | 86.52M |
| Other Non-Current Assets | - | - |
| Total Assets | 89.69M | 87.17M |
| Asset Turnover | 0.00x | -0.00x |
| Asset Growth % | 106761.25% | - |
| Total Current Liabilities | 574.76K | 154.56K |
| Accounts Payable | 117.27K | 121.04K |
| Days Payables Outstanding | - | - |
| Short-Term Debt | 457.5K | 0 |
| Deferred Revenue (Current) | 0 | - |
| Other Current Liabilities | 0 | 0 |
| Current Ratio | 0.79x | 4.24x |
| Quick Ratio | 0.79x | 4.24x |
| Cash Conversion Cycle | - | - |
| Total Non-Current Liabilities | 862.5K | 862.5K |
| Long-Term Debt | 0 | 0 |
| Capital Lease Obligations | 0 | - |
| Deferred Tax Liabilities | 0 | - |
| Other Non-Current Liabilities | - | - |
| Total Liabilities | 1.44M | 1.02M |
| Total Debt | 457.5K | 0 |
| Net Debt | 108.48K | -533.01K |
| Debt / Equity | 0.01x | - |
| Debt / EBITDA | -0.60x | - |
| Net Debt / EBITDA | -0.14x | - |
| Interest Coverage | - | - |
| Total Equity | 88.25M | 86.16M |
| Equity Growth % | 1212733.21% | - |
| Book Value per Share | 8.00 | 44.49 |
| Total Shareholders' Equity | 88.25M | 86.16M |
| Common Stock | 89.23M | 86.52M |
| Retained Earnings | -980.62K | -361.86K |
| Treasury Stock | 0 | 0 |
| Accumulated OCI | 0 | 0 |
| Minority Interest | 0 | 0 |
Liquidation and deal failure
As reported in financial statements, PGAC's balance sheet trajectory reflects a persistent decline in liquidity, with cash reserves falling from $533.0K in 2024Q4 to $349.0K by 2025Q3, indicating that the entity is consuming its limited capital to sustain its public listing status without achieving a business combination.
The consistent contraction of cash reserves suggests that the company is operating under a narrowing window of opportunity to finalize a merger. Investors should monitor the rate of depletion, as the current trajectory implies that the entity may face a liquidity crisis if a transaction is not secured in the near term.
Based on PGAC's reported figures, total debt has climbed from zero in 2024Q4 to $457.5K in 2025Q3, a trend that warrants further investigation as it suggests the company is increasingly relying on external financing to cover administrative costs while it remains without any active commercial operations.
The emergence of debt on the balance sheet is a concerning development for a shell entity that lacks recurring revenue. This shift may indicate that the sponsors are providing bridge financing to keep the vehicle alive, which could complicate future merger negotiations by adding a layer of debt that must be settled.
According to recent SEC filings, the company's current ratio has deteriorated significantly from 4.24 in 2024Q4 to 0.79 in 2025Q3, signaling that current liabilities are now outpacing available liquid assets and leaving the entity with a diminishing buffer against unexpected regulatory or administrative expenses.
A current ratio below 1.0 is particularly problematic for a shell company that relies on its trust account to maintain its public listing. This liquidity strain suggests that the company may be forced to seek additional capital or face the risk of liquidation if it cannot secure a target soon.
As indicated by the 2025Q3 balance sheet, the company's retained earnings have deepened to a deficit of $980.6K, reflecting the cumulative impact of ongoing administrative burn and the lack of any operational income to offset the costs of maintaining the public shell structure.
The persistent growth of the retained earnings deficit highlights the value-eroding nature of the current shell maintenance strategy. This trend suggests that the equity base is being steadily consumed, which may reduce the attractiveness of the vehicle to potential merger partners who are looking for a clean, well-capitalized public entry point.
Quick answers to the most common questions about buying PGAC stock.
As of 2024, Pantages Capital Acquisition Corp (PGAC) had total assets of $87.2M including $0.7M in current assets.
Pantages Capital Acquisition Corp (PGAC) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pantages Capital Acquisition Corp (PGAC) has total shareholders' equity (book value) of $86.2M ($44.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pantages Capital Acquisition Corp (PGAC) reported a current ratio of 4.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.