Pantages Capital Draws Second Nasdaq Deficiency Notice in Twelve Days
Listing At Risk
Company Background
Pantages Capital Acquisition Corp is a Cayman Islands-registered special purpose acquisition company listed on the Nasdaq Global Market. In November 2025 it announced a definitive business combination agreement with MacMines Austasia Pty Ltd, an Australian geological exploration and mining company valued at $180 million under the deal terms, with the combined entity expected to trade on Nasdaq as Horizon Mining Limited.
The SPAC's financial profile changed dramatically at its June 3, 2026 extraordinary general meeting, when shareholders approved extending the business combination deadline from June 6, 2026 to June 6, 2027 on a month-to-month basis. In connection with that vote, 5,889,094 shares were redeemed at approximately $10.60 per share, removing roughly $62.4 million from the trust account. Approximately $29 million remained in trust after the redemptions, with 2,980,156 Class A shares and 2,156,250 Class B shares left outstanding.
The deal had already been modified in April 2026, when all parties agreed to remove a closing condition requiring Pantages to hold net tangible assets of at least $5,000,001 after giving effect to redemptions and any PIPE investment. That amendment was a direct acknowledgment that the trust would be heavily depleted by the time the merger closes.
What Was Disclosed
Pantages received a written deficiency notice from Nasdaq's Listing Qualifications Department on September 2, 2026, citing non-compliance with Listing Rule 5450(a)(2), which requires at least 400 total holders for continued listing on the Nasdaq Global Market. The notice does not trigger an immediate trading suspension and is explicitly described as a notification of deficiency rather than imminent delisting.