Hudson Bay reports 13.27% stake in Pantages Capital

Accepted by SEC EDGAR 07/02/2026 - 04:34 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Pantages Capital Acquisition Corp: Hudson Bay Capital Management LP and Sander Gerber report beneficial ownership of 395,572 Class A Ordinary Shares, representing 13.27% of the Class A ordinary shares outstanding following the company's stockholders' vote on June 3, 2026.

The filing states the outstanding share count used for the percentage is 2,980,156 Class A ordinary shares, as reported in the company's Current Report on Form 8-K filed June 12, 2026. The Investment Manager holds the shares in the name of HB Strategies LLC; Mr. Gerber is the managing member of the Investment Manager and disclaims beneficial ownership of the reported shares.

Insights

Institutional Ownership Analyst

Holdings disclosure shows a single institutional holder at a material stake.

The statement reports 395,572 shares held by HB Strategies LLC through Hudson Bay Capital Management LP, equal to 13.27% of 2,980,156 Class A shares outstanding after the June 3, 2026 vote. The filing attributes holdings to the Investment Manager and notes Mr. Gerber's managerial role.

Key dependencies are the ownership structure and the disclosed as of anchors. Subsequent filings would show changes; timing for any sales or transfers is not included in this excerpt.

Corporate Governance Specialist

Disclosure clarifies voting/dispositive power and attribution through an investment vehicle.

The cover information lists shared voting power and shared dispositive power of 395,572 shares for the Reporting Persons. The Investment Manager holds securities in the name of HB Strategies LLC, which is the record holder named in the statement.

Mr. Gerber signs as authorized signatory and separately signs individually while disclaiming beneficial ownership; the filing follows Rule 13d-1(k) joint acquisition statement practice.

Key Figures

Beneficially owned shares: 395,572 shares Percent of class: 13.27% Shares outstanding: 2,980,156 Class A shares +2 more

5 metrics

Beneficially owned shares 395,572 shares Held in the name of HB Strategies LLC

Percent of class 13.27% Calculated using 2,980,156 Class A shares outstanding after June 3, 2026

Shares outstanding 2,980,156 Class A shares Outstanding following the June 3, 2026 stockholder vote (per Form 8-K filed June 12, 2026)

Filing date / signature 07/02/2026 Date on signatures for the Schedule 13G disclosure

CUSIP G8089R100 Class A Ordinary Shares CUSIP

Key Terms

Beneficial ownership, Shared dispositive power, Rule 13d-1(k), Investment Manager

4 terms

Beneficial ownership regulatory

"Amount beneficially owned: The information required by Item 4(a) is set forth"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Shared dispositive power regulatory

"Shared Dispositive Power 395,572.00"

Rule 13d-1(k) regulatory

"JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k)"

Investment Manager financial

"The Investment Manager serves as the investment manager to HB Strategies LLC"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Hudson Bay Capital Management report in PGAC?

The filing states 395,572 shares, equal to 13.27% of the Class A ordinary shares outstanding. This percentage is calculated using 2,980,156 Class A shares outstanding after the June 3, 2026 stockholder vote.

How is beneficial ownership attributed in this Schedule 13G for PGAC?

The Investment Manager is reported as beneficial owner through securities held in the name of HB Strategies LLC. The filing notes the Investment Manager serves as manager and Mr. Gerber is the managing member of the Investment Manager.

Does Sander Gerber claim direct beneficial ownership of the reported PGAC shares?

No. The filing states that Mr. Gerber disclaims beneficial ownership of the reported shares while signing as authorized signatory for Hudson Bay Capital Management LP on July 2, 2026.

What outstanding share count is used to compute the 13.27% stake in PGAC?

The percentage is calculated based on an aggregate of 2,980,156 Class A ordinary shares outstanding following the company's June 3, 2026 stockholder vote, as reported in a Form 8-K filed June 12, 2026.

What powers over the shares are reported by the filers in PGAC's Schedule 13G?

The cover page shows shared voting power and shared dispositive power of 395,572 shares for the Reporting Persons; sole voting and sole dispositive power are reported as 0.00 on the cover page.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PANTAGES CAPITAL ACQUISITION Corp

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value per share

(Title of Class of Securities)

G8089R100

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): G8089R100

1

Names of Reporting Persons

Hudson Bay Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 395,572.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 395,572.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

395,572.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.27 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): G8089R100

1

Names of Reporting Persons

Sander Gerber

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 395,572.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 395,572.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

395,572.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.27 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PANTAGES CAPITAL ACQUISITION Corp
(b)	Address of issuer's principal executive offices: 221 W 9th St #859, Wilmington, DE 19801
Item 2.
(a)	Name of person filing: This statement is filed by Hudson Bay Capital Management LP (the "Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 290 Harbor Dr., Stamford, CT 06902.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Gerber is a United States citizen.
(d)	Title of class of securities: Class A Ordinary Shares, $0.0001 par value per share
(e)	CUSIP Number(s): G8089R100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 2,980,156 Class A ordinary shares, par value $0.0001 (the "Class A Ordinary Shares") of Pantages Capital Acquisition Corporation (the "Company") outstanding following the Company's stockholders' vote at the extraordinary annual meeting held by the Company on June 3, 2026, as reported in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 12, 2026. The Investment Manager serves as the investment manager to HB Strategies LLC, in whose name the securities reported herein are held. As such, the Investment Manager may be deemed to be the beneficial owner of all Class A Ordinary Shares held by HB Strategies LLC. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership of these securities.
(b)	Percent of class: 13.27%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hudson Bay Capital Management LP

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, Authorized Signatory
Date:	07/02/2026

Sander Gerber

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, individually
Date:	07/02/2026

Exhibit Information

EXHIBIT 99.1 JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: July 2, 2026 HUDSON BAY CAPITAL MANAGEMENT LP By: /s/ Sander Gerber Name: Sander Gerber Title: Authorized Signatory /s/ Sander Gerber SANDER GERBER