Company: SPEG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110444
Chunk: 80

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 initial shareholders have agreed not to transfer,
assign or sell any of their founder shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur
of (i) six months after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation,
merger, share exchange or other similar transaction after the initial Business Combination that results in all of the shareholders having
the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject
to the same restrictions and other agreements of the initial shareholders with respect to any founder shares. Such transfer restrictions
are referred to as the lock-up. Notwithstanding the foregoing, if (1) the closing price of Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing after the initial Business Combination or (2) if the Company consummates a transaction
after the initial Business Combination which results in the shareholders having the right to exchange their shares for cash, securities
or other property, the founder shares will be released from the lock-up.

14

SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited) 

Promissory Note — Related Party

The Sponsor had agreed to loan the Company an aggregate of up to $300,000
to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing, unsecured and due at the earlier
of October 31, 2025, as amended, or the closing of the Initial Public Offering. As of September 30, 2025 and December 31, 2024, the
Company had $194,649 and $62,384, respectively, outstanding borrowings under the promissory note. As of September 30, 2025, the Company
fully paid the $194,649 outstanding under the promissory note. Borrowings under this note are no longer available.

Administrative Services Agreement

Commencing on the effective date of the Initial
Public Offering, on July 14, 2025, the Company entered into an agreement with the Sponsor or an affiliate to pay an aggregate of $10,000