Company: SPEG
Filing Date: 2025-08-25
Form Type: 10-Q
Source: 0002077096-25-000055
Chunk: 43

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-08-25
Form: 10-Q
Item: Part I, Item 8
Chunk 43
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SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS

Silver Pegasus Acquisition Corp. (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted corporation on June 5, 2024. The Company was incorporated for
the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business
Combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business
Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly,
with any Business Combination target with respect to an initial Business Combination with the Company.

As of June 30, 2025, the Company had not commenced
any operations. All activity for the period from June 5, 2024 (inception) through June 30, 2025 relates to the Company’s formation
and the Initial Public Offering (as defined below). The Company will not generate any operating revenues until after the completion of
its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on investments
from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal
year end.

The registration statement for the Company’s
Initial Public Offering was declared effective on July 14, 2025. On July 16, 2025, the Company consummated the Initial Public Offering
of 11,500,000 units (the “Units”), which includes the full exercise by the underwriters of their over-allotment option in
the amount of 1,500,000 Units (Note 6), at $10.00 per Unit, generating gross proceeds of $115,000,000, which is discussed in Note 3.
Each Unit consists of one Class A ordinary share (“Public Share”) and one right to receive one-tenth of one Class A ordinary
share (“Public Right” or “Share Right”). Ten rights entitle the holders to receive one Class A ordinary share.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 3,250,000 warrants, comprising