Company: SPEG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110444
Chunk: 60

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 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 September 30, 2025, the Company had not
commenced any operations. All activity for the period from June 5, 2024 (inception) through September 30, 2025 relates to the Company’s
formation, the Initial Public Offering (as defined below), and subsequent to the Initial Public Offering, identifying a target company
for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination,
at the earliest. The Company generates 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
(see 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,