Company: SPEG
Filing Date: 2025-08-25
Form Type: 10-Q
Source: 0002077096-25-000055
Chunk: 21

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-08-25
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 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 the Company’s Class A ordinary
shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 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.

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 June 30, 2025
(unaudited) and December 31, 2024, the Company had $179,649 and $62,384, respectively, of outstanding borrowings under the promissory
note. As of July 16, 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
per month for office space, utilities, and secretarial and administrative support. For the three and six months ended June 30, 2025, the
Company did not incur any fees for these services.

Related Party Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”).