Company: SPEG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110444
Chunk: 16

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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ASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited) 

Class A Ordinary Shares Subject to Possible
Redemption

The public shares contain a redemption feature which allows for the
redemption of such public shares in connection with the Company’s liquidation, or if there is a shareholder vote or tender offer
in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies public
shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely within the control of the
Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable
shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering,
the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable
shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of
September 30, 2025 and December 31, 2024, Class A ordinary shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholders’ deficit section of the Company’s condensed balance sheets. As of September
30, 2025, the Class A ordinary shares subject to possible redemption reflected in the unaudited condensed balance sheet are reconciled
in the following table:

    Gross proceeds 
    $115,000,000 
  
    Less: 

    Proceeds allocated to Public Rights 
     (1,930,850)
  
    Class A ordinary shares issuance costs 
     (6,351,098)
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     8,281,948 
  
    Class A Ordinary Shares subject to possible redemption, July 16, 2025 
     115,000,000 
  
    Plus: 

    Remeasurement of carrying value to redemption value 
     989,876 
  
    Class A Ordinary Shares subject to possible redemption, September 30, 2025 
    $115,989,876 

Income Taxes

The Company accounts for income taxes under ASC
Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for