Company: SPEG
Filing Date: 2025-08-25
Form Type: 10-Q
Source: 0002077096-25-000055
Chunk: 63

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-08-25
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into
Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree
to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable
upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all Class A
ordinary shares outstanding upon the completion of this offering (including any Class A ordinary shares issued pursuant to the underwriters’
over-allotment option and excluding the Class A ordinary shares underlying the Private Placement Warrants issued to the sponsor),
plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of
the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial
Business Combination and any private placement-equivalent rights issued to the Company’s sponsor or any of its affiliates or to
the Company’s officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary
shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will
never occur on a less than one-for-one basis.

13

SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

Holders of record of the Company’s Class A
ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders.
Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange
rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires
the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by
the Company’s shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as
specified below