Company: SPEG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110444
Chunk: 27

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 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 September 30, 2025 and December 31, 2024, the
Company had $194,649 and $62,384, respectively, outstanding borrowings under the promissory note. As of September 30, 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 nine months ended September 30,
2025, the Company incurred and paid $25,000 in fees for these services. For the three months ended September 30, 2024 and for the period
from June 5, 2024 (inception) through September 30, 2024, the Company did not incur any fees for these services.

Due to Sponsor

At July 16, 2025, the Sponsor deposited excess funds of $13,686 into
the Company's account. The Company has accounted for the due to Sponsor on the unaudited condensed balance sheet. On July 22, 2025, the
Company repaid the outstanding balance of $13,686. As of September 30, 2025, there was no outstanding balance due to Sponsor.

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”). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital