Company: SPEG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110444
Chunk: 26

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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, issued the sponsor an additional 1,437,500 Class B ordinary shares as
bonus shares, bringing the aggregate number of founder shares to 5,750,000 Class B ordinary shares. On May 7, 2025, the Sponsor surrendered
1,916,667 founder shares leaving 3,833,333 Class B ordinary shares with a price per share of approximately $0.075 per share. All share
and per share data have been retrospectively presented. Up to 500,000 of the founder shares may be surrendered by the Sponsor for no consideration
depending on the extent to which the underwriters’ over-allotment is exercised. On July 16, 2025, the underwriters exercised their
over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 500,000 founder shares are no longer
subject to forfeiture.

The Company’s initial shareholders have agreed not to transfer,
assign or sell any of their founder shares and any Class A ordinary shares issuable upon conversion thereof until the earlier to occur
of (i) six months after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation,
merger, share exchange or 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 Class A ordinary shares equals or exceeds $12.00
per share (as adjusted for share subdivisions, 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.

14

SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Unaudited) 

Promissory Note — Related Party

The Sponsor had agreed to loan the Company an aggregate