Company: SPEG
Filing Date: 2025-08-25
Form Type: 10-Q
Source: 0002077096-25-000055
Chunk: 59

Company: Silver Pegasus Acquisition Corp.
Filing Date: 2025-08-25
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 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.

11

SILVER PEGASUS ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(UNAUDITED)

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 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