Silver Pegasus Acquisition Corp.

What they do

The company has no operations and has generated no revenues since inception on June 5, 2024. Its only activities have been organizational work, preparation for its July 2025 initial public offering, and identifying a target company for a business combination. It generates non-operating income from interest on marketable securities held in its Trust Account.

Revenue drivers

• Trust Account interest income — For the three months ended June 30, 2026, interest earned on marketable securities held in the Trust Account was $1,045,695; for the six months ended June 30, 2026 it was $2,075,425. This is the company's primary source of income.
• Operating bank account interest — Interest earned on cash held in the Operating Bank Account was $1,570 for the three months ended June 30, 2026 and $4,121 for the six months ended June 30, 2026.
• Initial public offering proceeds — The July 16, 2025 IPO of 11,500,000 units at $10.00 per unit generated gross proceeds of $115,000,000, including the full exercise of the underwriters' over-allotment option of 1,500,000 units.
• Private placement warrants — Simultaneously with the IPO, the company sold 3,250,000 private placement warrants (Class B.1 and Class B.2) at $1.00 per warrant to the Sponsor and representatives of the underwriters.

Recent performance

For the three months ended June 30, 2026, the company reported a net loss of $28,267, consisting of $1,045,695 in Trust Account interest, $1,570 in operating bank interest, and a $943,650 loss on derivative liability, offset by $131,882 in general and administrative costs. For the six months ended June 30, 2026, net income was $976,280, including $2,075,425 in Trust Account interest, $4,121 in operating bank interest, and an $815,900 loss on derivative liability, offset by $287,366 in general and administrative costs. The prior-year periods were smaller losses of $22,837 and $46,399 for the three and six months ended June 30, 2025, respectively, consisting solely of general and administrative costs. As of June 30, 2026, total assets were $119.4 million, total liabilities were $9.3 million, shareholder equity was negative $9.0 million, and cash and equivalents were $159,863. Annual net income for 2025 was $2,948, while operating cash flow for 2025 was negative $412,728.

Strategy

The company intends to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It will focus its search on the technology sector, specifically semiconductors and systems solutions, targeting companies with an enterprise value of $200-$500 million that are poised for growth and led by a highly regarded management team. Management may also consider businesses in need of financial, operational, strategic, or managerial enhancement, but does not intend to acquire companies without established business plans. The company will use cash from the IPO and private placement warrants, its shares, debt, or a combination thereof to fund a business combination.

Risks

• No target identified — The company has not selected any business combination target and has not initiated any substantive discussions with any target, creating uncertainty about whether a deal will be completed.
• Shareholder vote structure — The company may complete an initial business combination even if a majority of public shareholders do not support it, because holders of founder shares will participate in the vote and management has agreed to vote in favor.
• Going concern and operating cash flow — Operating cash flow was negative $412,728 for 2025, and the company expects to continue incurring significant costs in pursuit of its acquisition plans.
• Negative shareholder equity — As of June 30, 2026, shareholder equity was negative $9.0 million, with total liabilities of $9.3 million against total assets of $119.4 million.

Outlook

Management expects to continue incurring significant costs in the pursuit of its acquisition plans and cannot assure that its plans to complete a business combination will be successful. The company does not expect to generate any operating revenues until after the completion of a business combination. It will continue to generate non-operating income in the form of interest income on marketable securities held in the Trust Account.