0001213900-26-033252
SEC filingSilver Pegasus Acquisition Corp Rights. (SPEG), a Cayman Islands blank check company formed on June 5, 2024, reported net income of $3K for FY 2025 ended December 31, 2025, compared to a net loss of $50K for the stub period from inception through December 31, 2024. The modest profit resulted from $2.1M interest earned on marketable securities held in the Trust Account, yielding total other income net of $385K, which offset a $382K operating loss, $1.6M loss on derivative liability, and $111K IPO transaction costs. No operating revenues were generated, as activities were limited to IPO completion and business combination search. On July 16, 2025, the Company raised $115M gross proceeds from 11,500,000 units at $10 per unit (including over-allotment), plus $3.2M from private placement warrants. Balance sheet reflects $117.6M total assets, with $117.1M in Trust Account at ~$10.18 per redeemable share and $379K cash outside trust. Liabilities total $8.5M, including $4.0M deferred underwriting fee, with shareholders' deficit of -$7.9M. Net cash used in operations was -$413K, offset by financing inflows. The Company focuses on technology/semiconductor targets with $200-500M enterprise value, targeting completion by January 16, 2027, amid going concern doubts due to liquidity needs.
Silver Pegasus Acquisition Corp Rights. (SPEG), a blank check company, recorded net income of $3K for FY 2025 ended December 31, 2025, a turnaround from the $50K net loss in the prior stub period from inception (June 5, 2024) to December 31, 2024. Key drivers included $2.1M interest income from the Trust Account, resulting in $385K total other income net, against $382K general and administrative costs (operating loss), $1.6M loss on derivative liability, and $111K IPO transaction costs. No revenues or operations occurred, as focus remained on IPO (July 16, 2025: $115M gross from 11.5M units) and target identification. Balance sheet strengthened post-IPO with $117.6M assets vs. minimal prior. Cash flows showed -$413K operating use, -$115M investing (Trust deposit), +$115.8M financing. Accumulated deficit stood at -$7.9M.
As a pre-business combination SPAC, no operating revenues were generated in FY 2025. Non-operating interest income of $2.1M from marketable securities in the Trust Account (U.S. Treasury Bills) was the sole income source, up significantly from zero in the prior stub period due to IPO proceeds placement. No segment or geographic revenue breakdown exists, consistent with no operations.
Not applicable due to absence of revenues and operating activities. Operating loss was -$382K from general and administrative costs. Net income margin irrelevant pre-combination. Cost structure dominated by IPO-related expenses ($111K transaction costs) and public company compliance, with derivative losses impacting profitability.
Net cash used in operating activities was -$413K, adjusted for non-cash items like $829K change in fair value of rights liabilities and $783K warrants, plus interest earned. Investing activities used -$115M for Trust Account deposit. Financing provided $115.8M from $113M IPO net proceeds and $3.2M private warrants, less repayments and costs. Ending cash $379K. Balance sheet: current assets $527K (cash $379K, prepaids $148K), Trust $117.1M, total $117.6M. Current liabilities $135K, total liabilities $8.5M (deferred underwriting $4.0M). Redeemable shares $117.1M (11.5M shares at $10.18); shareholders' deficit -$7.9M.
Management targets initial business combination in technology/semiconductors/systems solutions, focusing on growth companies with $200-500M enterprise value led by strong teams. No specific target selected; leverages management network for proprietary deal flow. Combination must meet Nasdaq 80% fair market value test. Deadline January 16, 2027, or mandatory liquidation. Going concern doubt noted due to working capital needs; may seek sponsor loans (up to $1.5M convertible to warrants). Plans use Trust (less taxes) for combination; outside funds for due diligence. Risks include failure to complete timely, dilution, conflicts from management affiliations.