Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 89

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 89
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. We expect that we will incur expenses as a result of being
a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection
with searching for, and completing, a Business Combination.

For the three months ended June 30, 2025, we had
a net loss of $5,791, which consisted of interest income of $87,764, partially offset by general and administrative expenses of $93,555.
For the six months ended June 30, 2025, we had a net loss of $46,459, which consisted of interest income of $87,764, partially offset
by general and administrative expenses of $134,223.

Liquidity and Capital Resources 

The Company’s liquidity needs prior to the closing of IPO were
satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the Founder Shares to cover certain offering costs and the loan
under an unsecured promissory note from the Sponsor of up to $350,000 (see Note 5). On June 16, 2025, the Company consummated the IPO
of 5,500,000 units (the “Units”). Each Unit consists of one Class A ordinary share and one right (“Public Right”)
to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. The Units were sold
at an offering price of $10.00 per Unit, generating gross proceeds of $55,000,000. The Company granted the underwriters a 45-day option
to purchase up to 825,000 additional Units to cover over-allotments, if any, which expired unexercised on July 27, 2025. The total aggregate
issuance by us of 5,500,000 units at a price of $10.00 per Unit resulted in a total gross proceeds of $55,000,000. On July 30, 2025, the
Sponsor forfeited 206,250 Founder Shares for no consideration as the underwriters of the IPO did not exercise the over-allotment option.

21

On June 16, 2025, simultaneously with the closing
of the IPO, the Company consummated the private placement (“Private Placement”) with BEST SPAC I (Holdings) Corp., the Company’s
sponsor, of 277,000 private placement units