Company: SSEA
Filing Date: 2025-03-05
Form Type: DRS
Source: 0001829126-25-001469
Chunk: 157

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-03-05
Form: DRS
Chunk 157
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 assuming our initial shareholders do not purchase units in this offering). Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

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DILUTION</div>

The difference between the public offering price per share, assuming no value is attributed to the pro forma net tangible book value per share after this offering constitutes the dilution to investors in this offering. Net tangible book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities by the number of issued and outstanding ordinary shares.

As of December 31, 2024, our net tangible book deficit, excluding deferred offering cost, was $31,974, or approximately $(0.03) (or $(0.02) if the underwriters exercise their over-allotment option in full) per ordinary share. For the purposes of the dilution calculation, in order to present the maximum estimated dilution as a result of this offering, we have assumed the issuance of one-seventh of one ordinary share for each right outstanding, as such issuance will occur upon a business combination without the payment of additional consideration. After giving effect to the sale of 5,000,000 (or 5,750,000 if the underwriters exercise their over-allotment option in full) ordinary shares included in the units we are offering by this prospectus, the sale of the private placement units, the ordinary shares issuable for the rights, and the deduction of underwriting discounts and estimated expenses of this offering, our pro forma net tangible book value at December 31, 2024 would have been $693,026 or $0.29 per ordinary share (or $693,026, or $0.25 per ordinary share if the underwriters exercise their over-allotment option in full), representing an immediate increase in net tangible book value of $0.32 (or $0.28) per ordinary share to our initial shareholders and an immediate dilution of $8.46, representing 96.7% (or $8.50, representing 97.1%) per ordinary share to new investors not exercising their redemption rights. For purposes of presentation, our pro forma net tangible book value after this offering is $0.32 (or $0.28 if the underwriters exercise their over-allotment option in full) less than it otherwise would have been because if we effect our initial business combination,