Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 53

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 53
---
 proceeds of $2,770,000. The Private Placement Units are identical to the
Units sold in this offering except that, so long as they are held by our Sponsor or its permitted transferees, (i) they will not be redeemable
by us, and (ii) they (including the Class A ordinary shares issuable upon conversion of the private placement rights) may not, subject
to certain limited exceptions, be transferred, assigned or sold by our Sponsor until the completion of our initial business combination.

As of June 16, 2025, a total of $55,000,000 of the net proceeds from
the IPO and the Private Placement were deposited in the Trust Account. The funds placed in the Trust Account will be invested only in
U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
under the Investment Company Act which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including
in demand deposit accounts).

26

Total transaction costs amounted to $1,581,116
consisting of $550,000 of cash underwriting commissions which was paid in cash at the closing date of the IPO on June 16, 2025, $544,500
fair value of the Representative Shares, and $423,616 of other offering costs.

For a description of the use of the proceeds generated in our IPO,
see Part I, Item 2 of this report.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

 None 

Item 6. Exhibits 

The following exhibits are filed as part of, or
incorporated by reference into, this Quarterly Report on Form 10-Q.

No.
 
Description of Exhibit

31.1*
 
Certification of Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**
 
Certification of Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101