Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 29

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 29
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 for the benefit of our public shareholders
and the underwriters of the IPO with Continental Stock Transfer & Trust Company acting as trustee. Cash of $1,919,995 was held outside
of the Trust Account and is available for the payment of accrued offering costs and for working capital purposes.

Total transaction costs amounted to $1,518,116, consisting of $550,000
of cash underwriting commissions which was paid in cash at the closing date of the IPO on June 16, 2025, the fair value of $544,500 of
the Representative Shares, and $423,616 of other offering costs.

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.

Results of Operations 

We have neither engaged in any operations nor generated any revenues
to date. Our only activities from December 13, 2024 (inception) through June 30, 2025 were organizational activities and those necessary
to prepare, and consummate, for the IPO, described below, and subsequent to the IPO, identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination.

We expect to generate non-operating income in
the form of interest income on marketable securities held in the Trust Account. 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