Company: BPAC
Filing Date: 2025-10-22
Form Type: S-1/A
Source: 0001185185-25-001525
Chunk: 267

Company: Blueport Acquisition Ltd
Filing Date: 2025-10-22
Form: S-1/A
Chunk 267
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 qualify as financial instruments under ASC 825, “Financial Instruments,” approximates the carrying amounts
represented in the accompanying balance sheet, primarily due to their short-term nature.

Derivative Financial Instruments

The Company evaluates its financial instruments
to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic
815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative
instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the
fair value reported in the statement of operations. The classification of derivative instruments, including whether such instruments
should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified
in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required
within 12 months of the balance sheet date. The underwriter’s over-allotment option is deemed to be a freestanding financial instrument
indexed on the contingently redeemable shares and will be accounted for as a liability pursuant to ASC 480 if not fully exercised at
the time of the Proposed Public Offering.

Class A Ordinary Shares Subject to Possible Redemption

The Company will account for its Class A ordinary
shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity”
(ASC 480). Ordinary shares subject to mandatory redemption (if any) will be classified as a liability instrument and will be measured
at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within
the control of the holder, or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
will be classified as temporary equity. At all other times, ordinary shares will be classified as stockholders’ equity. In accordance
with ASC 480-10-S99, the Company will classify the Class A ordinary shares subject to redemption outside of permanent equity as
the redemption provisions are not solely within the control of the Company. Given that the 5,000,000 ordinary shares (or 5,750,000 ordinary
shares if the underwriters’ over-allotment option is exercised in full) sold as part of the units in the Proposed Public Offering
will be issued with other freestanding instruments (i.e., rights), the initial carrying value of ordinary shares classified as