Company: BSAAR
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001013762-25-004269
Chunk: 226

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-03-28
Form: S-1
Chunk 226
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withstanding that, such officers and directors will continue to have a pre -existingfiduciary obligation to us and we will, therefore, have priority over any special purpose acquisition companies they subsequently join. Our Sponsor Our sponsor, BEST SPAC I (Holdings) Corp., is a limited liability company incorporated in British Virgin Islands and was incorporated for the sole purpose of holding securities interest in the Company. Prior to this offering, the sponsor, its affiliates and promoters directly or indirectly, held 1,581,250 Class B ordinary shares, or founder shares (up to 206,250 of which are subject to forfeiture depending on the extent to which the underwriters’ over -allotmentoption is exercised) which were purchased for $25,000. Our sponsor intends to transfer 132 an aggregate of 80,000 of its founder shares, or 20,000 each to our four directors and officers, at the consummation of an initial business combination. Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided that, for so long as any Class B ordinary shares are outstanding, holders of our Class B ordinary shares will have the right to elect all of our directors prior to our initial business combination and holders of our Class A ordinary shares will not be entitled to vote on the election of directors during such time. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one -for -onebasis, subject to adjustment as specified in “ Founder shares conversion and anti -dilution” and may result in immediate and substantial dilution from the purchase of our Class A ordinary shares. In addition, in order to facilitate our initial business combination, our sponsor may surrender or forfeit, transfer or exchange our founder shares, private placement units or any of our other securities owned by it, including for no consideration, as well as subject any such securities to earn -outsor other restrictions, or otherwise amend the terms of any such securities or enter into any other arrangements with respect to any such securities. Our sponsor is a company incorporated under the laws of the British Virgin Islands with limited liability of which Mr. Yun Chen is the sole director. Mr. Yun Chen and Mr.Kam Chi Kin are currently the shareholders and hold investment discretion with respect to the ordinary shares held of record by