Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 38

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 38
---
 and 15d-15(f) of the Exchange Act) during the most recent fiscal
quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

25

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We may be subject to legal proceedings, investigations
and claims incidental to the conduct of our business from time to time. We are not currently a party to any material litigation or other
legal proceedings brought against us. We are also not aware of any legal proceeding, investigation or claim, or other legal exposure that
has a more than remote possibility of having a material adverse effect on our business, financial condition or results of operations. 

Item 1A. Risk Factors

As smaller reporting company we are not required
to make disclosures under this Item.

Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.

On December 13, 2024, we issued to the Sponsor
1,581,250 Founder Shares for an aggregated consideration of $25,000, or approximately $0.016 per share, of which an aggregate of up to
206,250 shares were subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. As a
result of the underwriters’ option not to exercise the over-allotment option, a total of 206,250 Founder Shares were forfeited on
July 30, 2025. The foregoing issuance of securities was made pursuant to the exemption from registration contained in Section 4(a)(2)
of the Securities Act.

On June 16, 2025, we consummated the IPO of 5,500,000
Units. Each Unit consists of one Class A ordinary share no par value of the Company and one right to receive one-tenth (1/10) of one Class
A ordinary share upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit,
generating gross proceeds of $55,000,000.

Simultaneously with the closing of the IPO, we
consummated the Private Placement with BEST SPAC I (Holdings) Corp., the Company’s sponsor, of 277,000 Private Placement Units at
a price of $10.00 per Private Placement Unit, generating total proceeds of $2,770,000. The Private Placement Units are identical to the
Units sold in this offering except that