Company: BEAG
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-003594
Chunk: 56

Company: Bold Eagle Acquisition Corp.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 56
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 these instruments, and by
having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in
the manner of a merchant bank or private equity fund), we intend to avoid being deemed an “investment company” within the
meaning of the Investment Company Act. The Initial Public Offering is not intended for persons who are seeking a return on investments
in government securities or investment securities. The Trust Account is intended as a holding place for funds pending the earliest to
occur of: (i) the completion of our initial business combination; (ii) the redemption of any public shares properly submitted
in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the
substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
or to redeem 100% of our public shares if we have not consummated our initial business combination within the completion window or (B) with
respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity; or (iii) absent
an initial business combination within the completion window, our return of the funds held in the Trust Account to our public shareholders
as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be deemed to be subject to
the Investment Company Act.

Further,
under the subjective test of a “investment company” pursuant to Section 3(a)(1)(A) of the Investment Company Act, even
if the funds deposited in the Trust Account were invested in the assets discussed above (U.S. government securities or money market funds
registered under the Investment Company Act), such assets, other than cash, are “securities” for purposes of the Investment
Company Act and, therefore, nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the
Investment Company Act at any time.

In
the adopting release for the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC’s potential status as an
“investment company” depends on a variety of factors, such as a SPAC’s duration, asset composition, business purpose
and activities and “is a question of facts and circumstances” requiring individualized analysis. If we were deemed to be
an unregistered investment company and subject to compliance with and regulation under the Investment Company