Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 94

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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 by FINRA Rule 5110(g)(8). The Company will bear the expenses incurred
in connection with the filing of any such registration statements.

23

Underwriting Agreement

Pursuant to the underwriting agreement entered into on June 12, 2025,
we paid the underwriters paid a cash underwriting discount of one percent (1%) of the gross proceeds of the IPO, or $550,000, upon the
closing of the IPO. Additionally, we issued to Maxim 247,500 Representative Shares at the closing of the IPO, for no consideration, subject
to the terms of the underwriting agreement. Maxim has agreed not to transfer, assign or sell any such Representative Shares until the
completion of the initial Business Combination. In addition, Maxim has agreed (and its permitted transferees will agree) (i) to waive
its redemption rights with respect to such Representative Shares in connection with the completion of the Company’s initial Business
Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such Representative Shares
if the Company fails to complete its initial Business Combination within the Combination Period.

The Representative Shares have been deemed compensation
by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales in
the IPO pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the IPO, nor may they be sold, transferred, assigned, pledged or hypothecated
for a period of 180 days immediately following the effective date of the IPO except to any underwriter and selected dealer participating
in the IPO and their officers, partners, registered persons or affiliates.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in
conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported.
Actual results could materially differ from those estimates. We have not identified any critical accounting estimates. We have identified
the following critical accounting policies:

Class A Ordinary Shares Subject to Possible
Redemption

The Company