Company: BSAAR
Filing Date: 2025-09-26
Form Type: 425
Source: 0001493152-25-015072
Chunk: 3

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-09-26
Form: 425
Chunk 3
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, and shall equal US$300,000,000 divided by the amount of the pre-money valuation of HDE as agreed upon by the Parent, HDE and the additional investors, multiplied by the Additional Invested Amount, then divided by $10.00. Certain shareholders and holders of equity awards of HDE (the “Earnout Shareholders”) shall have the right to receive an aggregate of up to an additional 2,000,000 Purchaser Ordinary Shares (subject to equitable adjustment), which shall vest from and after one month after the Closing Date until the date that is two years from the Closing Date, if the volume weighted average price of the Purchaser Ordinary Shares over any twenty (20) Trading Days within any thirty (30) Trading Day period is greater than or equal to $15.00.

Upon the effectiveness of the Acquisition Merger, all issued and outstanding ordinary shares of HDE will be cancelled and automatically converted into the right to receive, without interest, the applicable number and class of the ordinary shares of the Purchaser.

Representations and Warranties

In the Merger Agreement, HDE (together with its Subsidiaries, the “Target Group”) makes certain representations and warranties (with certain exceptions set forth in the disclosure schedule to the Merger Agreement) relating to, among other things: (a) proper corporate existence and power of the Target Group; (b) authorization, execution, delivery and enforceability of the Merger Agreement, each Additional Agreement to which it is a party, and other transaction documents; (c) no need for governmental authorization for the execution, delivery or performance of the Merger Agreement and Additional Agreements thereto; (d) absence of conflicts; (e) capital structure; (f) accuracy of charter documents and corporate records; (g) list of all assumed or “doing business as” names used by the Target Group; (h) accuracy of the list of each subsidiary of HDE; (i) consents; (j) financial information; (k) books and records, and accuracy, completeness and authenticity of contracts, documents and other papers; (l) absence of certain changes or events; (m) title to assets and properties; (n) material litigations; (o) material contracts; (p) licenses and permits; (q) cybersecurity and compliance with laws; (r) ownership of intellectual property; (s) suppliers; (t) accounts receivable and payable and loans; (u) no pre-payments