Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 47

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 47
---
4-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to
continue as a going concern. The management’s plan in addressing this uncertainty is through the Working Capital Loans, as defined
below (see Note 5). In addition, if the Company is unable to complete a business combination by June 16, 2026 (assuming no extension),
the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company.
There is no assurance that the Company’s plans to consummate a Business Combination will be successful. The date for liquidation
and subsequent dissolution as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going
concern. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements

We have no obligations, assets or liabilities,
which would be considered off-balance sheet arrangements as of June 30, 2025. We do not participate in transactions that create relationships
with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established
for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements,
established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual obligations

We do not have any long-term debt, capital lease
obligations, operating lease obligations or long-term liabilities, other than described below.

Registration Rights

The holders of the Founder Shares, Private Placement Units, Representative
Shares, and units that may be issued on conversion of Working Capital Loans (and in each case holders of their component securities, as
applicable) will be entitled to registration rights pursuant to a registration rights agreement signed on the effective date of the IPO.
The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such
securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements
filed subsequent to the consummation of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. Notwithstanding the foregoing, the underwriters may not exercise its demand and “piggy