Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 30

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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 June 16, 2025, the Company consummated the IPO
of 5,500,000 units (the “Units”). Each Unit consists of one Class A ordinary share and one right (“Public 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. The Company granted the underwriters a 45-day option
to purchase up to 825,000 additional Units to cover over-allotments, if any, which expired unexercised on July 27, 2025. The total aggregate
issuance by us of 5,500,000 units at a price of $10.00 per Unit resulted in a total gross proceeds of $55,000,000. On July 30, 2025, the
Sponsor forfeited 206,250 Founder Shares for no consideration as the underwriters of the IPO did not exercise the over-allotment option.

21

On June 16, 2025, simultaneously with the closing
of the IPO, the Company consummated the private placement (“Private Placement”) with BEST SPAC I (Holdings) Corp., the Company’s
sponsor, of 277,000 private placement units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit,
generating total proceeds of $2,770,000. The Private Placement Units were issued pursuant to Section 4(a)(2) of the Securities Act of
1933, as amended, as the transactions did not involve a public offering. The Private Placement Units are identical to the Units sold in
this offering except that, so long as they are held by our Sponsor or its permitted transferees, (i) they will not be redeemable by us,
and (ii) they (including the Class A ordinary shares issuable upon conversion of the private placement rights) may not, subject to certain
limited exceptions, be transferred, assigned or sold by our Sponsor until the completion of our initial business combination.

Following the IPO and the sale of the Private Placement Units, a total
of $55,000,000 was placed in a trust account established for the benefit of the Company’s public shareholders (the “Trust
Account’), and the Company had $1,919,995 of cash held outside of