Company: SSEA
Filing Date: 2025-07-07
Form Type: S-1/A
Source: 0001829126-25-004904
Chunk: 287

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-07-07
Form: S-1/A
Chunk 287
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 This liability will not apply with respect to any claims by a third party or prospective target business who executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Company’s Sponsor will not be responsible to the extent of any liability for such third-party claims.

Going Concern Consideration

As of March 31, 2025, the
Company had no cash and $346,618 of working capital deficit. As of December 31, 2024, the Company had no cash and $31,974 of
working capital deficit. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and
acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within
one year after the date that the financial statements are issued. Management plans to address this uncertainty through a Proposed
Public Offering as discussed in Note 3. There is no assurance that the Company’s plans to raise capital or to consummate a
Business Combination will be successful within the Combination Period. On December 1, 2024, the Sponsor agreed to loan the
Company an amount of up to $500,000 as discussed in Note 5 to be used, in part, for transaction costs incurred in connection with
the Proposed Public Offering. The financial statements do not include any adjustments that might result from the Company’s
inability to consummate the Proposed Public Offering or a Business Combination to continue as a going concern.

Ordinary Shares Subject to Possible Redemption

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. If it is probable that