Company: BEAG
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-003594
Chunk: 216

Company: Bold Eagle Acquisition Corp.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 216
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), such assets, other than cash, are “securities” for purposes of the Investment
Company Act and, therefore, nevertheless, there is a risk that we could be deemed an unregistered investment company and subject to the
Investment Company Act at any time.

In
the adopting release for the 2024 SPAC Rules (as defined below), the SEC provided guidance that a SPAC’s potential status as an
“investment company” depends on a variety of factors, such as a SPAC’s duration, asset composition, business purpose
and activities and “is a question of facts and circumstances” requiring individualized analysis. If we were deemed to be
an unregistered investment company and subject to compliance with and regulation under the Investment Company Act, we would be subject
to additional regulatory burdens and expenses for which we have not allotted funds. Unless we are able to modify our activities so that
we would not be deemed an investment company, we would either register as an investment company or wind down and abandon our efforts
to complete an initial business combination and instead liquidate the Company. As a result, our public shareholders may only receive
their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders and would be unable
to realize the potential benefits of an initial business combination, including the possible appreciation of the combined company’s
securities.

27

To
mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we may, at any time,
instruct the trustee to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in cash
until the earlier of the consummation of our initial business combination or our liquidation. As a result, following the liquidation
of securities in the Trust Account, the interest earned on the funds held in the Trust Account may be materially reduced, which would
reduce the dollar amount our public shareholders would receive upon any redemption or liquidation of the Company.

We
intend to initially hold the funds in the Trust Account as cash, including in demand deposit accounts at a bank, or in U.S. government
treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury
obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. U.S. government treasury obligations
are considered “securities” for purposes of the