Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 90

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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 (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 the Trust Account, after payment of costs related to the IPO,
and available for working capital purposes. The Company incurred $1,518,116 in transaction costs, including $550,000 of underwriting commissions
which was paid in cash at the closing date of the IPO, the fair value of the representative shares of $544,500, and $423,616 of other
offering costs. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest
earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or
debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our
growth strategies. Such working capital funds could be used in a variety of ways and could also be used to repay any operating expenses
or finders’ fees which we had incurred prior to the completion of our Business Combination or to indemnify any of our officers or
directors as required by law if the funds available to us outside of the Trust Account were insufficient to cover such expenses. Our liquidity
needs have been satisfied prior to completion of the IPO through receipt of $25,000 from the sale of the founder shares to our Sponsor