Company: BSAAR
Filing Date: 2025-09-26
Form Type: 8-K
Source: 0001493152-25-015071
Chunk: 1

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-09-26
Form: 8-K
Item: Item 1.01
Chunk 1
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 terms of the Merger Agreement, the aggregate consideration to be paid to existing shareholders and holders of equity awards of
HDE is $300,000,000, which will be paid entirely in stock, comprised of newly issued Purchaser Class A Ordinary Shares and Purchaser
Class B Ordinary Shares valued at $10.00 per share, plus such Additional Shares of Purchaser Class A Ordinary Shares as determined pursuant
to the Merger Agreement. Such Additional Shares may be issued to any investor in exchange for cash, and shall equal US$300,000,000 divided
by the amount of the pre-money valuation of HDE as agreed upon by the Parent, HDE and the additional investors, multiplied by the Additional
Invested Amount, then divided by $10.00. Certain shareholders and holders of equity awards of HDE (the “ Earnout Shareholders”)
shall have the right to receive an aggregate of up to an additional 2,000,000 Purchaser Ordinary Shares (subject to equitable adjustment),
which shall vest from and after one month after the Closing Date until the date that is two years from the Closing Date, if the volume
weighted average price of the Purchaser Ordinary Shares over any twenty (20) Trading Days within any thirty (30) Trading Day period is
greater than or equal to $15.00.

Upon
the effectiveness of the Acquisition Merger, all issued and outstanding ordinary shares of HDE will be cancelled and automatically converted
into the right to receive, without interest, the applicable number and class of the ordinary shares of the Purchaser.

Representations
and Warranties

In
the Merger Agreement, HDE (together with its Subsidiaries, the “ Target Group”) makes certain representations and warranties
(with certain exceptions set forth in the disclosure schedule to the Merger Agreement) relating to, among other things: (a) proper corporate
existence and power of the Target Group; (b) authorization, execution, delivery and enforceability of the Merger Agreement, each Additional
Agreement to which it is a party, and other transaction documents; (c) no need for governmental authorization for the execution, delivery
or performance of the Merger Agreement and Additional Agreements thereto; (d) absence of conflicts; (e) capital structure; (f) accuracy
of charter documents and corporate records; (g) list of all assumed or “doing business as” names used by the Target Group;
(h) accuracy of the list of each subsidiary of H