Company: SSEA
Filing Date: 2025-03-05
Form Type: DRS
Source: 0001829126-25-001469
Chunk: 276

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-03-05
Form: DRS
Chunk 276
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 officers, partners, registered persons or affiliates.

Note 7 — SHAREHOLDERS’ DEFICIT

Ordinary shares

Pursuant to the Founder Share Subscription Agreement dated February 14, 2025, the Sponsor agreed to purchase 1,437,500 Founder Shares for an aggregate price of $25,000, with a par value $0.0001. On February 14, 2025, 1,437,500 Founder Shares were issued to the Sponsor, and subsequently an aggregate of 120,000 Founder Shares transferred from Sponsor to one executive officer and two independent director nominees
at nil consideration. Shares are presented on a retroactive basis.

As of December 31, 2024, there were 1,437,500 ordinary shares issued and outstanding, among which, up to 187,500 ordinary shares are subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters, so that the Sponsor, together with the Company’s executive officers and independent director nominees, will collectively beneficially own 22.23% of the Company’s issued and outstanding shares after the Proposed Public Offering (not including the shares underlying the rights included in the Units and Private Units and assuming it does not purchase any Public Shares in the Proposed Public Offering).

Rights

Except in cases where the
Company is not the surviving company in a business combination, each holder of a right will receive one-seventh (1/7) of an ordinary share
upon consummation of the initial business combination. In the event the Company will not be the surviving company upon completion of its
initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive
the one-seventh (1/7) of a share underlying each right upon consummation of the business combination unless otherwise waived in the course
of the business combination. No fractional shares will be issued upon exchange of rights. No additional consideration will be required
to be paid by a holder of rights in order to receive its additional shares upon consummation of a business combination. Fractional shares
will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands
law.

Note 8 — SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based on the review, management identified the following subsequent events that would