Company: SSEA
Filing Date: 2025-04-11
Form Type: DRS/A
Source: 0001829126-25-002569
Chunk: 164

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-04-11
Form: DRS/A
Chunk 164
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B) (i) assume the issuance of 5,000,000 ordinary shares (or 5,750,000 ordinary shares if the over-allotment option is exercised in full), 1,437,500 founder shares (up to 187,500 of which are assumed to be forfeited in the scenario in which the over-allotment option is not exercised in full) and 232,121 private placement units (or 247,121 ordinary shares if the over-allotment option is exercised in full), (ii) the issuance of 833,333 ordinary shares underlying the public rights (or 958,333 ordinary shares if the over-allotment option is exercised in full) and 38,686 ordinary shares underlying the private placement rights (or 41,186 ordinary shares if the over-allotment option is exercised in full), and (iii) the issuance of 175,000 ordinary shares as representative shares (or 201,250 ordinary shares if the over-allotment option is exercised in full) as such issuance will occur upon a business combination without the payment of additional consideration.

As of December 31, 2024, our net tangible book deficit, excluding deferred offering cost, was $31,974, or approximately $(0.03) (or $(0.02) if the underwriters exercise their over-allotment option in full) per ordinary share. For the purposes of the dilution calculation, in order to present the maximum estimated dilution as a result of this offering, we have assumed the issuance of one-sixth of one ordinary share for each right outstanding, as such issuance will occur upon a business combination without the payment of additional consideration. After giving effect to the sale of 5,000,000 (or 5,750,000 if the underwriters exercise their over-allotment option in full) ordinary shares included in the units we are offering by this prospectus, the sale of the private placement units, the ordinary shares issuable for the rights, and the deduction of underwriting discounts and estimated expenses of this offering, our pro forma net tangible book value at December 31, 2024 would have been $723,026 or $0.29 per ordinary share (or $723,026, or $0.25 per ordinary share if the underwriters exercise their over-allotment option in full), representing an immediate increase in net tangible book value of $0.32 (or $0.27) per ordinary share to our initial shareholders