Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 88

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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 Combination will be successful.

Recent Developments

On June 16, 2025, the Company consummated its IPO and sold 5,500,000
Units. Each Unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of one Class A ordinary share upon the
consummation of an initial Business Combination. The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company
of $55,000,000.

20

Simultaneously with the closing of the IPO and
the sale of the Units, the Company consummated the Private Placement of an aggregate 277,000 Private Placement Units.

In connection with the IPO, the Company issued
to Maxim Group LLC and/or its designees (“Maxim”), the representative of the underwriters, an aggregate of 247,500 Class A
ordinary shares for no consideration (the “Representative Shares”).

Upon closing of the
IPO and the Private Placement, a total of $55,000,000 was placed in the Trust Account established for the benefit of our public shareholders
and the underwriters of the IPO with Continental Stock Transfer & Trust Company acting as trustee. Cash of $1,919,995 was held outside
of the Trust Account and is available for the payment of accrued offering costs and for working capital purposes.

Total transaction costs amounted to $1,518,116, consisting of $550,000
of cash underwriting commissions which was paid in cash at the closing date of the IPO on June 16, 2025, the fair value of $544,500 of
the Representative Shares, and $423,616 of other offering costs.

On July 30, 2025, the Sponsor forfeited 206,250
Founder Shares for no consideration as the underwriters of the IPO did not exercise the over-allotment option.

Results of Operations 

We have neither engaged in any operations nor generated any revenues
to date. Our only activities from December 13, 2024 (inception) through June 30, 2025 were organizational activities and those necessary
to prepare, and consummate, for the IPO, described below, and subsequent to the IPO, identifying a target company for a Business Combination.
We do not expect to generate any operating revenues until after the completion of our Business Combination.

We expect to generate non-operating income in
the form of interest income on marketable securities held in the Trust Account