Company: BSAAR
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001013762-25-004269
Chunk: 101

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-03-28
Form: S-1
Chunk 101
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 effect a capitalization or share surrender or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation 57 of the offering in such amount as to maintain the ownership of our sponsor prior to this offering at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding the private placement shares and the Representative’s Shares). Our sponsor intends to transfer an aggregate of 80,000 of its founder shares, or 20,000 each to our four directors and officers, at the consummation of an initial business combination. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 280,000 (or 288,250 if the underwriters’ over -allotmentoption is exercised in full) private placement units for a purchase price of $10.00 per unit, or $2,800,000, in the aggregate (or $2,882,500 in the aggregate if the underwriters’ over -allotmentoption is exercised in full). Each private placement unit consists of one Class A ordinary share and one right to receive of one -tenth(1/10) of one Class A ordinary share upon the completion of our initial business combination. Such rights will also be worthless if we do not complete a business combination. The founder shares are identical to the Class A ordinary shares included in the units being sold in this offering except that (i) holders of the founder shares have the right to vote on the election of directors prior to our initial business combination, (ii) the founder shares are subject to certain transfer restrictions, (iii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to their founder shares, private placement shares, and public shares in connection with the completion of our initial business combination and (B) to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within 12months from the closing of this offering (or up to 18 months from the closing of this offering if we extend the period of time to consummate a business combination by the full amount of time without shareholder approval) (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame) and (iv