Company: SSEA
Filing Date: 2025-07-07
Form Type: S-1/A
Source: 0001829126-25-004904
Chunk: 180

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-07-07
Form: S-1/A
Chunk 180
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 this note may be drawn down from time to time upon a written request from us to our sponsor. The principal under the note is payable on the earlier of (1) December 31, 2025 and (2) the date on which we consummate the initial public offering of our securities or the date on which we determine not to conduct an initial public offering of our securities. As of December 31, 2024, March 31, 2025 and the date of this prospectus, we had received $6,974, $346,618 and $346,618, respectively, in advances from our sponsor which amount will be included as amounts owed under the promissory note with our sponsor.

Our sponsor has agreed, commencing from the date that our securities are first listed on Nasdaq through the earlier of the consummation of our initial business combination and our liquidation, to make available to us certain general and administrative services, including office space, administrative and support services, as we may require from time to time. We have agreed to pay our sponsor $10,000 per month for these services. No administrative service expense had been paid for the four months from inception to March 31, 2025.

If needed to finance transaction
costs in connection with searching for a target business or consummating an intended initial business combination, our initial shareholders,
officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. In the event that the initial
business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned
amounts, but no proceeds from our trust account would be used for such repayment. Such loans would be evidenced by promissory notes.
The notes would be paid upon consummation of our initial business combination or the due date as agreed, whichever is earlier, without
interest. We believe the purchase price of these units will approximate the fair value of such units when issued. However, if it is determined,
at the time of issuance, that the fair value of such units exceeds the purchase price, we would record compensation expense for the excess
of the fair value of the units on the day of issuance over the purchase price in accordance with Accounting Standards Codification (“ASC”)
718 - Compensation - Stock Compensation.

Controls and Procedures

We are not currently required to certify the effectiveness of our internal controls as defined by Section 404 of the Sarbanes-Oxley Act