Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 95

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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 accounts for Class A ordinary shares subject to possible
redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) is classified
as a liability instrument and is measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features
redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not
solely within the Company’s control) is classified as temporary equity. At all other times, ordinary shares is classified as stockholders’
equity. The Class A ordinary shares features certain redemption rights that are considered to be outside of the Company’s control
and subject to the occurrence of uncertain future events. In accordance with the SEC and its guidance on redeemable equity instruments,
which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require ordinary shares subject
to redemption to be classified outside of permanent equity. Given that the 5,500,000 Class A ordinary shares sold as part of the Company’s
IPO were issued with other freestanding instruments (i.e., public units), the initial carrying value of Class A ordinary shares classified
as temporary equity has been allocated to the proceeds determined in accordance with ASC 470-20. The Company’s Class A ordinary
shares is subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to
either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable
that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the
redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of
each reporting period. The Company has elected to recognize the changes in redemption value in additional paid-in capital (or accumulated
deficit in the absence of additional paid-in capital) over an expected 12-month period, which is the initial period that the Company has
to complete a Business Combination.

24

Net Income (Loss) per Share

The Company complies with accounting and disclosure
requirements of FASB ASC 260, Earnings Per Share. Net loss per share is computed by dividing net loss by the weighted average number of
ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture by