Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 91

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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and up to $350,000 in loans from our Sponsor under an unsecured promissory note. As June 30, 2025, the Company had borrowed $79,122 under
the promissory note, which is due on demand.

As of June 30, 2025, the Company had $1,774,995
of cash on hand and working capital of $1,684,161. We intend to use the funds held outside the Trust Account primarily to identify and
evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or
similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, structure, negotiate and consummate a Business Combination. 

In order to fund working capital deficiencies or finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of our Sponsor, or certain of our officers and directors
or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a Business Combination, we would repay
such loaned amounts. In the event that a 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. Up to $1,150,000
of such Working Capital Loans may be convertible into units at a price of $10.00 per unit at the option of the lender. Such units would
be identical to the Private Placement Units issued to our Sponsor. The terms of such loans by our officers and directors, if any, have
not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than
our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver
against any and all rights to seek access to funds in our trust account.

We do not believe we will need to raise additional
funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target
business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so,
we may have insufficient funds available to operate our business prior to our initial Business Combination. Moreover, we may need to obtain
additional financing either to complete our Business Combination or