Company: BSAAR
Filing Date: 2025-09-26
Form Type: 8-K
Source: 0001493152-25-015071
Chunk: 6

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-09-26
Form: 8-K
Item: Item 1.01
Chunk 6
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 foregoing description of the Registration Rights Agreement is qualified in its entirety by reference thereto.

Lock-up
Agreement

At
the closing, the Sponsor and certain shareholders of HDE will enter into a lock-up agreement (the “ Lock-Up Agreement”) with
the Purchaser, pursuant to which the Sponsor and such shareholders will agree, subject to certain customary exceptions, not to transfer,
offer, sell, contract to sell, pledge or otherwise dispose of any ordinary shares of the Company, HDE and the Purchaser, and the shares
of the Purchaser that such shares will be converted into in connection with the Business Combination, in each case, held by, or beneficially
owned by, the Sponsor or such shareholders immediately after the Closing, for a period of 180 days after the Closing.

The
lock-up shares will be subject to early release from lock-up if the closing price of the Purchaser Class A Ordinary Shares on Nasdaq
Stock Market for any twenty (20) trading days within any thirty (30) trading day period is greater than or equal to $12.00 (or $17.00
for the earnout shares), as applicable (as adjusted for share splits, share capitalization, subdivisions, reorganization, recapitalization
and other similar arrangements).

A
copy of the form of Lock-Up Agreement is filed with this Current Report on Form 8-K as Exhibit 10.3, and is incorporated herein by reference,
and the foregoing description of the Lock-Up Agreement is qualified in its entirety by reference thereto.

Additional
Information and Where to Find It

The
proposed Transactions will be submitted to shareholders of the Company for their consideration and approval. The Company and HDE intend
to jointly file a registration statement (the “ Registration Statement”) with the SEC which will include a preliminary proxy
statement in connection with the Company’s solicitation for proxies for the vote by the Company’s shareholders in connection
with the proposed Transactions and other matters as described in the Registration Statement, as well as a prospectus relating to the
offer of the securities to be issued to HDE’s shareholders in connection with the completion of the proposed Transactions. After
the Registration Statement is filed and declared effective, the Company will mail a definitive proxy statement and other relevant documents
to its shareholders as of the record date established for voting on the proposed Transactions. The Company’s shareholders and other
interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once