Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 48

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 48
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registration rights after five (5) and seven (7) years, respectively, after the effective date of the IPO and may not exercise its demand
rights on more than one occasion. However, the registration rights agreement provides that the Company will not permit any registration
statement filed under the Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the
case of the Founder Shares, on the earlier of (A) six months after the completion of the initial business combination or (B) subsequent
to the initial business combination, (x) if the last sale price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
for share splits, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing after the initial business combination, or (y) the date on which the Company completes
a liquidation, merger, share exchange, reorganization or other similar transaction after the completion of the initial business combination
that results in all of the Company’s public shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property, and (ii) in the case of the Private Placement Units, including the component securities therein, until the completion
of the initial business combination. Notwithstanding the above, the shares to be issued to the underwriters in the IPO will be further
subject to the limitations on registration requirements imposed by FINRA Rule 5110(g)(8). The Company will bear the expenses incurred
in connection with the filing of any such registration statements.

23

Underwriting Agreement

Pursuant to the underwriting agreement entered into on June 12, 2025,
we paid the underwriters paid a cash underwriting discount of one percent (1%) of the gross proceeds of the IPO, or $550,000, upon the
closing of the IPO. Additionally, we issued to Maxim 247,500 Representative Shares at the closing of the IPO, for no consideration, subject
to the terms of the underwriting agreement. Maxim has agreed not to transfer, assign or sell any such Representative Shares until the
completion of the initial Business Combination. In addition, Maxim has agreed (and its permitted transferees will agree) (i) to waive
its redemption rights with respect to such Representative Shares in connection with the completion of the Company’s initial Business
Combination and (ii