Company: BSAAR
Filing Date: 2025-09-26
Form Type: 425
Source: 0001493152-25-015072
Chunk: 5

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-09-26
Form: 425
Chunk 5
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 | Directors’                     
 and officers’ indemnification; |

| ● | No                                           
 trading of any securities of the Parent; and |

| ● | HDE                                                                                                                                     
 to cause its tax counsel to determine whether the Acquisition Merger is expected to qualify for the Acquisition Intended Tax Treatment. |

Covenants

The Target Group makes covenants relating to, among other things: (a) reporting of taxes and compliance with laws; (b) consents; (c) commercially reasonable efforts to keep current and timely file all necessary documents required by the CSRC; (d) ODI filings and SAFE registration; (e) issuance of shares; (f) annual and interim financial statements; (g) employees; (h) obtaining required shareholder approval within five business days of registration statement effectiveness; (i) preparation of a purchaser incentive plan prior to the preliminary proxy statement/registration statement filing; (j) issuance of shares under convertible agreements; (k) covenant not to sue; and (l) provision of additional information.

Each party further makes covenants relating to, among other things: (a) commercially reasonable efforts to consummate the transactions contemplated in the Merger Agreement; (b) tax matters; (c) settlement and reimbursement of expenses; (d) compliance with SPAC agreements; (e) filing with the SEC a registration statement; (f) confidentiality; and (g) commercially reasonable efforts to complete applicable filings pursuant to CSRC Trail Rules. The Purchaser Parties further makes a covenant to use commercially reasonable efforts to ensure the Parent remains listed on Nasdaq prior to the Closing Date.

General Conditions to Closing

Consummation of the transactions contemplated by the Merger Agreement will be conditioned on, among other things, (i) no provisions of any applicable law, and no order shall prohibit or prevent the consummation of the closing; (ii) there shall not be any action brought by a third party that is not an affiliate of the parties hereto to enjoin or otherwise restrict the consummation of the closing; (iii) the Reincorporation Merger shall have been consummated and the applicable certificates, the BRPM and the CRPM shall have been filed in the appropriate jurisdictions; (iv) the SEC shall have declared the registration statement effective, and no stop order suspending the effectiveness of the registration statement or any part thereof shall have been issued and no proceedings for that purpose shall have been initiated or threatened by the SEC and not withdrawn; (v) the Required Parent Share