Company: SSEA
Filing Date: 2025-07-07
Form Type: S-1/A
Source: 0001829126-25-004904
Chunk: 292

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-07-07
Form: S-1/A
Chunk 292
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, among which, up to 187,500 ordinary shares are
subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters, so that the Sponsor,
together with the Company’s executive officers and independent director nominees, will collectively beneficially own 22.26% of
the Company’s issued and outstanding shares after the Proposed Public Offering (not including the shares underlying the rights
to be included in the public and public units and assuming it does not purchase any Public Shares in the Proposed Public
Offering).

The initial shareholders have agreed, not to transfer, assign or sell 100% of its Founder Shares until the earlier of (x) 180 days after the date of the consummation of the Company’s initial business combination or (y) the date on which the last reported sale price of the Company’s ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share surrenders, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after its initial business combination, or (z) the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction after its initial Business Combination which results in all of its public shareholders having the right to exchange their ordinary shares for cash, securities or other property.

Promissory Note – related party

On December 1, 2024, the Sponsor agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the Proposed Public Offering (the “Promissory Note”). The Promissory Note is unsecured, interest-free and due on the earlier of: (i) December 31, 2025 or (ii) the date on which the Company closes the Proposed Public Offering.

As of March 31, 2025 and December 31,
2024, the principal amount due and owing under the Promissory Note was $346,618 and $6,974, respectively.

Related Party Loans

In addition, in order to
finance transaction costs in connection with an intended initial Business Combination, the Sponsor, the Company’s officers and
directors may, but are not obligated to, loan the Company funds as may be required. If the Company completes the initial Business
Combination, it intends to repay such loaned amount at closing. In the event that the initial Business Combination does not