Company: BSAAR
Filing Date: 2025-01-10
Form Type: DRS
Source: 0001213900-25-002596
Chunk: 303

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-01-10
Form: DRS
Chunk 303
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 have the right to vote on the election of directors prior to our initial business combination, (ii) the 175 founder shares are subject to certain transfer restrictions, as described in more detail below, and (iii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to their founder shares, private placement shares, and public shares in connection with the completion of our initial business combination and (B) to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within 12 months from the closing of this offering (or up to 18 months from the closing of this offering if we extend the period of time to consummate a business combination by the full amount of time without shareholder approval), although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time period and (iv) the founder shares will automatically convert into Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one -for -onebasis, subject to adjustment pursuant to certain anti -dilutionrights, as described herein and in our amended and restated memorandum and articles of association. If we submit our initial business combination to our public shareholders for a vote, Maxim (and its designees), our sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder shares, private placement shares and Representative’s Shares held by them in favor of our initial business combination. As a result, in addition to our initial shareholder’s founder shares and private placement shares and the Representative’s Shares, we would need only 1,798,751, or 32.7% (assuming all issued and outstanding shares are voted and the over -allotmentoption is not exercised). If only the minimum number of shares representing a quorum are voted and the over -allotmentoption is not exercised no public shares sold in this offering would be required to be voted in favor of a transaction in order to have our initial business combination approved. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial business combination on a one -for -onebasis, or earlier at the option of the holder, on a one -for