Company: BSAAR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075690
Chunk: 45

Company: BEST SPAC I Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 2
Chunk 45
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 public shareholders (the “Trust
Account’), and the Company had $1,919,995 of cash held outside of the Trust Account, after payment of costs related to the IPO,
and available for working capital purposes. The Company incurred $1,518,116 in transaction costs, including $550,000 of underwriting commissions
which was paid in cash at the closing date of the IPO, the fair value of the representative shares of $544,500, and $423,616 of other
offering costs. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest
earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or
debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account
will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our
growth strategies. Such working capital funds could be used in a variety of ways and could also be used to repay any operating expenses
or finders’ fees which we had incurred prior to the completion of our Business Combination or to indemnify any of our officers or
directors as required by law if the funds available to us outside of the Trust Account were insufficient to cover such expenses. Our liquidity
needs have been satisfied prior to completion of the IPO through receipt of $25,000 from the sale of the founder shares to our Sponsor
and up to $350,000 in loans from our Sponsor under an unsecured promissory note. As June 30, 2025, the Company had borrowed $79,122 under
the promissory note, which is due on demand.

As of June 30, 2025, the Company had $1,774,995
of cash on hand and working capital of $1,684,161. We intend to use the funds held outside the Trust Account primarily to identify and
evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or
similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, structure, negotiate and consummate a Business Combination. 

In order to fund working capital deficiencies or finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of our Sponsor, or certain of our officers and directors