Company: SSEA
Filing Date: 2025-06-12
Form Type: S-1
Source: 0001829126-25-004429
Chunk: 176

Company: STARRY SEA ACQUISITION CORP
Filing Date: 2025-06-12
Form: S-1
Chunk 176
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2025, an aggregate of 1,437,500 initial shares were issued to our sponsor, for an aggregate purchase price of $25,000, or approximately $0.017 per share, and it subsequently transferred 205,000 ordinary shares to two executive officers and three independent director nominees at nil consideration. The 1,437,500 initial shares include an aggregate of up to 187,500 shares that are subject to forfeiture by our sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the initial shareholders will collectively own 20.0% of our issued and outstanding shares after this offering (without giving effect to the sale of the private units and the issuance of representative shares, and assuming our initial shareholders do not purchase units in this offering). If we increase the size of the offering pursuant to Rule 462(b) under the Securities Act, we will effect a share capitalization immediately prior to the consummation of the offering in such amount as to maintain our initial shareholders’ ownership at 20.0% of our issued and outstanding ordinary shares upon the consummation of this offering (without giving effect to the sale of the private units and the issuance of representative shares, and assuming our initial shareholders do not purchase units in this offering).

Our sponsor has committed to purchasing from us an aggregate of 232,121 private units at $10.00 per private unit (for a total purchase price of $2,321,210). Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters, it will purchase from us at a price of $10.00 per private unit an additional number of private units (up to a maximum of 247,121 private units) pro rata with the amount of the over-allotment option exercised so that at least $10.00 per share sold to the public (or 100.0% of the gross proceeds from the offering) in this offering is held in trust regardless of whether the over-allotment option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option.

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On December 1, 2024, we issued an unsecured promissory note to our sponsor with an aggregate principal amount of up to $500,000, which is non-interest-bearing. The principal of this note