BEST SPAC I sponsor interests sold for $1
As of September 29, 2026, Chen Yun no longer had voting or dispositive power over the issuer securities held by the sponsor.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
BEST SPAC I Acquisition Corp. reported that Naoda Investments Limited sold 100% of its interests in the company's sponsor, BEST SPAC I (Holdings) Corp., to A SPAC (Holdings) Group Corp. for $1 on September 29, 2026. The related Form 4 identifies Chen Yun as a ten percent owner and reports indirect dispositions of 1,375,000 Class B ordinary shares, 277,000 rights to receive Class A ordinary shares, and 277,000 Class A ordinary shares; each position was reported as zero following the transaction. As of September 29, 2026, Chen Yun no longer had voting or dispositive power over issuer securities held by the sponsor.
Insider Trade Summary
Other: 1,929,000 shares
Other
3 txns
Insider
Chen Yun
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class B ordinary shares F2, F1 | 1,375,000 | -- | -- |
| Other | Rights to receive Class A ordinary shares F3, F1 | 277,000 | -- | -- |
| Other | Class A ordinary shares F1 | 277,000 | -- | -- |
Holdings After Transaction:
Class B ordinary shares — 0 contracts (Indirect, See Footnote);
Rights to receive Class A ordinary shares — 0 contracts (Indirect, See Footnote);
Class A ordinary shares — 0 shares (Indirect, See Footnote)
Footnotes (3)
- F1. On September 29, 2026, Naoda Investments Limited, of which Mr. Yun Chen serves as the sole director, sold 100% of its interests in BEST SPAC I (Holdings) Corp., the sponsor of BEST SPAC I Acquisition Corp. (the "Issuer"), to A SPAC (Holdings) Group Corp. for $1. Mr. Chen was previously deemed a beneficial owner of the Issuer's securities by virtue of having shared voting and dispositive power with Kam Chi Kin over the securities held by the sponsor. Mr. Chen did not previously file a Form 3 with respect to such indirect beneficial ownership. As of the date of this report, Mr. Chen no longer has any voting or dispositive power over the Issuer's securities held by BEST SPAC I (Holdings) Corp.
- F2. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. The Class B ordinary shares have no expiration date.
- F3. Each holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation of the Issuer's initial business combination. The rights will expire worthless if the Issuer does not consummate an initial business combination within the required time period.
Key Figures
Sponsor interests sold: 100%
Consideration for sponsor interests: $1
Indirect Class B ordinary shares disposed: 1,375,000 shares
+3 more
6 metrics
Sponsor interests sold
100%
Naoda Investments Limited's interests in BEST SPAC I (Holdings) Corp.
Consideration for sponsor interests
$1
Paid by A SPAC (Holdings) Group Corp. to Naoda Investments Limited
Indirect Class B ordinary shares disposed
1,375,000 shares
Reported September 29, 2026; 0 shares following the transaction
Indirect rights disposed
277,000 rights
Reported September 29, 2026; 0 rights following the transaction
Indirect Class A ordinary shares disposed
277,000 shares
Reported September 29, 2026; 0 shares following the transaction
Class A ordinary shares underlying rights
27,700 shares
The 277,000 rights represent one-tenth of one Class A ordinary share each
Key Terms
beneficial owner, voting and dispositive power, initial business combination, one-for-one basis
4 terms
beneficial owner regulatory
"deemed a beneficial owner of the Issuer's securities"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
voting and dispositive power regulatory
"no longer has any voting or dispositive power"
initial business combination technical
"upon consummation of the Issuer's initial business combination"
An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.
one-for-one basis technical
"convert into Class A ordinary shares on a one-for-one basis"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What indirect BSAA securities were reported as disposed?
The Form 4 reports indirect dispositions of 1,375,000 Class B ordinary shares, 277,000 rights to receive Class A ordinary shares, and 277,000 Class A ordinary shares. Each listed position was reported as zero following the transaction, and the securities were held by the sponsor.
Who sold the BSAA sponsor interests, and for how much?
Naoda Investments Limited, of which Chen Yun served as sole director, sold 100% of its interests in BEST SPAC I (Holdings) Corp., the sponsor, to A SPAC (Holdings) Group Corp. for $1 on September 29, 2026.
What do BSAA rights provide?
Each right entitles its holder to receive one-tenth of one Class A ordinary share upon consummation of the issuer's initial business combination. The rights expire worthless if the issuer does not consummate an initial business combination within the required time period.
AI-generated analysis. How Rhea-AI works. Not financial advice.
