BEST SPAC I Acquisition Corp. reported a $109,803 net loss for the three months ended September 30, 2026, versus $240,364 net income a year earlier. Nine-month net income was $416,470, compared with $193,905 in 2025; 2026 results included $821,090 of interest income. The company had not commenced operations as of September 30, 2026.
The proposed business combination with HDEducation Group Limited provides for $300 million in stock consideration, subject to closing conditions. Certain HDE shareholders may receive up to 2,000,000 additional shares if the volume weighted average price is at least $15.00 over 20 trading days within a 30-trading-day period. At the May 19, 2026 shareholder vote, 5,333,287 public shares were redeemed for approximately $55.2 million; $1,760,238 remained in the Trust Account on September 30, 2026.
Nasdaq notified the company that it did not meet the $35 million minimum Market Value of Listed Securities requirement and also did not meet two other continued-listing requirements. The notice had no immediate effect on trading. The company has until February 15, 2027, to regain compliance; if it does not, Nasdaq will notify it that its securities are subject to delisting.
BEST SPAC I Acquisition Corp. reported that, on September 29, 2026, Naoda Investments Limited transferred all its ordinary shares in BEST SPAC I (Holdings) Corp., the company’s sponsor, to A SPAC (Holdings) Group Corp. The buyer now holds 100% of the sponsor’s issued and outstanding ordinary shares. The sponsor directly holds 1,375,000 Class B ordinary shares and 277,000 Class A ordinary shares underlying private placement units, representing approximately 80.0% of the company’s issued and outstanding ordinary shares.
The transfer did not change BEST SPAC I Acquisition Corp.’s directors or officers. Yun Chen resigned as the sponsor’s sole director. Claudius Tsang, a director of the buyer, was appointed the sponsor’s sole director and has shared voting and investment discretion with Kam Chi Kin over securities held of record by the sponsor.
BEST SPAC I Acquisition Corp. (BSAA) securities are reported as indirectly held by BEST SPAC I (Holdings) Corp. (the Sponsor): 1,375,000 Class B ordinary shares, 277,000 Class A ordinary shares and 27,700 rights to receive Class A ordinary shares, as of September 29, 2026. That day, A SPAC (Holdings) Group Corp. acquired 100% of the Sponsor’s issued and outstanding ordinary shares from Naoda Investments Limited. Claudius Tsang, a director of A SPAC (Holdings) Group Corp. and the Sponsor’s sole director, shares voting and dispositive power over the Sponsor-held securities with Kam Chi Kin; Tsang disclaims beneficial ownership except to the extent of his pecuniary interest. The Class B shares convert one-for-one at the initial business combination or earlier at the holder’s option, subject to adjustment; each right entitles its holder to one-tenth of a Class A share upon consummation.
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.
For BEST SPAC I Acquisition Corp. (BSAA), Yun Chen reported 0 shares beneficially owned (0%) after Naoda Investments Limited sold 100% of its interests in BEST SPAC I (Holdings) Corp., the sponsor, to A SPAC (Holdings) Group Corp. on September 29, 2026. Chen reported that he no longer holds voting or dispositive power over the issuer’s securities held by the sponsor.
BEST SPAC I Acquisition Corp. (BSAA) is the issuer whose securities Claudius Tsang, the reporting person and sole director of the Sponsor, reports beneficial ownership of 1,652,000 ordinary shares, approximately 80.0% of the company’s outstanding ordinary shares. The position comprises 277,000 Class A ordinary shares and 1,375,000 Class B ordinary shares; it excludes 27,700 Class A ordinary shares issuable upon conversion of 277,000 rights.
On September 29, 2026, A SPAC (Holdings) Group Corp. acquired 100% of BEST SPAC I (Holdings) Corp.’s issued and outstanding ordinary shares for $1 under an instrument of transfer entered into with Naoda Investments Limited; the purchase funds came from Tsang. The Sponsor is the record holder of the issuer’s shares, and Tsang shares voting and dispositive power with Kam Chi Kin while disclaiming beneficial ownership except to the extent of his pecuniary interest. Class B shares convert one-for-one into Class A shares at the initial business combination or earlier at the holder’s option, subject to adjustment.
BEST SPAC I Acquisition Corp. (BSAA) reported that on August 19, 2026 it received a Nasdaq notice that its Market Value of Listed Securities (MVLS) had been below the required $35,000,000 for the last 30 consecutive business days, violating Nasdaq Listing Rule 5550(b)(2).
The company also does not meet the standards under Listing Rules 5550(b)(1) and 5550(b)(3). The notice does not immediately affect trading, and the company’s units (BSAAU), Class A ordinary shares (BSAA) and rights (BSAAR) continue to trade on Nasdaq. BEST SPAC I Acquisition Corp. has 180 calendar days, until February 15, 2027, to regain compliance or face potential delisting, with the option to appeal any delisting determination to a Nasdaq Hearings Panel. The company states there is no assurance it will regain compliance.
Mizuho Financial Group, Inc., as a parent holding company, reports that it no longer beneficially owns any common shares of BEST SPAC I Acquisition Corp. It states ownership of 0 shares, representing 0.0% of the class, with no sole or shared voting or dispositive power.
Mizuho Financial Group, Inc., Mizuho Bank, Ltd. and Mizuho Americas LLC may be deemed indirect beneficial owners of equity securities directly held by their wholly owned subsidiary, Mizuho Securities USA LLC, but the reported beneficial ownership for this issuer is now zero, indicating ownership of 5 percent or less of the class.
Best SPAC I Acquisition Corp. reported net income of $166,802 for the quarter and $526,273 for the six months ended June 30, 2026, driven largely by $282,263 and $776,429 of interest earned on investments in its Trust Account. General and administrative expenses were $124,997 for the quarter and $270,131 year-to-date.
A May 19, 2026 shareholder meeting extended the deadline to complete a business combination to June 16, 2027, but also led to the redemption of 5,333,287 Class A ordinary shares for approximately $55,232,394. Investments held in the Trust Account declined to $1,744,299, and the Sponsor now holds approximately 80% of the Company’s 2,066,213 outstanding ordinary shares.
The Company remains a blank check entity focused on completing its proposed stock-for-stock Business Combination with HDEducation Group Limited for aggregate consideration of $300,000,000, all in Purchaser ordinary shares valued at $10.00 per share, plus potential earnout shares. With cash of $1,112,525 and working capital of $1,017,817, management discloses that the June 16, 2027 deadline and liquidity needs raise substantial doubt about the Company’s ability to continue as a going concern if no Business Combination is completed.
W. R. Berkley Corporation, together with subsidiary Berkley Insurance Company, reports holding 0 Class A ordinary shares of BEST SPAC I Acquisition Corp. and 0.0% of this class. The filing lists no sole or shared voting or dispositive power, confirming no current beneficial ownership.