Hong Kong-Based SPAC Raises $55M in Latest Blank-Check IPO Launch

Rhea-AI Filing Summary

BEST SPAC I Acquisition Corp has successfully completed its initial public offering (IPO) on June 16, 2025, raising $55 million in gross proceeds. The company offered 5.5 million units at $10.00 per unit, with each unit comprising:

• One Class A ordinary share
• One right to receive one-tenth of one ordinary share upon business combination completion

The underwriters received a 45-day option to purchase up to 825,000 additional units for over-allotments. The entire IPO proceeds of $55 million, along with funds from a private placement with sponsor BEST SPAC I (Holdings) Corp, have been deposited into a trust account for public shareholders' benefit. The company's securities are listed on Nasdaq under the symbols BSAAU (Units), BSAA (Shares), and BSAAR (Rights). The filing includes an audited balance sheet as of the IPO completion date.

Positive

• Successfully completed IPO raising $55 million through sale of 5.5 million units at $10.00 per unit
• 100% of IPO proceeds ($55 million) secured in trust account for benefit of public shareholders
• Underwriters granted 45-day option to purchase up to 825,000 additional units, providing potential upside to offering size

Negative

• As a SPAC with no operating business, company faces risks and time pressure to complete a business combination
• Relatively small SPAC size ($55M) may limit potential acquisition targets and competitive position

Insights

SPAC Analyst

BEST SPAC I successfully completed its $55M IPO, establishing its capital base for pursuing acquisition targets.

This filing confirms that BEST SPAC I Acquisition Corp. has successfully completed its initial public offering, raising $55 million by selling 5.5 million units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-tenth of an additional share upon business combination completion.

The entire IPO proceeds plus funds from the concurrent private placement with the sponsor have been deposited into a trust account for shareholder protection - a standard practice for SPACs. The company has also granted underwriters a 45-day option to purchase up to 825,000 additional units to cover potential over-allotments.

This filing represents the successful launch phase of BEST SPAC I's lifecycle. With capital now secured, management can begin the process of identifying and evaluating potential business combination targets. The SPAC structure gives the company a defined timeframe (typically 18-24 months) to complete an acquisition before facing potential liquidation.

For investors, this marks the starting point for evaluating this SPAC's potential. Key factors to watch include management's expertise in identifying targets (particularly in any stated focus industries), their ability to execute a deal with favorable terms, and ultimately whether they can create shareholder value through a successful business combination.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C. 20549

 

Form 8-K

 

Current Report  

Pursuant to Section 13 or 15(d) of the  

Securities Exchange Act of 1934

 

June 16, 2025

Date of Report (Date of earliest event reported)

 

BEST SPAC I Acquisition Corp.

(Exact Name of Registrant as Specified in its Charter)

 

British Virgin Islands	 	001-42700	 	n/a
(State or other jurisdiction of incorporation)	 	(Commission File Number)	 	(I.R.S. Employer Identification No.)

 

701, 7/Floor United Building 17-19 Jubilee Street Hong Kong	 	n/a
(Address of Principal Executive Offices)	 	(Zip Code)

 

Registrant’s telephone number, including area code: +852 9828 3397

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	 	Trading Symbol(s)	 	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, with no par value, and one right to receive one-tenth of one Class A ordinary share	 	BSAAU	 	The Nasdaq Stock Market LLC
Class A ordinary shares, with no par value	 	BSAA	 	The Nasdaq Stock Market LLC
Rights	 	BSAAR	 	The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 8.01. Other Events

 

As previously disclosed, on June 16, 2025, BEST SPAC I Acquisition Corp. (the “Company”) consummated its initial public offering (“IPO”) of 5,500,000 units (the “Units”). Each Unit consists of one Class A ordinary share (“Ordinary Share”) and one right to receive one-tenth of one Ordinary Share upon the consummation of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $55,000,000. The Company granted the underwriters a 45-day option to purchase up to 825,000 additional Units to cover over-allotments, if any.

 

As of June 16, 2025, a total of $55,000,000 of the proceeds from the IPO and the private placement with BEST SPAC I (Holdings) Corp., the Company’s sponsor, consummated simultaneously with the closing of the IPO, were deposited in a trust account established for the benefit of the Company’s public shareholders.

 

An audited balance sheet as of June 16, 2025 reflecting receipt of the proceeds upon consummation of the IPO and the private placement is included with this report as Exhibit 99.1

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit No.	 	Description
99.1	 	Audited Balance Sheet dated June 16, 2025

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: June 23, 2025

 

BEST SPAC I ACQUISITION CORP.

 

By:	/s/ Xiangge Liu	 
Name: 	Xiangge Liu	 
Title:	Chief Executive Officer and Chief Financial Officer	 

 

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FAQ

How much did BSAAU raise in its IPO on June 16, 2025?

BSAAU raised $55,000,000 in gross proceeds from its initial public offering by selling 5,500,000 units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-tenth of one Ordinary Share upon the consummation of an initial business combination.

What is the over-allotment option granted by BSAAU to its underwriters?

BSAAU granted its underwriters a 45-day option to purchase up to 825,000 additional units to cover over-allotments. This option represents approximately 15% of the initial offering size.

How much money did BSAAU place in trust from its IPO proceeds?

BSAAU placed $55,000,000 in a trust account established for the benefit of public shareholders. This amount represents proceeds from both the IPO and the private placement with BEST SPAC I (Holdings) Corp., the Company's sponsor.

What securities does BSAAU have listed on Nasdaq?

BSAAU has three securities listed on The Nasdaq Stock Market LLC: Units (BSAAU) consisting of one Class A ordinary share and one right; Class A ordinary shares (BSAA); and Rights (BSAAR) to receive one-tenth of one Class A ordinary share.

Who is the current CEO and CFO of BSAAU?

Xiangge Liu serves as both the Chief Executive Officer and Chief Financial Officer of BEST SPAC I Acquisition Corp. (BSAAU), as confirmed by their signature on the filing dated June 23, 2025.