BEST SPAC I enters $300M merger with HDEducation Group in all-stock deal

BEST SPAC I Acquisition Corp.

Total consideration $300M paid entirely in Purchaser ordinary shares valued at $10.00/share.
Earnout: up to 2M additional shares if VWAP exceeds $15.00 over 20 of 30 trading days within 2 years post-close.
Lock-up: Sponsor and certain HDE shareholders subject to 180-day lock-up; early release at $12.00 ($17.00 for earnout shares).
Sponsor and HDE shareholders entered Voting and Support Agreement to vote in favor of the transactions.
Closing conditions include SEC registration statement effectiveness and shareholder approvals; termination date June 13, 2027.

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