---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-015071"
form_type: "8-K"
ticker: "BSAA"
cik: "0002051587"
company_name: "BEST SPAC I Acquisition Corp."
filed_at: "2025-09-26T23:59:59+00:00"
generated_at: "2026-05-17T05:37:31.274033+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-25-015071
- form_type: 8-K
- ticker: BSAA
- cik: 0002051587
- company_name: BEST SPAC I Acquisition Corp.
- filed_at: 2025-09-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2051587/000149315225015071/0001493152-25-015071-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2051587/000149315225015071/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-015071
- JSON: https://secwatch.observer/filing/0001493152-25-015071.json
- Plain text: https://secwatch.observer/filing/0001493152-25-015071.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.