BEST SPAC I Acquisition
BSAA on Nasdaq. Market value $55m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 5 funds in all.
Largest holders overall
- Mizuho Securities USA$5m
- Susquehanna International Group, LLP$167,469Added
- UBS Group AG$53,178Added
- Clear Street Group$4,712Cut
- Morgan Stanley$332Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Tsang ClaudiusBlank-check company sponsor80.0%Since 29 September 2026
What they said
The information set forth in Item 3 of this Schedule 13D is hereby incorporated by reference into this Item 4. The Reporting Person, at any time and from time to time, may directly or indirectly acquire additional securities of the Issuer, depending upon an ongoing evaluation of…
Read the filing - BEST SPAC I (Holdings) Corp.Passive investorat least 22.3%(filed with 2 related holders)Since 30 July 2025
- W.R. Berkley CorporationPassive investor7.3%Since 31 March 2026
- Wolverine Trading Partners, Inc.Passive investor6.5%Since 30 June 2025
- Yun ChenPassive investorSold down below 5%Since 29 September 2026
- Mizuho Financial Group, Inc.Passive investorSold down below 5%Since 30 June 2026
- W. R. Berkley CorporationPassive investorSold down below 5%Since 30 June 2026
- RIVERNORTH CAPITAL MANAGEMENT, LLCPassive investorSold down below 5%Since 30 June 2026
- Wolverine Asset Management, LLCPassive investorSold down below 5%Since 19 May 2026
- Feis Equities LLCPassive investorSold down below 5%Since 21 May 2026
| Holder | Stake | Since | |
|---|---|---|---|
Tsang Claudius Blank-check company sponsor | 80.0% | 29 September 2026 | What they saidThe information set forth in Item 3 of this Schedule 13D is hereby incorporated by reference into this Item 4. The Reporting Person, at any time and from time to time, may directly or indirectly acquire additional securities of the Issuer, depending upon an ongoing evaluation of… Read the filing |
BEST SPAC I (Holdings) Corp. Passive investor | at least 22.3% (filed with 2 related holders) | 30 July 2025 | |
W.R. Berkley Corporation Passive investor | 7.3% | 31 March 2026 | |
Wolverine Trading Partners, Inc. Passive investor | 6.5% | 30 June 2025 | |
Yun Chen Passive investor | Sold down below 5% | 29 September 2026 | |
Mizuho Financial Group, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
W. R. Berkley Corporation Passive investor | Sold down below 5% | 30 June 2026 | |
RIVERNORTH CAPITAL MANAGEMENT, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
Wolverine Asset Management, LLC Passive investor | Sold down below 5% | 19 May 2026 | |
Feis Equities LLC Passive investor | Sold down below 5% | 21 May 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in BEST SPAC I Acquisition’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Management has determined that the liquidation, should a business combination not occur, and potential subsequent dissolution, as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
The Company has until June 16, 2027 to consummate the initial Business Combination (assuming no further extensions). There is no assurance that the Company’s plans to consummate a Business Combination will be successful by June 16, 2027. If the Company does not complete a Business Combination, the Company’s board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. Notwithstanding management’s belief that the Company would have sufficient funds to execute its business strategy, there is a possibility that business combination might not happen within the Combination Period. Management has determined that the liquidation, should a business combination not occur, and potential subsequent dissolution, as well as liquidity concerns raise substantial doubt about the Company’s ability to continue as a going concern.
From the 10-Q filed 6 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.