Item 8.01. Other Events.
As previously disclosed on
a Current Report on Form 8-K dated February 18, 2022, on February 17, 2022, A SPAC I Acquisition Corp. (the “Company”) consummated
the IPO of 6,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share (the “Ordinary Share”),
three-fourths (3/4) of one redeemable warrant (the “Warrant”), and one right (the “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 $60,000,000.
As previously disclosed on
a Current Report on Form 8-K dated February 14, 2022, on February 17, 2022, simultaneously with the closing of the IPO, the Company consummated
the private placement (“Private Placement”) with A SPAC (Holdings) Acquisition Corp., the Company’s sponsor, of 2,875,000
warrants (the “Private Warrants”) at a price of $1.00 per Private Warrant, generating total proceeds of $2,875,000. The Private
Warrants are identical to the public warrants sold in the IPO, as set forth in the Underwriting Agreement, except as described in the
Warrant Agreement.
As of February 17, 2022, a
total of $60,600,000 ($10.10 per Unit) of the net proceeds from the IPO and the Private Placement were deposited in a trust account established
for the benefit of the Company’s public shareholders (the “Trust Account”). An audited balance sheet as of February
17, 2022 reflecting receipt of the proceeds upon consummation of the IPO and the sale of the Private Placement Warrants was issued by
the Company and filed as an exhibit to a Current Report on Form 8-K dated February 17, 2022.
Subsequently, on February
25, 2022, the underwriters exercised their over-allotment option in full. The closing of the issuance and sale of the additional Units
occurred (the “Over-Allotment Option Units”) on March 1, 2022. The total aggregate issuance by the Company of 900,000 Over-Allotment
Option Units at a price of $10.00 per unit generated total gross proceeds of $9,000,000. On March 1, 2022, simultaneously with the sale
of the Over-Allotment Option Units, the Company consummated the private sale of an additional 270,000 Private Warrants to the sponsor
generating gross proceeds of $270,000.
The Private Placement Warrants
were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transactions did not involve a public offering.
On March 1, 2022, an additional
$9,090,000 ($10.10 per Unit) consisting of the net proceeds from the sale of the Over-Allotment Option Units, less the underwriter’s
discount of $0.20 per Over-Allotment Option Unit ($8,820,000), and the gross proceeds from the sale of the additional private warrants
($270,000) was placed in the Trust Account, resulting in a total of $69,690,000 held in the Trust Account.
Included with this report
as Exhibit 99.1 is a pro-forma balance sheet reflecting the exercise of the over-allotment option.