Horizon Space Acquisition and SL Bio announce merger

NEW YORK - Horizon Space Acquisition II Corp. (Nasdaq:HSPT), a special purpose acquisition company currently valued at $92.25 million, and SL Bio Ltd., a clinical-stage biomedical firm, have agreed to a business combination that will see the newly formed SL Science Holding Limited listed on the Nasdaq Stock Market LLC. According to InvestingPro data, HSPT trades near its 52-week high of $10.44, with the stock showing relatively low price volatility. The completion of this merger is subject to customary closing conditions, including approvals from regulators and shareholders.

SL Bio, which specializes in cellular and gene therapies for cancer treatment and skin care, aims to transform the healthcare landscape through scientific innovation. The company’s proprietary platforms include next-generation immunotherapies designed to bolster the immune response to cancer while reducing risks associated with traditional treatments. SL Bio’s pipeline focuses on high-need indications, such as blood, pancreatic, and brain cancers.

In addition to therapeutic programs, SL Bio is developing regenerative products using cow milk-derived exosomes and citrus reticulata extract, targeting tissue repair and rejuvenation. These products have reached commercial distribution across Asia through strategic partnerships.

The boards of directors of both SL Bio and Horizon Space Acquisition II Corp. have unanimously approved the business combination. The transaction is expected to close by late 2025, with William Wang leading the combined entity as CEO and Chairman, Johnson Lau as CFO, and Dr. Ethan Shen as CTO. InvestingPro analysis shows HSPT maintains a healthy financial position with a current ratio of 2.67, indicating strong liquidity to meet short-term obligations.

The merger terms stipulate that Horizon Space Acquisition II Corp. will merge with a subsidiary of the combined company, followed by a second merger involving SL Bio and another subsidiary. Shareholders of both companies will receive ordinary shares in the combined entity as consideration. These shares are expected to be listed and traded on Nasdaq following the transaction’s consummation.

Legal counsel for the transaction is provided by ArentFox Schiff LLP for SL Bio and Robinson & Cole LLP for Horizon Space Acquisition II Corp. Further details on the business combination will be disclosed in a Current Report on Form 8-K to be filed by Horizon Space Acquisition II Corp. with the Securities and Exchange Commission (SEC) and will be available at www.sec.gov.

This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. There can be no assurance that the proposed transactions will be completed as anticipated or at all. For deeper insights into HSPT’s financial health and additional exclusive trading tips, investors can access comprehensive analysis through InvestingPro, which offers detailed metrics and expert recommendations for informed decision-making.

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