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Horizon Space Acquisition I Corp. (NASDAQ:HSPO), a special purpose acquisition company (SPAC) with a current market capitalization of $91.8 million and trading at $13 per share, has deposited an additional $120,000 into its trust account to extend the deadline for completing its initial business combination. This extension moves the deadline from January 27, 2025, to February 25, 2025.
The deposit was made by Squirrel Enlivened (Hong Kong) Technology Limited pursuant to an agreement related to Horizon’s proposed business combination with Squirrel Enlivened Technology Co., Ltd and its subsidiaries (collectively referred to as the "Squirrel Companies"). This payment allows Horizon an additional month to finalize the merger, which was initially announced on September 16, 2024.
In return for the extension fee, Horizon will issue an unsecured promissory note to Squirrel Enlivened (Hong Kong) Technology Limited. According to InvestingPro data, the company’s current ratio of 0.09 indicates tight liquidity, with short-term obligations exceeding liquid assets. The note does not bear interest and is repayable upon the earliest of the completion of the business combination or the expiry of the company’s term.
The extension note may be subject to acceleration upon certain events of default, including a failure to pay the principal within five business days of the maturity date, initiation of bankruptcy proceedings, and other breaches of obligations.
This move comes as Horizon Space Acquisition I Corp. works toward finalizing its business combination with the Squirrel Companies, a group that includes technology and media entities. The merger aims to create a larger entity with enhanced growth potential and market reach.
Investors and shareholders are advised to read the forthcoming proxy statement/prospectus and other relevant documents filed with the SEC for more detailed information about the business combination and related financial and business matters.
The information in this article is based on a press release statement.
In other recent news, Horizon Space Acquisition I Corp. has announced a series of significant developments. The company has extended its merger deadline with Shenzhen Squirrel Enlivened Media Group Co. Ltd, facilitated by a series of deposits into the trust account. This move provides Horizon Space with additional time to satisfy closing conditions and finalize the merger plans.
Additionally, Horizon Space has extended the deadline to liquidate its trust account, following an amendment to its Trust Agreement and Charter. The company has also issued an unsecured promissory note to its sponsor, Horizon Space Acquisition I Sponsor Corp., to support its operations until the completion of the initial business combination.
In response to potential delisting from the Nasdaq Global Market due to non-compliance with the minimum shareholder requirement, Horizon Space has applied to transfer its listing to the Nasdaq Capital Market, which has less stringent requirements. These recent developments underscore Horizon Space Acquisition I Corp.’s ongoing efforts to navigate its financial requirements and address compliance issues while pursuing its initial business combination.
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