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NEW YORK - Horizon Space Acquisition I Corp. (NASDAQ:HSPO), a special purpose acquisition company currently trading at $11.79 and near its 52-week high of $13.70, has announced an extension to its deadline for completing its initial business combination. According to InvestingPro data, the company maintains a market capitalization of approximately $50 million. The company now has until May 27, 2025, to finalize the deal, as disclosed in a recent SEC filing.
The extension was made possible by a $120,000 deposit into the company’s trust account by Squirrel Enlivened (Hong Kong) Technology Limited, as part of an agreement related to a proposed business combination with Squirrel Enlivened Technology Co., Ltd. The company’s financial health score of 2.8 is rated as GOOD by InvestingPro, though analysis shows current short-term obligations exceed liquid assets. This deposit grants Horizon Space Acquisition an additional month, beyond the original deadline of April 27, 2025, to complete the business combination.
According to the filing, the deposit was made in accordance with a Business Combination Agreement dated September 16, 2024. In exchange for the extension fee, Horizon Space Acquisition issued an unsecured promissory note to Squirrel Enlivened (Hong Kong) Technology Limited on Monday, April 28, 2025. The note carries no interest and is due on the earlier of the business combination’s completion or the company’s expiry.
The document further outlines the conditions under which an event of default on the note may occur. These include failure to pay the principal within five business days of the maturity date, the initiation of bankruptcy proceedings, breaches of obligations, enforcement proceedings, and any legal issues regarding the performance of the note’s obligations.
This move comes as Horizon Space Acquisition I Corp. works towards fulfilling the conditions of its amended and restated memorandum and articles of association, which allow for up to eight one-month extensions to complete a business combination, with the final deadline being December 27, 2025.
The SEC filing includes forward-looking statements regarding the anticipated benefits and growth of the business combination, while also acknowledging risks and uncertainties that could affect actual outcomes. These risks are detailed in Horizon Space Acquisition’s Annual Report on Form 10-K and other SEC filings.
Investors and security holders are advised to read the final proxy statement and other relevant documents concerning the business combination when they become available, as they will contain important information about the proposed transaction. For comprehensive financial analysis and additional insights, including 6 key ProTips and detailed valuation metrics, investors can access InvestingPro’s extensive coverage of HSPO.
The information in this article is based on a press release statement.
In other recent news, Horizon Space Acquisition I Corp. has announced several developments related to its ongoing business combination efforts. The company has extended its deadline for completing its initial business combination by depositing an additional $120,000 into its trust account, moving the deadline to April 27, 2025. This extension was facilitated by Squirrel Enlivened (Hong Kong) Technology Limited, which is involved in the proposed merger with the Squirrel Companies. Horizon Space Acquisition also issued an unsecured promissory note to Squirrel Enlivened for the extension fee, with the note being repayable upon the completion of the business combination or the expiration of the company’s term. In a separate move, Horizon Space Acquisition issued a $300,000 promissory note to its sponsor to support working capital needs, with an option for conversion into private units. This financial strategy underscores the company’s efforts to secure the necessary capital for its operations and potential mergers. Investors are encouraged to review the forthcoming proxy statement/prospectus for more details on the merger and financial arrangements. These recent developments highlight Horizon Space Acquisition’s continued progress toward finalizing its business combination with the Squirrel Companies.
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