Gold prices slip slightly after recent gains; U.S. data eyed
Horizon Space Acquisition I Corp. (NASDAQ:HSPO), currently trading at $12.21 with a market capitalization of $50 million, announced Monday that it has extended the deadline to complete its initial business combination by one month, moving the date from June 27, 2025 to July 27, 2025. According to InvestingPro analysis, the company is currently trading above its Fair Value, with a concerning financial health score of 1.74. The extension was made possible by a $120,000 deposit into the company’s trust account, according to a statement based on a recent SEC filing.
The deposit was made on June 26 by Shenzhen Squirrel Enlivened Media Group Co., Ltd., in connection with an existing Agreement and Plan of Merger dated September 16, 2024. Under the agreement, Horizon Space Acquisition I may extend the period to consummate a business combination by up to six one-month increments, provided that a $120,000 monthly extension fee is paid for each extension. InvestingPro data reveals the company’s concerning liquidity position, with a current ratio of just 0.04, indicating potential challenges in meeting short-term obligations. The company’s sponsor or its designee is responsible for these payments, which can extend the deadline through December 27, 2025.
To facilitate the payment, Horizon Space Acquisition I issued an unsecured promissory note in the principal amount of $120,000 to Shenzhen Squirrel Enlivened Media Group Co., Ltd. on May 28, 2025. The note bears no interest and is payable in full upon the earlier of the completion of the business combination or the expiration of the company’s term. The note includes standard default provisions, such as failure to pay within five business days of maturity, bankruptcy proceedings, or breach of obligations.
Horizon Space Acquisition I is a blank check company incorporated in the Cayman Islands and listed on the Nasdaq Stock Market. Its securities include ordinary shares (NASDAQ:HSPO), units (NASDAQ:HSPOU), redeemable warrants (NASDAQ:HSPOW), and rights (NASDAQ:HSPOR). The stock currently trades at a P/E ratio of 58.9x, suggesting a premium valuation. Unlock more valuable insights and 6 additional key investment tips with InvestingPro’s comprehensive analysis tools.
The information in this article is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Horizon Space Acquisition I Corp. has announced an extension of its deadline to complete its initial business combination. This extension, now set for June 27, 2025, was made possible by a $120,000 deposit into the company’s trust account by Squirrel Enlivened (Hong Kong) Technology Limited. The deposit is part of an agreement related to a proposed merger with Squirrel HoldCo and its subsidiaries, allowing Horizon Space an additional month to finalize the deal. Horizon Space also issued an unsecured promissory note to Squirrel HK for the same amount, due by the business combination’s completion or the company’s expiry date. This note does not bear interest and outlines conditions for default, including potential acceleration of the note. The extension is part of Horizon Space’s ongoing efforts to meet conditions such as shareholder approval and other closing requirements. The SEC filing also includes forward-looking statements about the anticipated benefits and growth of the combined entity post-merger. Investors are advised to review the registration statement and proxy statement/prospectus for more detailed information.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.