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Horizon Space Acquisition I Corp. (NASDAQ:HSPO), a $50.48 million market cap SPAC trading near its 52-week high of $13.70, has extended the deadline to complete its initial business combination by one month, from May 27, 2025, to June 27, 2025, according to a recent SEC filing. This extension comes after 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 HoldCo and its subsidiaries. According to InvestingPro data, the company’s current ratio of 0.04 indicates significant pressure on short-term liquidity, making this deposit particularly significant.
The deposit enables Horizon Space to utilize one of up to seven one-month extensions that it is allowed by its amended and restated memorandum and articles of association. The extension fee was made in connection with a Business Combination Agreement dated September 16, 2024, which outlines the terms of the proposed merger with Squirrel HoldCo, a Cayman Islands exempted company, and its subsidiaries.
In addition to the deposit, Horizon Space issued an unsecured promissory note to Squirrel HK for the amount of $120,000, dated May 28, 2025. The note does not bear interest and must be paid by the earlier of the business combination’s consummation or the company’s expiry date. The note includes provisions for events of default, which could result in acceleration of the note.
This extension is part of Horizon Space’s ongoing efforts to complete its business combination, which is subject to conditions such as shareholder approval and other closing conditions. The SEC filing also includes forward-looking statements regarding the anticipated benefits and growth of the combined entity post-merger, as well as the ability to meet Nasdaq’s listing standards.
Investors and security holders are advised to read the registration statement and proxy statement/prospectus and other relevant documents filed with the SEC carefully for more detailed information about the proposed business combination and the parties involved. The information provided in this article is based on the company’s SEC filing. For deeper insights into HSPO’s valuation metrics, including its relatively high P/E ratio of 44.95, InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis tools.
In other recent news, Horizon Space Acquisition I Corp. has announced an extension to its deadline for completing its initial business combination. The company now has until May 27, 2025, to finalize the deal, following a $120,000 deposit into its trust account by Squirrel Enlivened (Hong Kong) Technology Limited. This deposit, part of a Business Combination Agreement dated September 16, 2024, allows Horizon Space Acquisition an additional month beyond the original deadline of April 27, 2025. To formalize the extension, Horizon Space Acquisition issued an unsecured promissory note to Squirrel Enlivened (Hong Kong) Technology Limited, which carries no interest and is due upon the completion of the business combination or the company’s expiration. The agreement is part of Horizon Space Acquisition’s ongoing efforts to finalize a merger with Squirrel Enlivened Technology Co., Ltd. and its affiliates. The SEC filings include forward-looking statements regarding the anticipated benefits and growth of the business combination, while also acknowledging risks and uncertainties. Investors are advised to read the forthcoming proxy statement and other relevant documents for more detailed information about the proposed transaction. This extension aligns with Horizon Space Acquisition’s memorandum and articles of association, which allow for up to ten one-month extensions, with the latest possible completion date being December 27, 2025.
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