Horizon Space Acquisition I Corp. (NASDAQ: HSPO), a special purpose acquisition company (SPAC), has announced an extension of its merger deadline to February 25, 2025, providing additional time to finalize its business combination with Squirrel Enlivened Technology Co., Ltd and its subsidiaries.
Company Overview
Horizon Space Acquisition I Corp. is a SPAC focused on identifying and merging with businesses in the technology sector. Since its initial public offering on December 22, 2022, the company has been actively seeking suitable merger candidates.
Recent SEC Filing and Financial Data
According to a recent SEC Form 8-K filing, Horizon Space had until February 27, 2025, to complete its initial business combination. The company is permitted to extend this deadline by up to ten one-month increments, each requiring a $120,000 deposit into its trust account.
As of February 27, 2025, HSPO’s stock was trading at $11.70 per share. The company’s 52-week trading range spans from $10.80 to $12.41, with a market capitalization of approximately $91.25 million.
Amendments to Trust Agreement and Charter
In November 2024, Horizon Space proposed amendments to its Trust Agreement and Charter to facilitate extensions of the merger deadline. These amendments allow for up to twelve one-month extensions, potentially extending the deadline from December 27, 2024, to December 27, 2025.
Issuance of Promissory Notes
To fund these extensions, Horizon Space has been issuing unsecured promissory notes. For each one-month extension, the company’s sponsor or its designee deposits $120,000 into the trust account, in exchange for a non-interest-bearing promissory note repayable upon the completion of the business combination or the company’s dissolution.
Investor Considerations
Investors and traders should monitor the following key aspects:
* Merger Progress: The successful completion of the merger with Squirrel Enlivened Technology is crucial for HSPO’s future prospects.
* Financial Obligations: The ongoing issuance of promissory notes to fund deadline extensions may impact the company’s financial position.
* Market Conditions: SPACs are subject to market volatility, and external economic factors could influence HSPO’s stock performance.
Staying informed about these developments will be essential for stakeholders as Horizon Space navigates the merger process.
