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Horizon Space Acquisition I Corp. (HSPO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including total assets of $62,252,189 and liabilities of $4,040,244 as of September 30, 2024. The company reported a working capital deficit of $1,476,824.
The company generated interest and dividend income of $795,738 for the three months ended September 30, 2024, resulting in a net income of $296,392 for the period.
Horizon Space Acquisition I Corp. is a blank check company formed for the purpose of effecting a merger or similar business combination. As of September 30, 2024, the company had not commenced any operations.
The company entered into a Business Combination Agreement on September 16, 2024, with Squirrel Enlivened Technology Co., Ltd and its subsidiaries. The agreement outlines a merger and reorganization plan.
The company has extended its period to consummate an initial business combination to November 27, 2024, with the possibility of further extensions up to December 27, 2024.
On October 3, 2024, the company received a Nasdaq noncompliance letter due to not meeting the minimum shareholder requirement. The company applied for and received approval to transfer its listing to the Nasdaq Capital Market.
As of September 30, 2024, the company had cash of $128,169 available for working capital needs, with additional funds held in a trust account for the business combination.
The company has issued unsecured promissory notes totaling $620,000 to Shenzhen Squirrel Enlivened Media Group Co. Ltd. for extension fees, and $400,000 to the Sponsor for working capital purposes.
The company has not engaged in any operations nor generated any revenues to date, with activities primarily focused on identifying and evaluating potential acquisition targets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Horizon Space Acquisition I Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.