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Horizon Space Acquisition I Corp. (HSPO0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's activities as a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses.
Horizon Space Acquisition I Corp. completed its initial public offering on December 27, 2022, raising gross proceeds of $69 million. The proceeds were placed in a trust account and are intended to be used for the company's initial business combination.
The company has entered into a business combination agreement with Squirrel Enlivened Technology Co., Ltd, and its affiliates. The agreement outlines the terms of the merger, including the reorganization of Squirrel Enlivened Technology Co., Ltd into a new entity, Squirrel Enlivened International Co., Ltd.
The filing reports that as of December 31, 2024, the company had cash of $7,815 and a working capital deficiency of $1,974,004. The company has relied on loans from its sponsor and other parties to fund its operations.
Horizon Space Acquisition I Corp. has extended its deadline to complete a business combination to April 27, 2025, with the option to extend further until December 27, 2025, if necessary.
The company reported a net income of $2,112,351 for the year ended December 31, 2024, primarily due to interest and dividend income on investments held in the trust account.
The filing notes that the company is a shell company with no business operations and is focused on identifying and evaluating suitable acquisition candidates.
Horizon Space Acquisition I Corp. acknowledges the risks associated with its operations, including the possibility of not completing a business combination within the required timeframe, which would result in liquidation and the return of funds to shareholders.
The company has disclosed various agreements related to its proposed business combination, including a sponsor support agreement and a shareholder support agreement, which outline the commitments of the involved parties to facilitate the transaction.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.