Horizon Space Acquisition II Corp. (HSPT) reports earnings

The report was filed on March 27, 2025

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Horizon Space Acquisition II Corp. (HSPT) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing details the company's status as a blank check company, incorporated in the Cayman Islands on March 21, 2023, with the purpose of entering into a business combination with one or more entities.

Horizon Space Acquisition II Corp. completed its initial public offering on November 18, 2024, issuing 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000. Each unit consists of one ordinary share and one right to acquire one-tenth of an ordinary share.

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The company also sold an additional 900,000 units on November 21, 2024, following the exercise of the underwriters' over-allotment option, generating an additional $9,000,000.

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Simultaneously with the IPO, Horizon Space Acquisition II Corp. completed a private placement of 200,000 units to its sponsor, generating $2,000,000. An additional 13,500 units were sold in a private placement concurrent with the over-allotment, generating $135,000.

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Proceeds from the IPO and private placements were placed in a trust account, totaling $69,000,000, to be used for a business combination.

Horizon Space Acquisition II Corp. has until November 18, 2025, to complete a business combination, with the possibility of two three-month extensions if necessary.

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The company reported a net income of $142,877 for the year ended December 31, 2024, primarily from interest income on the trust account. Formation and operating costs totaled $201,653.

As of December 31, 2024, the company had cash of $646,720 and working capital of $450,875.

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The filing highlights potential risks associated with acquiring a company that operates in China, including regulatory and operational challenges.

Horizon Space Acquisition II Corp. has identified no specific target for its initial business combination and continues to evaluate potential opportunities.

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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 II Corp. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.