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Horizon Space Acquisition II Corp. Units (HSPTU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company is a blank check company formed for the purpose of effecting a business combination with one or more businesses. As of September 30, 2024, the company had not commenced any operations.
On November 18, 2024, Horizon Space Acquisition II Corp. consummated its initial public offering (IPO) of 6,000,000 units at a price of $10.00 per unit, generating gross proceeds of $60,000,000. Additionally, the underwriter exercised its over-allotment option in full, purchasing an additional 900,000 units for $9,000,000.
Simultaneously with the IPO, the company completed a private placement of 200,000 units to its sponsor, Horizon Space Acquisition II Sponsor Corp., generating $2,000,000. An additional 13,500 units were sold in a private placement concurrent with the sale of the over-allotment option units, generating $135,000.
The company has placed the proceeds from the IPO and private placements into a trust account, which will be used to fund a business combination. The company must complete a business combination by November 18, 2025, or it will proceed to liquidate.
As of September 30, 2024, the company reported a working capital deficit of $175,658 and a net loss of $44,710 for the nine months ended September 30, 2024. The company has not generated any revenue and expects to incur significant costs in the pursuit of a business combination.
The filing notes that the company is considered an emerging growth company and is taking advantage of certain reporting exemptions available to such companies.
The company has no obligations, assets, or liabilities that would be considered off-balance sheet arrangements as of September 30, 2024.
The filing includes a discussion of the company’s liquidity and capital resources, noting that it had no cash available for working capital needs as of September 30, 2024, and will rely on the funds held in the trust account to finance a business combination.
The company acknowledges risks and uncertainties related to its ability to consummate a business combination, including potential impacts from geopolitical events and financial market conditions.
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. Units quarterly 10-Q report dated December 26, 2024. To report an error, please email earnings@qz.com.