HSPWFOTCBlank ChecksUS GAAP · USD

Horizon Space Acquisition I Corp.

Horizon Space Acquisition I Corp. is a Cayman Islands blank check company formed to complete a merger, share exchange, asset acquisition, or similar business combination. It has no operating business or revenue of its own and exists to identify and acquire a private company, using IPO proceeds, the trust account, and additional financing if needed.

Operating profit (EBIT)-0.6m USD
+45.6 %y/y
Net income0.2m USD
−90.4 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-1.25-1.00-0.75-0.50-0.250.00m USD2022: EBIT -0.14 m USD20222023: EBIT -0.56 m USD20232024: EBIT -1.1 m USD20242025: EBIT -0.58 m USD2025-0.58
RevenueOperating profit (EBIT)

Business

Share of revenue
SPAC formation and capital structure0 %

Public shell company structure used to raise capital for a future acquisition.

Trust account management0 %

Cash held in trust for public shareholders pending a business combination or redemption.

Business combination transaction execution100 %

Identification, negotiation, and closing of a merger or similar acquisition transaction.

Customers

The company does not sell products or services to end customers today; its economic purpose is to find a target business for a future combination. Its key counterparties are public shareholders, the sponsor, underwriters, and potential acquisition targets. If a transaction closes, the target company and its owners become the effective operating business behind the listed vehicle.

Public shareholders

Buy SPAC units, shares, warrants, and rights for exposure to a future deal and redemption value.

Sponsor and affiliates

Provide capital support, extension fees, and financing to keep the SPAC alive until a deal closes.

Acquisition target companies

Enter into a business combination to gain access to public markets and transaction capital.

Strategy

The company’s near-term priority is to complete an initial business combination before its deadline, using trust account funds and any additional financing needed. It has already extended the deadline through monthly extension fees funded by a transaction counterparty, showing that deal completion is the central strategic objective. Because it has no operating business, execution risk is concentrated in sourcing, negotiating, and closing a viable target.

Complete a business combinationShort term

The company has no operating revenue and must close a transaction to create an operating business.

Preserve listing and trust valueShort term

Maintaining the SPAC structure and trust account supports shareholder value while a target is pursued.

Geography

The company is incorporated in the Cayman Islands and is listed in the United States, but it has no operating geography because it has not yet completed a business combination. Management states that target screening is not limited to any particular industry or geographic location. As a result, future geographic exposure will depend entirely on the acquired business.

Risks

The company faces a binary SPAC execution risk: if it cannot complete a business combination on time, it may have to liquidate and redeem public shares. It also depends on sponsor support and extension funding, while any future operating business will introduce integration, valuation, and market risks that are not yet known. Because it currently has no revenue, even modest transaction costs and delays can materially affect shareholder outcomes.

Sorted by severity
Failure to complete a business combination by the deadlineCritical

The SPAC must close a transaction or wind up and redeem public shares.

ExposureMay 272025 extension deadlineFurther monthly extensions
Dependence on sponsor-related extension fundingHigh

Monthly extension fees are needed to keep the company alive while searching for a target.

Exposure: Sponsor and Squirrel HK-related payments

No operating revenue and continuing lossesHigh

The company has no business operations beyond acquisition screening and due diligence.

ExposureFormationLegalTransaction costs
Transaction execution and valuation riskMedium

A proposed target may fail to close or may be repriced during negotiation.

Exposure: Squirrel Transactions and any alternative target

Accounting

Judgemental items
Fair value of investments held in trust account

Mutual funds in the trust are classified as trading securities and remeasured each period.

Impact: Changes in fair value affect interest and dividend income and net income.

Warrant valuation

Warrants require model-based valuation and can be sensitive to assumptions.

Impact: Can create volatility in liabilities and earnings.

Earnings per share allocation

Redeemable and non-redeemable shares require special allocation under ASC 260.

Impact: Affects reported loss per share and comparability across periods.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026