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.

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— Horizon Space Acquisition I Corp.
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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.

The company does not sell products or services to end customers today; its economic purpose is to find a target...

  • Public shareholdersprimary

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

  • Sponsor and affiliatesprimary

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

  • Acquisition target companiesprimary

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

The company is incorporated in the Cayman Islands and is listed in the United States, but it has no operating geography...

  • •Incorporated in the Cayman Islands
  • •Listed in the United States on Nasdaq
  • •No operating revenue geography today
  • •Target search is not limited by country or region

The company’s near-term priority is to complete an initial business combination before its deadline, using trust...

01
Complete a business combinationshort-term

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

02
Preserve listing and trust valueshort-term

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

The company faces a binary SPAC execution risk: if it cannot complete a business combination on time, it may have to...

critical

Failure to complete a business combination by the deadline

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

Scope
May 27, 2025 extension deadline and further monthly extensions
Materiality
high
high

Dependence on sponsor-related extension funding

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

Scope
Sponsor and Squirrel HK-related payments
Materiality
high
high

No operating revenue and continuing losses

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

Scope
Formation, legal, and transaction costs
Materiality
high
medium

Transaction execution and valuation risk

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

Scope
Squirrel Transactions and any alternative target
Materiality
medium
Fair value of investments held in trust account
Changes in fair value affect interest and dividend income and net income
Warrant valuation
Can create volatility in liabilities and earnings
Earnings per share allocation
Affects reported loss per share and comparability across periods

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: 28/04/2026