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
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.
0.01
0.01
| % | |
|---|---|
| SPAC formation and capital structure | 0% Public shell company structure used to raise capital for a future acquisition. |
| Trust account management | 0% Cash held in trust for public shareholders pending a business combination or redemption. |
| Business combination transaction execution | 100% 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...
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
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
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
: 28.4.2026