Horizon Space Acquisition I Corp. Files 8-K
Ticker: HSPWF · Form: 8-K · Filed: May 28, 2024 · CIK: 1946021
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation, equity-sale
Related Tickers: HSAC
TL;DR
HSAC files 8-K: Material agreement, financial obligation, equity sales.
AI Summary
Horizon Space Acquisition I Corp. announced on May 23, 2024, that it entered into a material definitive agreement. This filing also details the creation of a direct financial obligation and unregistered sales of equity securities. The company is incorporated in the Cayman Islands and its fiscal year ends on December 31.
Why It Matters
This 8-K filing indicates significant corporate actions, including new financial obligations and equity sales, which could impact the company's financial structure and shareholder value.
Risk Assessment
Risk Level: medium — The filing indicates new financial obligations and equity sales, which can introduce financial risk and dilution.
Key Players & Entities
- Horizon Space Acquisition I Corp. (company) — Registrant
- May 23, 2024 (date) — Date of earliest event reported
- Cayman Islands (location) — State of Incorporation
FAQ
What type of material definitive agreement did Horizon Space Acquisition I Corp. enter into?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on May 23, 2024.
What are the details of the direct financial obligation created?
The filing states that a direct financial obligation was created but does not provide specific details or amounts.
What kind of equity securities were sold unregistered?
The filing mentions unregistered sales of equity securities but does not specify the type or quantity.
When is Horizon Space Acquisition I Corp.'s fiscal year end?
Horizon Space Acquisition I Corp.'s fiscal year ends on December 31.
What is the SEC file number for Horizon Space Acquisition I Corp.?
The SEC file number for Horizon Space Acquisition I Corp. is 001-41578.
Filing Stats: 1,246 words · 5 min read · ~4 pages · Grade level 12.9 · Accepted 2024-05-28 16:00:22
Key Financial Figures
- $0.0001 — nits, consisting of one Ordinary Share, $0.0001 par value , one redeemable Warrant to a
- $11.50 — Ordinary Share at an exercise price of $11.50 HSPOW The Nasdaq Stock Market LLC
- $60,000 — nsor ") and/or its designee, depositing $60,000 (the " Monthly Extension Fee ") into th
- $10.00 — ipal amount payable to the payee by (y) $10.00. Notwithstanding the issuance of the N
Filing Documents
- hspo_8k.htm (8-K) — 37KB
- hspo_ex101.htm (EX-10.1) — 37KB
- 0001929980-24-000240.txt ( ) — 237KB
- hspo-20240523.xsd (EX-101.SCH) — 6KB
- hspo-20240523_lab.xml (EX-101.LAB) — 18KB
- hspo-20240523_cal.xml (EX-101.CAL) — 1KB
- hspo-20240523_pre.xml (EX-101.PRE) — 13KB
- hspo-20240523_def.xml (EX-101.DEF) — 5KB
- hspo_8k_htm.xml (XML) — 8KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. The disclosures set forth under Item 2.03 are incorporated by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Pursuant to the amended and restated memorandum and articles of association (the " Charter ") of Horizon Space Acquisition I Corp., a Cayman Islands exempted company (the " Company "), the Company currently has until May 27, 2024 to complete its initial business combination, however the Company may extend the period of time to consummate a business combination up to December 27, 2024, each by an additional one-month extension, subject to Horizon Space Acquisition I Sponsor Corp., a Cayman Islands company, the sponsor of the Company (the " Sponsor ") and/or its designee, depositing $60,000 (the " Monthly Extension Fee ") into the trust account of the Company (the " Trust Account "). On or about May 24, 2024, an aggregate of $60,000 of the Monthly Extension Fee was deposited into the Trust Account for the public shareholders, which enables the Company to extend the period of time it has to consummate its initial business combination by one month from May 27, 2024 to June 27, 2024 (the " Extension "). The payment of the Monthly Extension Fee was made by Shenzhen Squirrel Enlivened Media Group Co. Ltd (the " Target "), pursuant a non-binding letter of intent entered into by and between the Company and Target on October 17, 2023, in connection with a potential business combination with the Target (the " LOI "). The Company issued an unsecured promissory note in the aggregate principal amount of $60,000 (the " Note ") dated May 27, 2024 to the Target in connection with the payment of the Monthly Extension Fee. The Note bears no interest and is payable in full upon the earlier to occur of (i) the consummation of the Company's business combination or (ii) the date of expiry of the term of the Company (the " Maturity Da
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities. The information disclosed under Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02 to the extent required herein. The Units (and the underlying securities) issuable upon conversion of the Note, if any, (1) may not, subject to certain limited exceptions, be transferable or salable by the Payee until the completion of the Company's initial business combination and (2) are entitled to registration rights.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Extension Promissory Note, dated May 27, 2024, issued by the Company to Shenzhen Squirrel Enlivened Media Group Co. Ltd. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Horizon Space Acquisition I Corp. Date: May 28, 2024 By: /s/ Mingyu (Michael) Li Name: Mingyu (Michael) Li Title: Chief Executive Officer 4