Horizon Space Acquisition I Corp. (HSPO), a blank check company incorporated in the Cayman Islands, reported a net income of $203,618 for the fiscal year ending December 31, 2025. This figure is a decrease from the previous year's net income of $2,112,351. The 2025 income was primarily derived from interest and dividend income of $779,992 on investments held in a trust account, offset by operating costs totaling $576,374. The company has not generated any revenue from operations since its inception, as its activities have focused on identifying potential acquisition targets.
The company’s financial position has seen significant changes since its initial public offering (IPO) on December 27, 2022, which raised gross proceeds of $69 million. As of December 31, 2025, HSPO reported cash holdings of $35,894 outside the trust account, alongside a working capital deficiency of $3,630,378. The company has relied on loans from its sponsor and other parties to fund operations, indicating a need for additional financing to support its business combination efforts.
In terms of strategic developments, HSPO has faced challenges in executing its initial business combination. The company entered into a business combination agreement with Squirrel Enlivened Technology Co., Ltd. in September 2024, but this agreement was mutually terminated in October 2025 without any termination fees. The company has held multiple shareholder meetings to extend the deadline for completing a business combination, with the latest extension allowing until April 27, 2026. During these meetings, significant numbers of ordinary shares were redeemed, reflecting shareholder concerns about the company's future.
Operationally, HSPO has not reported any customer counts or user statistics, as it has not yet completed a business combination. The company’s management team, led by CEO Mingyu (Michael) Li, currently consists of limited personnel, which has raised concerns about internal controls and oversight. The company has acknowledged deficiencies in its internal control over financial reporting, particularly regarding segregation of duties and management review processes, and plans to implement remediation steps to address these issues.
Looking ahead, HSPO's management has expressed uncertainty about its ability to complete a business combination within the required timeframe. The company has indicated that if it fails to do so, it may need to liquidate and dissolve, which would result in the redemption of public shares at a pro-rata portion of the funds held in the trust account. The outlook remains contingent on the company's ability to secure additional financing and successfully identify and acquire a target business.
About Horizon Space Acquisition I Corp.
Horizon Space Acquisition I Corp. is a Cayman Islands blank check company focused on identifying and completing a merger or acquisition with a target business across industries and geographies. It raises capital through an IPO and private placements, placing proceeds in a trust account. Its core activity involves evaluating potential targets, with no current operations or revenue, aiming to create value through strategic business combinations.
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