Horizon Space Acquisition II Corp. has reported its financial results for the quarter ending June 30, 2025, revealing a net income of $221,282, a significant turnaround from a net loss of $8,000 during the same period in 2024. The company generated $730,448 in interest and dividend income from investments held in its Trust Account, which was offset by formation and operating costs totaling $509,166. For the first half of 2025, the company reported a net income of $693,874 compared to a loss of $11,106 in the prior year, indicating a marked improvement in financial performance.
The company’s total assets as of June 30, 2025, stood at $70,917,131, slightly up from $70,064,740 at the end of 2024. The Trust Account, which holds the proceeds from the company’s initial public offering (IPO), increased to $70,801,049 from $69,344,530. However, the company also reported a working capital deficit of $311,770, reflecting ongoing operational costs and the need for additional financing to support its business combination plans.
Horizon Space Acquisition II Corp. is a blank check company formed to pursue a merger or acquisition. As part of its strategic developments, the company entered into a business combination agreement on May 9, 2025, with SL Science Holding Limited and its subsidiaries. This agreement is expected to facilitate a merger that will position the company for future growth. The company has not yet commenced operations and relies on the funds raised through its IPO and private placements to finance its activities.
Operationally, the company has 9,080,000 ordinary shares outstanding, with 6,900,000 shares subject to possible redemption. The company’s management has indicated that it may need to secure additional financing to complete its business combination or to cover potential redemptions of public shares. The company has also issued a promissory note to its sponsor for $300,000 to support working capital needs, which may be converted into private placement units upon the consummation of a business combination.
Looking ahead, Horizon Space Acquisition II Corp. faces challenges related to its ability to complete a business combination by the deadline of November 18, 2025. The company has acknowledged substantial doubt about its ability to continue as a going concern if it cannot secure additional financing or successfully complete its planned merger. The management's strategy includes leveraging working capital loans and exploring various financing options to ensure operational continuity and the successful execution of its business plans.
About Horizon Space Acquisition II Corp.
Horizon Space Acquisition II Corp. is a blank check company formed to identify and merge with target businesses, with a focus on opportunities in China. It aims to leverage management’s extensive network and experience to acquire companies with strong management, growth potential, and defensible market positions. The company plans to complete a business combination within 18 months, primarily targeting high-quality, revenue-generating businesses for long-term shareholder value.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.