Horizon Space Acquisition II Corp. has reported its financial results for the quarter ending March 31, 2025, revealing a net income of $472,592, a significant turnaround from a net loss of $3,106 in the same period last year. The company attributed this positive performance primarily to $726,071 in interest and dividend income from investments held in its Trust Account, which was offset by formation and operating costs totaling $253,479. The increase in income reflects the company's strategic focus on managing its investments effectively since its initial public offering (IPO) in November 2024.
The company's total assets as of March 31, 2025, stood at $70,559,648, slightly up from $70,064,740 at the end of the previous fiscal year. This increase was driven by a rise in the investment held in the Trust Account, which grew to $70,070,601 from $69,344,530. However, the company's cash reserves decreased to $364,776 from $646,720, indicating a drawdown in liquidity as it incurs costs related to its ongoing operations and preparations for a business combination.
Horizon Space Acquisition II Corp. remains a blank check company, having not yet identified a target for its business combination. The company has been actively pursuing opportunities, particularly in sectors where it has significant ties, such as China. As of the latest filing, the company has 9,080,000 ordinary shares outstanding, with 6,900,000 shares subject to possible redemption at a redemption value of $10.16 per share. The company is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain regulatory exemptions.
Looking ahead, the company has entered into a business combination agreement with SL Science Holding Limited, which is expected to be a significant step in its operational strategy. The merger is anticipated to enhance the company's market position and provide a pathway to future revenue generation. However, the company has acknowledged substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by November 18, 2025. Management is exploring options for working capital loans to address this uncertainty, emphasizing the need for timely execution of its strategic plans.
About Horizon Space Acquisition II Corp.
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