Horizon Space Acquisition II Corp. has reported its financial results for the quarter ending March 31, 2026, revealing a net loss of $29,122, a significant decline from a net income of $472,592 during the same period in 2025. The company’s total assets decreased to $39.5 million from $73 million at the end of the previous fiscal year, primarily due to a reduction in investments held in the Trust Account, which fell from $72.9 million to $39.4 million. This decline was attributed to the redemption of 3,219,311 ordinary shares, which resulted in cash outflows of $34.2 million.
The company’s operational costs increased to $364,905, up from $253,479 in the prior year, reflecting higher formation and operating expenses. Interest and dividend income from investments held in the Trust Account also decreased to $588,076 from $726,071, contributing to the overall loss. The weighted average shares outstanding for redeemable ordinary shares dropped significantly from 6,900,000 to 1,752,170, indicating a substantial reduction in shareholder participation.
In terms of strategic developments, Horizon Space Acquisition II Corp. is in the process of completing a business combination with SL Science Holding Limited, which is expected to enhance its market position. The company has extended its deadline to finalize this business combination to June 18, 2026, following a series of deposits made into the Trust Account to facilitate this extension. The company has also issued promissory notes to fund operational needs and extend the business combination deadline, indicating ongoing financial maneuvering to support its strategic objectives.
As of March 31, 2026, the company reported a working capital deficit of $1.8 million, excluding liabilities related to redeeming shareholders. The management has expressed concerns regarding its ability to continue as a going concern, emphasizing the need for additional financing to support operations and complete the business combination. The company’s future performance will depend on its ability to secure necessary funding and successfully execute the planned merger, which is critical for its operational viability moving forward.
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.
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