Horizon Space Acquisition II Corp. has reported its financial performance for the fiscal year ending December 31, 2025, revealing a net income of $1.8 million, a significant increase from the previous year's net income of $142,877. This growth is attributed to interest income from the Trust Account, which amounted to $2.9 million, offset by formation and operating costs of $1.1 million. The company has not generated any revenue from operations, as its activities have primarily focused on identifying potential business combinations since its inception in March 2023.
The company completed its initial public offering (IPO) on November 18, 2024, raising $60 million by selling 6 million units at $10 each. Following the IPO, an additional 900,000 units were sold through an over-allotment option, generating an extra $9 million. The total proceeds from the IPO and related transactions were placed in a Trust Account, which as of December 31, 2025, held approximately $72.9 million. The company has also engaged in private placements, raising $2 million from the sale of 200,000 private units to its sponsor.
In terms of operational developments, Horizon Space Acquisition II Corp. is in the process of completing a business combination with SL Bio Ltd., which was formalized through a business combination agreement on May 9, 2025. The transaction is structured as a merger, with the company and SL Bio becoming subsidiaries of SL Science Holding Limited (PubCo). Shareholder approval for the business combination was obtained during an extraordinary general meeting held on February 12, 2026, where over 3.5 million ordinary shares were rendered for redemption.
The company has faced challenges, including a working capital deficit of $1.3 million as of December 31, 2025, and a reliance on loans from its sponsor to fund operations. To address these financial constraints, the company has the option to extend the deadline for completing its initial business combination to February 18, 2027, provided it meets certain conditions. The management has expressed concerns regarding its ability to continue as a going concern if it fails to complete a business combination within the specified timeframe.
Looking ahead, Horizon Space Acquisition II Corp. aims to leverage its management team's extensive network and experience to identify and execute a successful business combination. However, the company acknowledges the risks associated with potential market volatility and regulatory challenges, particularly in relation to its significant ties to China. The management remains focused on finalizing the business combination with SL Bio and is actively seeking additional financing options to support its operational needs and strategic objectives.
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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