Horizon Space Acquisition II Corp. has reported its financial results for the quarter ending September 30, 2025, revealing a net income of $615,026, a significant turnaround from a net loss of $33,604 during the same period in 2024. The company attributed this positive performance primarily to interest and dividend income of $739,550 generated from investments held in its Trust Account, which increased from zero in the prior year. However, the company incurred formation and operating costs of $124,524, which also marked a substantial increase from $33,604 in the previous year.
In terms of overall financial health, Horizon Space Acquisition II Corp. reported total assets of $71.7 million as of September 30, 2025, a slight increase from $70.1 million at the end of 2024. The Trust Account, which holds the proceeds from the company's initial public offering (IPO), saw its balance rise to $71.5 million from $69.3 million. The company’s liabilities also increased, with current liabilities totaling $558,754, compared to $269,335 at the end of the previous fiscal year. The company’s shareholders' equity showed a deficit of $436,294, down from a positive equity of $450,875 at the end of 2024.
Horizon Space Acquisition II Corp. has not yet commenced any operations beyond its organizational activities and the search for a target business for a potential merger or acquisition. The company is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain regulatory exemptions. As of September 30, 2025, the company had 9,080,000 ordinary shares issued and outstanding, with 6,900,000 shares subject to possible redemption.
The company is actively pursuing a business combination and has entered into an agreement with SL Science Holding Limited, which is expected to be completed by November 18, 2025. However, the company has raised concerns regarding its ability to continue as a going concern, citing a working capital deficit of $436,294 and the need for additional financing to complete its business combination. If the company fails to complete the merger by the deadline, it may be required to liquidate.
Looking ahead, Horizon Space Acquisition II Corp. anticipates incurring significant costs related to remaining a publicly traded entity and pursuing its business combination. The company has indicated that it may need to secure additional financing to meet its operational needs and fulfill its obligations. The management has expressed uncertainty regarding the successful completion of the business combination within the specified timeframe, which could impact the company's future operations and financial stability.
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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