🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Horizon Space Acquisition extends merger deadline

Published 06/29/2024, 04:06 AM
HSPOU
-

Horizon Space Acquisition I Corp. (NASDAQ:HSPO), a special purpose acquisition company, has announced an extension to its deadline for completing an initial business combination. The company disclosed on Friday that it deposited an additional $60,000 into its trust account to extend the merger deadline by one month, moving the date from June 27, 2024, to July 27, 2024.

This strategic move comes after Horizon Space Acquisition entered into a non-binding letter of intent on October 17, 2023, with Shenzhen Squirrel Enlivened Media Group Co. Ltd. (the "Target"), which is considering a business combination with Horizon. In connection with this extension, Horizon issued an unsecured promissory note to the Target for the amount of the extension fee.

The promissory note carries no interest and is due on the earlier of the business combination's completion or the company's expiration date. The Target, as the payee, also has the option to convert the note into private units of Horizon Space Acquisition, which include ordinary shares and warrants, prior to the closing of any potential business combination.

Despite these developments, Horizon Space Acquisition has not yet entered into any definitive agreements regarding a merger or business combination. The company's actions are part of the process to secure more time to finalize a potential deal.

The issuance of the note and the extension were conducted in accordance with the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933. This information is based on a press release statement and reflects the latest steps taken by Horizon Space Acquisition as it works towards its business combination goal.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.