Horizon Space Acquisition I Corp. (NASDAQ: HSPOU) Issues Unsecured Promissory Note

Horizon Space Acquisition I Corp. (NASDAQ: HSPOU) announced on February 5, 2025, that the company issued an unsecured promissory note in the principal amount of $300,000. The note was issued to Horizon Space Acquisition I Sponsor Corp., the sponsor of the company.

The proceeds from the note, which may be drawn down until the company finalizes its initial business combination, will be utilized for general working capital purposes. Notably, the note does not bear any interest and will be due in full upon the completion of the company’s business combination or the specified maturity date.

In the event of default, the following conditions will apply: failure to pay the principal within five business days of the maturity date, bankruptcy actions, breach of obligations, cross defaults, enforcement proceedings, and any unlawfulness or invalidity concerning obligation performances.

The payee of the note, the Sponsor, has the right to convert the note into private units of the company, consisting of one ordinary share, one warrant, and one right to receive one-tenth of an ordinary share upon a business combination. This conversion must be communicated in writing two business days before the business combination closes.

The issuance of the note falls under the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933. The details of the note are accessible in Exhibit 10.1 of the Current Report on Form 8-K.

This action by Horizon Space Acquisition I Corp. aligns with its strategic financial decisions and business growth trajectory.

Additionally, the company reinforced its commitment to maintaining compliance and transparency by incorporating interactive data files within the Inline XBRL document, as indicated in the Financial Statements and Exhibits section of the filed report.

The full implications and details concerning the note agreement are provided within the official filing.

Please note that the information presented is based on the details outlined in the 8-K SEC filing submitted by Horizon Space Acquisition I Corp. on February 5, 2025.

This article is not an endorsement or recommendation to invest in HSPOU but a report on recent corporate developments.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Horizon Space Acquisition I’s 8K filing here.

Horizon Space Acquisition I Company Profile

Horizon Space Acquisition I Corp. focuses on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or related business combination with one or more businesses. Horizon Space Acquisition I Corp. was incorporated in 2022 and is based in New York, New York.