The company has extended its deadline to complete a business combination multiple times through shareholder meetings, with the current deadline set for April 27, 2026. It terminated a business combination agreement with Squirrel Enlivened Technology Co., Ltd. in October 2025. The company voluntarily delisted from Nasdaq and began trading on OTC markets in December 2025. It has issued unsecured promissory notes to the Sponsor for working capital and has limited liquidity as of the latest filings.

• The company terminated its business combination agreement with Squirrel Enlivened Technology Co., Ltd. effective October 3, 2025, by mutual agreement with no termination fees [S1].
• Four shareholder meetings have been held to extend the deadline to complete the initial business combination, with the current deadline extended to April 27, 2026 [S1].
• In connection with these extensions, public shares were redeemed and funds released from the trust account totaling tens of millions of dollars [S1].
• The company voluntarily delisted from Nasdaq and began trading on OTC markets on December 12, 2025 [S1].
• The company issued unsecured promissory notes totaling $1.8 million to the Sponsor for working capital purposes between April 2024 and January 2026 [S1].
• Liquidity ratios as of December 31, 2025, show a current ratio of 0.01 and a cash ratio of 0.11, indicating limited current assets relative to liabilities [sec_financial_snapshot].

The company’s broad discretion to pursue a business combination in any industry or geography provides flexibility to identify attractive acquisition opportunities. The trust account funds provide a financial base to consummate a transaction. The Sponsor’s ongoing financial support through unsecured promissory notes and extension fees demonstrates commitment to the company’s continuation. The multiple shareholder-approved deadline extensions indicate shareholder willingness to allow additional time for a business combination.

The company has not yet identified a target business more than three years after incorporation, with a terminated business combination agreement and multiple deadline extensions. The limited liquidity and low current ratio highlight financial constraints. Failure to complete a business combination by the final deadline will trigger liquidation and redemption of public shares, likely resulting in loss of investment opportunity and expiration of warrants and rights. The voluntary Nasdaq delisting may reduce market visibility and liquidity for investors.

As a blank check company, Horizon Space Acquisition I Corp. does not have an operating business or competitive moat. Its value depends on successfully identifying and completing a business combination with a suitable target. The company’s structure limits shareholder liability to the amount invested. Its moat is therefore contingent on the management’s ability to execute a business combination and the attractiveness of potential targets within the time constraints imposed by its charter and shareholder approvals.

• Failure to Complete Business Combination: The company must complete a business combination by April 27, 2026, or liquidate and redeem public shares, which would end the company’s operations and cause warrants and rights to expire worthless [S1].
• Limited Operating History and No Revenue: The company has no operating business or revenue and depends entirely on completing a business combination to create value [S1].
• Liquidity Constraints: The company’s current ratio of 0.01 and cash ratio of 0.11 as of December 31, 2025, indicate limited liquidity to cover current liabilities, relying on trust account funds and Sponsor loans for working capital [sec_financial_snapshot,S1].
• Sponsor Dependency: The company relies on unsecured promissory notes and extension fees from the Sponsor and related parties to fund operations and extend deadlines, creating dependency risk [S1].
• Market Delisting and Reduced Liquidity: The company voluntarily delisted from Nasdaq in December 2025 and now trades on OTC markets, which may reduce liquidity and investor access [S1].

• Horizon Space Acquisition I Corp. is a blank check company incorporated in the Cayman Islands on June 14, 2022, with limited liability for public shareholders [S1].
• The company’s purpose is to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses, without limitation to industry or geography [S1].
• The company completed its IPO on December 27, 2022, issuing 6,900,000 public units at $10.00 per unit, raising gross proceeds of $69.0 million, plus a private placement of 385,750 units to the Sponsor for $3,857,500 [S1].
• Proceeds from the IPO and private placement totaling approximately $70.2 million were placed in a trust account for the benefit of public shareholders and the underwriter [S1].
• Since IPO, the company has had no revenue and has incurred losses from formation and operating costs, relying on securities sales and loans from the Sponsor and others to fund operations [S1].
• The company has not selected any target business for its initial business combination as of the latest filing [S1].
• The company has entered into and subsequently terminated a business combination agreement with Squirrel Enlivened Technology Co., Ltd. and related entities, effective October 3, 2025, by mutual agreement with no termination fees [S1].
• The company has held four shareholder meetings to extend the deadline to complete its initial business combination, with corresponding redemptions of public shares and releases of funds from the trust account [S1].
• The current deadline to consummate a business combination is April 27, 2026, including all extensions approved by shareholders [S1].
• If the company fails to complete a business combination by the deadline, it will redeem 100% of its public shares for a pro rata portion of the trust account funds and seek to liquidate and dissolve [S1].
• The company’s liquidity as of March 31, 2023, included cash and equivalents of $402,754 USD, with a current ratio of 0.01 and a cash ratio of 0.11 as of December 31, 2025, indicating limited current assets relative to current liabilities [sec_financial_snapshot].
• The company has issued unsecured promissory notes to the Sponsor for working capital purposes, totaling $1.8 million across five notes issued between April 2024 and January 2026 [S1].
• The company voluntarily delisted from Nasdaq and began trading on OTC markets on December 12, 2025 [S1].
• The company’s management consists of a CEO/CFO who devotes variable time to company affairs until a business combination is completed; no full-time employees are planned prior to the combination [S1].