No recent news coverage impacting the business model or operations is available. The latest SEC filings provide the primary source of information on company developments.

The company has raised significant capital through its IPO and private placement, held in a trust account, providing financial resources to pursue a business combination. It has demonstrated flexibility by extending deadlines multiple times with shareholder approval and has access to additional working capital through unsecured promissory notes from its Sponsor. The Sponsor’s ability to convert notes into equity units may provide alignment of interests. The company’s management has discretion over the use of funds outside the trust account to support transaction efforts and operations.

The company has not completed a business combination since its IPO in late 2022 and has terminated a prior business combination agreement. Multiple deadline extensions and shareholder redemptions have reduced the public float and trust account funds. The company’s liquidity is limited, with a low current ratio and cash ratio as of March 31, 2026. Failure to complete a business combination by the final deadline will trigger liquidation and dissolution, with public warrants expiring worthless. The company’s shares have been delisted from Nasdaq, potentially reducing market visibility and liquidity. The Sponsor’s loans and extension fees represent obligations that may impact future capital structure.

As a blank check company, Horizon Space Acquisition I Corp. does not currently have operating assets, products, or services that generate revenue or competitive advantages. Its value proposition depends on successfully identifying and completing a business combination with a target company. The company’s moat is therefore contingent on its ability to execute a transaction that creates shareholder value, which remains unproven as of the latest filings.

• Failure to Complete Business Combination: The company must complete a business combination by April 27, 2026, or liquidate and dissolve, redeeming public shares from the trust account. Failure to do so will result in loss of investment opportunity and warrants expiring worthless.
• Liquidity Constraints: As of March 31, 2026, the company has limited cash and current assets relative to current liabilities, resulting in a low current ratio (0.01) and cash ratio (0.11), which may constrain operational flexibility.
• Dependence on Sponsor Funding: The company relies on unsecured promissory notes from its Sponsor for working capital and extension fees, which bear no interest but are payable upon business combination or liquidation, creating financial obligations.
• Delisting and Market Liquidity: The company’s securities were delisted from Nasdaq in December 2025 and now trade on OTC markets, which may reduce liquidity and market visibility for investors.
• Uncertainty of Target Business: The company has not selected a target business for its initial combination, and the termination of a prior business combination agreement indicates challenges in execution.

• Horizon Space Acquisition I Corp. is a blank check company incorporated in the Cayman Islands on June 14, 2022, with limited liability for shareholders.
• 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.
• 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.
• 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.
• 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.
• The company has not selected any target business for its initial business combination as of the latest filings.
• 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, with no termination fees payable.
• 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.
• The current deadline to consummate a business combination is April 27, 2026, if fully extended.
• The company’s ordinary shares, units, warrants, and rights were delisted from Nasdaq and began trading on OTC markets as of December 12, 2025, under symbols including HSPOF.
• The company has issued multiple unsecured promissory notes to the Sponsor for working capital purposes, totaling $1.8 million as of January 26, 2026.
• The company’s liquidity as of March 31, 2026, includes cash and equivalents of $402,754, current assets of $36,657, and current liabilities of $3,800,974, resulting in a current ratio of 0.01 and a cash ratio of 0.11.
• The company’s net loss for the quarter ended March 31, 2026, was $123,564.
• The company’s management has broad discretion over the use of proceeds held outside the trust account, primarily intended for consummating a business combination and working capital.
• If the company fails to complete a business combination by the deadline, it will redeem 100% of public shares from the trust account and seek to liquidate and dissolve, with public warrants expiring worthless.
• The Sponsor and other parties have paid extension fees totaling $2,160,000 into the trust account to extend the business combination deadline, evidenced by unsecured promissory notes.
• The Sponsor has the right to convert certain promissory notes into private units of the company prior to a business combination.
• The company currently has one executive officer, Mr. Mingyu (Michael) Li, serving as CEO and CFO, with no full-time employees prior to a business combination.
• The company’s office is located in New York, NY, and is considered adequate for current operations.
• The company is classified as a smaller reporting company and is not required to include risk factors in its annual report, but references risks disclosed in its IPO prospectus and annual reports.
• The company’s financial figures and disclosures are summarized from the latest available SEC filings and provided for informational purposes only.