Recent developments focus on the company’s progress in completing its business combination with SL Bio Ltd., including shareholder meetings, approvals, and extensions of deadlines with related redemption processes.

• On February 12, 2026, the company held an extraordinary general meeting where shareholders approved the business combination agreement with SL Bio Ltd., related transaction documents, and the appointment of William Wang Ching-Dong as sole director, with over 3.5 million shares submitted for redemption in connection with the combination [N4][N5][N1].
• The company postponed an extraordinary general meeting to February 12, 2026, and extended the redemption request deadline to facilitate the business combination process [N3].
• Shareholders approved amendments to the company’s memorandum and articles of association and trust agreement on February 13, 2026, allowing extensions of the business combination deadline up to twelve months to February 18, 2027, subject to payment of extension fees [N1][N2].
• Extension fees have been deposited into the trust account by the sponsor and CEO of SL Bio, with unsecured promissory notes issued, enabling the company to extend the deadline multiple times, most recently to May 18, 2026 [S2].
• The company announced the definitive business combination agreement with SL Bio Ltd. on May 12, 2025, initiating the merger process [N6].

The company’s experienced management team and broad network may enable it to identify and complete a high-quality business combination that creates shareholder value through operational improvements, capital access, and growth initiatives. The announced business combination with SL Bio Ltd., supported by shareholder approvals and PIPE financing commitments, represents a significant execution milestone. The ability to extend the deadline for consummating the business combination provides flexibility to complete the transaction under favorable conditions.

The company has no operating revenue and has incurred losses since inception, relying on proceeds from its IPO and loans to fund operations. The business combination process faces risks including competition for targets, potential failure to consummate the transaction within extended deadlines, and uncertainties related to management retention post-combination. The company’s current liquidity position shows a low current ratio, reflecting significant current liabilities relative to current assets. Regulatory and geopolitical risks may also affect the business combination, especially given ties to China and related regulatory considerations.

The company’s moat is primarily derived from its management team’s extensive proprietary network of relationships with corporate executives, private equity, venture and growth capital funds, investment banking firms, and consultants, which supports sourcing and evaluating high-quality business combination targets. The management’s experience in public companies and capital markets provides competitive advantages in deal sourcing, due diligence, and post-combination value creation. However, the company faces significant competition in identifying and executing business combinations, and there is no guarantee that management will remain post-acquisition, which may affect continuity and value creation.

• Business Combination Completion Risk: The company must complete its initial business combination by the extended deadline (up to February 18, 2027) or cease operations and redeem public shares, which poses execution risk if a suitable target is not consummated.
• Management Retention Risk: There is no assurance that current management will remain with the company after the business combination, which may impact continuity and value creation.
• Liquidity and Financial Risk: As of March 31, 2026, the company has a current ratio of 0, indicating current liabilities far exceed current assets, which may constrain operational flexibility.
• Regulatory and Geopolitical Risk: Given the company’s ties to China and potential acquisition targets there, regulatory restrictions on currency conversion, capital flows, and approvals may affect the combined company’s operations and liquidity.
• Competition Risk: The company faces significant competition in identifying and executing a business combination, which may limit access to attractive targets.

• Horizon Space Acquisition II Corp. is a blank check exempted company incorporated in the Cayman Islands on March 21, 2023, formed to effect a business combination with one or more businesses or entities without limitation to industry or geography, with significant ties to China including Hong Kong and Macau.
• The company completed its IPO on November 18, 2024, issuing 6,000,000 units at $10.00 each, raising $60 million gross proceeds, plus additional private placements and over-allotment options, totaling $69 million placed in a trust account for public shareholders and underwriters.
• Each unit consists of one ordinary share and one right to acquire one-tenth of one ordinary share upon completion of the initial business combination.
• The company’s management has broad discretion over the use of proceeds held outside the trust account, primarily to consummate a business combination and for working capital.
• Since IPO, the company’s sole business activity has been identifying and evaluating suitable acquisition candidates; it has no revenue and has incurred losses from formation and operating costs.
• The company announced a definitive business combination agreement with SL Bio Ltd. on May 9, 2025, involving a two-step merger process resulting in the company and SL Bio becoming subsidiaries of a new public company (PubCo) whose shares are expected to trade on Nasdaq.
• Shareholders approved the business combination and related proposals at an extraordinary general meeting held on February 12, 2026, including appointment of William Wang Ching-Dong as sole director effective from the merger.
• In connection with the business combination, over 3.5 million ordinary shares were submitted for redemption.
• The company has extended the deadline to complete the initial business combination multiple times, with shareholder approval to extend up to twelve months beyond the original February 18, 2026 deadline, subject to payment of extension fees deposited into the trust account.
• Extension fees have been deposited by the sponsor and CEO of SL Bio, with unsecured promissory notes issued for these amounts, which may be convertible into private units upon consummation of the business combination.
• The company’s financial snapshot as of March 31, 2026, shows current assets of $81,981 and current liabilities of $39,349,383, resulting in a current ratio of 0, with a net loss of $29,122 for the quarter and diluted EPS of $0.07.
• The company’s ordinary shares and rights trade on Nasdaq under symbols HSPT and HSPTR respectively; units trade under HSPTU.
• Management leverages extensive relationships and experience in capital markets and public companies to source and evaluate business combination targets, aiming to create shareholder value through operational improvements and capital access.
• The company’s acquisition criteria emphasize strong management teams, long-term revenue visibility with defensible market positions, benefits from being a U.S. public company, and growth potential through organic growth and acquisitions.
• The company faces competition in identifying and executing business combinations and has no assurance that current management will remain post-acquisition.
• The company’s trust account is managed by Wilmington Trust, N.A., and funds held there are intended to be used for redemptions or business combination consummation.
• The company’s business combination with SL Bio Ltd. includes a PIPE financing commitment of approximately $7.8 million to be raised concurrently with the closing of the business combination.