Recent developments focus on the progress and procedural clarifications related to the company's business combination with SL Bio Ltd., including shareholder meetings, redemption processes, and deadline extensions.

• On February 3, 2026, Horizon Space Acquisition II Corp. clarified the redemption process for its business combination shareholder meeting and extension shareholder meeting, providing details to shareholders on redemption rights and procedures [N1][N2].
• On January 30, 2026, the company postponed its extraordinary general meeting to February 12, 2026, and extended the redemption request deadline to accommodate shareholder considerations [N3].
• On January 14, 2026, SL BIO Ltd. and Horizon Space Acquisition II Corp. announced the effectiveness of the registration statement and set the extraordinary general meeting date to approve the business combination [N4][N5].
• On February 12, 2026, the company held the extraordinary general meeting where shareholders approved the business combination with SL Bio Ltd., amendments to the memorandum and articles of association, and the appointment of William Wang Ching-Dong as sole director [S1].
• On February 13, 2026, shareholders approved amendments to extend the deadline to consummate the business combination up to twelve one-month extensions, subject to deposits by the sponsor or designees [S1].
• On May 12, 2025, the company announced the definitive business combination agreement with SL Bio Ltd., marking a significant milestone in its business combination process [N6].

The company benefits from a management team with deep capital markets experience and a broad network, potentially enabling access to attractive business combination targets. Its strategy to focus on targets with strong management, revenue visibility, and growth potential aligns with creating shareholder value through operational improvements and capital access. The recent approval of the business combination with SL Bio Ltd. and the associated PIPE financing demonstrate progress in executing its strategy. The ability to extend the deadline for completing the business combination provides flexibility to finalize the transaction under favorable conditions.

The company currently has no operating revenues and limited liquidity, with a very low current ratio indicating potential financial constraints. The success of the company depends entirely on completing a business combination, which faces competition and regulatory risks, especially given potential complexities with China-based targets. The management team is not obligated to remain post-combination, which may impact continuity. Delays or failure to consummate the business combination could lead to liquidation and redemption of public shares, adversely affecting shareholder value.

Horizon Space Acquisition II Corp.'s competitive strengths lie in its management team's extensive network of relationships across corporate executives, private equity, venture capital, investment banking, and consulting firms, which supports sourcing and evaluating high-quality business combination targets. The management team’s experience in public companies and capital markets, including leadership roles in other SPACs, provides operational and strategic advantages in executing business combinations. However, the company faces significant competition in identifying and completing suitable business combinations, and there is no guarantee that management will remain post-combination, which may affect continuity and value creation.

• Business Combination Completion Risk: The company must complete a business combination by the extended deadline or cease operations and redeem public shares, which could result in liquidation if unsuccessful.
• Liquidity Risk: As of December 31, 2025, the company has a current ratio of 0.02, indicating very limited liquidity to fund operations outside the trust account.
• Regulatory and Geographic Risk: Pursuing business combinations with China-based companies involves regulatory restrictions on currency conversion, capital contributions, and potential delays affecting liquidity and operations.
• Management Continuity Risk: There is no assurance that current management will remain after the business combination, which may affect execution and value creation.
• Competition Risk: The company faces significant competition in identifying and executing suitable business combinations, which may limit opportunities.

• Horizon Space Acquisition II Corp. is a blank check 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 a focus on opportunities including China (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, plus additional private placements and over-allotment options, totaling $69 million placed in a trust account for public shareholders and underwriters.
• The company’s management team leverages extensive relationships and experience in capital markets, private equity, and public companies to source and evaluate business combination targets.
• The company’s business strategy focuses on acquiring a target with a strong management team, long-term revenue visibility, defensible market position, and growth potential, aiming to create shareholder value through operational improvements and capital access.
• The company has no operating revenues and has incurred losses since inception, funding operations through securities sales and loans from the sponsor and others.
• On May 9, 2025, the company entered into a definitive business combination agreement with SL Bio Ltd. and related entities, involving a two-step merger process resulting in the company becoming a subsidiary of a new public company (PubCo).
• The business combination was approved by shareholders at an extraordinary general meeting on February 12, 2026, with significant shares redeemed in connection with the combination.
• The company held an extension extraordinary general meeting on February 13, 2026, approving amendments to extend the deadline to complete the business combination up to twelve one-month extensions, subject to deposits by the sponsor or designees.
• Extension fees totaling $790,000 were deposited into the trust account in late 2025 and early 2026 by the sponsor’s designee and the CEO of SL Bio, with unsecured promissory notes issued for these amounts.
• Financial snapshot as of December 31, 2025, shows current assets of $29,531 and current liabilities of $1,349,180, resulting in a current ratio of 0.02, indicating very low liquidity.
• Net income for the fiscal year ended December 31, 2025, was $1,809,006, with diluted earnings per share of $0.32, as reported in the 10-K filing.
• The company’s ordinary shares, rights, and units trade on Nasdaq under symbols HSPT, HSPTR, and HSPTU respectively.
• The company’s management has broad discretion over the use of IPO proceeds held outside the trust account, primarily intended for consummating a business combination and working capital.
• The company faces competition in identifying and executing a business combination and has no obligation for management to remain post-combination.
• The company may pursue business combinations with China-based companies but notes regulatory and currency control risks related to such transactions.
• The company’s trust account is managed by Wilmington Trust, N.A., and redemption rights and trust liquidation procedures are governed by shareholder approvals and amendments.
• The company’s sponsor and affiliates may provide loans convertible into units upon consummation of the business combination.
• The company’s business combination with SL Bio includes a PIPE financing expected to generate approximately $7.8 million in gross proceeds.
• The company’s shares redeemed in connection with the business combination and extension meetings total several million shares, reflecting shareholder redemptions.
• The company’s management team includes Mr. Mingyu (Michael) Li, CEO and Chairman, with extensive experience in capital markets and other SPACs.
• The company’s business combination involves a Cayman Islands exempted company structure and multiple merger subsidiaries as part of the transaction.
• The company’s financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.