M&A - Horizon Space Acquisition II Corp.

Form Type: 10-Q

Filing Date: 2025-05-16

Corporate Action: Merger

Type: Update

Accession Number: 000192998025000444

Filing Summary: Horizon Space Acquisition II Corp., a Cayman Islands blank check company, filed its 10-Q for the quarterly period ending March 31, 2025, indicating a merger with SL Science Holding Limited and its subsidiaries. This merger, referred to as the SL Bio Business Combination, consists of two stages: the first involves Merger Sub I merging with Horizon Space and the second involves Merger Sub II merging with SL Bio. As of May 15, 2025, the company reported outstanding shares and financial details, including total assets of $70,559,648 and current liabilities of $291,651. The Company must complete its business combination within 12 months or dissolve. They incurred a net income of $472,592 and highlighted potential ongoing global conflicts affecting future business operations. Significant costs are anticipated in connection with remaining a public entity. The report also emphasizes the company's reliance on its private placement and initial public offering proceeds, with cash at $364,776. The financial statements reflect an increase in trust account investments and a detailed breakdown of shareholder equity and operations reporting, positioning for upcoming business activities and expected challenges.

Form Type: 8-K

Filing Date: 2025-05-12

Corporate Action: Merger

Type: New

Accession Number: 000192998025000400

Filing Summary: Horizon Space Acquisition II Corp. (HSPT) has entered into a Business Combination Agreement with SL Science Holding Limited and its subsidiaries to merge, which includes a two-step merger process. The first step involves Merger Sub I merging with HSPT, making HSPT a wholly-owned subsidiary of PubCo. Following this, Merger Sub II will merge with SL Bio, making SL Bio a wholly-owned subsidiary of PubCo. Upon completion, HSPT and SL Bio shareholders will receive PubCo Ordinary Shares worth USD 1.00 per share. The mergers are subject to shareholder approvals, regulatory approvals, and certain closing conditions. A joint press release regarding the Business Combination Agreement was issued on May 12, 2025.