SL BIO Ltd. and Horizon Space Acquisition II Announce Closing of Business Combination and Listing on the Nasdaq Global Market

Rhea-AI Summary

SL Science Holding (Nasdaq: SLBT) closed its business combination with Horizon Space Acquisition II, with both now wholly owned subsidiaries of SL Science. Ordinary shares are expected to begin trading on the Nasdaq Global Market under ticker SLBT on June 15, 2026.

The deal implies an equity valuation for SL Bio of about $5.568 billion and includes a concurrent $7.8 million PIPE, supporting development of Gamma delta T cell “off-the-shelf” therapies for solid tumors and funding global expansion with an expanded executive team and independent board.

Positive

• Business combination completed with Horizon Space Acquisition II, creating SL Science as listed parent
• Implied equity valuation for SL Bio of approximately $5.568 billion
• Concurrent $7.8 million PIPE financing closed to support growth strategy
• Ordinary shares expected to trade on Nasdaq Global Market under ticker SLBT from June 15, 2026
• Capital aims to advance Gamma delta T cell therapies into preclinical and planned clinical trials
• Enhanced access to U.S. institutional capital markets and potential M&A and licensing opportunities
• Expanded leadership team and board with accounting, governance, compliance, and scientific expertise

Negative

• None.

Market Context

This announcement details the completed business combination between SL BIO Ltd. and Horizon Space A...

Analysis

This announcement details the completed business combination between SL BIO Ltd. and Horizon Space Acquisition II, creating SL Science Holding Limited with an implied equity valuation of $5.568 billion and a concurrent $7.8 million PIPE. The new Nasdaq Global Market listing under ticker SLBT aims to fund Gamma delta T cell-based therapies for solid tumors. Investors may watch upcoming preclinical and clinical milestones, progress on global partnerships, and how the new leadership and board execute on this growth strategy.

Key Figures

Implied equity valuation: $5.568 billion PIPE financing: $7.8 million Shareholder meeting date: February 12, 2026 +2 more

5 metrics

Implied equity valuation $5.568 billion Implied equity valuation of SL Bio in business combination

PIPE financing $7.8 million Concurrent PIPE financing closed with business combination

Shareholder meeting date February 12, 2026 Horizon Space shareholders approved business combination

Nasdaq trading start June 15, 2026 Ordinary shares of SL Science expected to begin trading as SLBT

Accounting experience over 25 years Independent director Joseph Levinson’s accounting and governance experience

Key Terms

special purpose acquisition company, pipe financing, gamma delta t, cellular therapies, +2 more

6 terms

special purpose acquisition company financial

"Horizon Space Acquisition II Corp. (Nasdaq: HSPT) … a publicly traded special purpose acquisition company."

A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.

pipe financing financial

"combined with the concurrent closing of a $7.8 million PIPE financing, positions SL Science…"

Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.

gamma delta t medical

"advance proprietary Gamma delta T cell-based "off-the-shelf" cellular therapies…"

Gamma, Delta and Theta are three “Greeks” used to describe how an option’s price reacts to market changes: Delta measures how much the option’s price moves when the underlying stock moves, Gamma shows how quickly that responsiveness changes, and Theta captures how much value the option loses as time passes. Investors use these together like a dashboard—knowing immediate sensitivity, how that sensitivity can shift, and the cost of waiting helps manage risk and timing.

cellular therapies medical

"developing innovative cellular and gene therapies…"

Cellular therapies use living cells as the medicine—by modifying, growing, or transplanting a patient’s own cells or donated cells to treat disease, stimulate repair, or replace damaged tissue. They matter to investors because they can deliver dramatic clinical benefits and command high prices, but also carry significant risks and costs around clinical trials, regulatory approval, and complex manufacturing; think of them as custom-made medicines rather than off-the-shelf pills.

nasdaq global market financial

"to commence trading on the Nasdaq Stock Market under the ticker… on the Nasdaq Global Market…"

The Nasdaq Global Market is a section of the stock exchange where larger, well-established companies are listed and publicly traded. It functions like a marketplace where investors can buy and sell shares of these companies, providing them with access to capital and opportunities for growth. Its role is important because it helps investors identify and invest in reputable companies with strong financial backgrounds.

sox compliance regulatory

"providing expertise in revenue recognition, reporting compliance, and SOX compliance."

Sox compliance refers to following rules and standards set to ensure a company's financial information is accurate and trustworthy. It is similar to having strict safety checks to prevent errors or fraud, giving investors confidence that the company's reported financial health is reliable. Meeting these standards helps protect investors and maintain transparency in financial reporting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Post-combination company, SL Science Holding Limited, to commence trading on the Nasdaq Stock Market under the ticker symbol “SLBT”
• Transaction provides strategic capital to advance proprietary Gamma delta T cell-based "off-the-shelf" cellular therapies for solid tumor indications, including pancreatic and brain cancers
• Leadership team bolstered by seasoned executives and highly experienced independent directors to drive the next phase of clinical and commercial growth
  

TAIPEI, Taiwan, June 12, 2026 (GLOBE NEWSWIRE) -- SL BIO Ltd. (“SL Bio” or the “Company”), a Taiwan-headquartered biomedical company specializing in developing innovative cellular and gene therapies, today announced the closing of its previously announced business combination with Horizon Space Acquisition II Corp. (Nasdaq: HSPT) (“Horizon Space”), a publicly traded special purpose acquisition company.

The business combination was approved by Horizon Space shareholders at an extraordinary general meeting on February 12, 2026. Upon closing of the business combination, SL Bio and Horizon Space became wholly owned subsidiaries of SL Science Holding Limited, a Cayman Islands holding company (“SL Science”). The ordinary shares of SL Science are expected to commence trading on the Nasdaq Global Market under the new ticker symbol “SLBT” beginning on June 15, 2026.

Strategic Impact and Business Expansion

The completion of this business combination, which carries an implied equity valuation of SL Bio approximately $5.568 billion, combined with the concurrent closing of a $7.8 million PIPE financing, positions SL Science to accelerate its growth strategy.

• Advancing "Off-the-Shelf" Cellular Therapies: The transaction provides the capital resources necessary to progress SL Bio’s Gamma delta T (“GDT”) cell-based proprietary cellular therapy platforms through preclinical development and planned clinical trials targeting solid tumor indications, including pancreatic and brain cancers. Unlike traditional autologous therapies, SL Bio’s GDT cell approach is designed to create scalable, ready-to-use treatments, aiming to address the high costs and production delays currently facing the oncology market.
• Global Access and M&A Leverage: Trading on the Nasdaq Stock Market grants the Company direct access to the U.S. institutional capital markets. This enhanced financial flexibility will be instrumental in attracting top-tier global scientific talent, facilitating potential future strategic acquisitions, and securing global licensing partnerships.

Expanded Executive Leadership and Board of Directors

To support its strategic growth and maintain rigorous compliance as a U.S.-listed public entity, SL Science has formalized a highly experienced corporate governance structure. William Wang, Chief Executive Officer and Chairman of SL Science, will lead the company alongside Ray Leung as Chief Financial Officer, Johnson Lau as Vice President of Finance, and Ethan Shen, Ph.D., as Chief Technology Officer and Director. SL Science’s newly constituted Board of Directors includes independent directors Joseph Levinson, bringing over 25 years of expertise in accounting and cross-border corporate governance, Qian (Hebe) Xu, offering an extensive background in investment banking and John C. General, providing expertise in revenue recognition, reporting compliance, and SOX compliance. They are joined by independent directors Kwo-Liang Chen and Mingche Liu, M.D., Ph.D., establishing a board uniquely equipped to guide the Company's scientific, regulatory, and financial initiatives.

“Today marks a transformative milestone for the Company as we officially transition to a publicly traded company on Nasdaq,” said Mr. William Wang, “In the global oncology market, cell therapy is widely recognized as one of the most transformative approaches. However, it has yet to scale into a true global industry due to three core limitations: lack of standardization; limited manufacturing capacity; and extremely high costs. If we look at one of the most successful global industries—semiconductors—their success was not driven by technology alone, but by standardized processes, mass production, and global scalability.”

“SL Bio plans to transform its platform to bring this industrial logic, namely standardization and scalable manufacturing to cell therapy. It will be intended to help shift cell therapy from a highly customized medical procedure into a platform-based, modular, scalable, and reproducible business model. We believe our technology is not just a new approach but also a global platform. The Company is confident that our technology may extend beyond oncology, into the future of immune-based medicine worldwide.”

“Today’s closing reflects the successful completion of a disciplined process to identify the right partner for Horizon Space. We believe SL Bio combines strong scientific capacity with a clear long-term vision, making it a compelling public company.” said Mr. Mingyu Michael Li, “We are excited to support the team as they begin their next Chapter as a Nasdaq-listed Company.”

Advisors

VCL Law LLP and Ogier acted as legal advisors to SL Bio.

Robinson & Cole LLP and Maples Group acted as legal advisor to Horizon Space.

About SL BIO Ltd.

SL Bio is a biomedical company specializing in developing innovative cellular and gene therapies. Established with a commitment to advancing regenerative medicine and cancer treatment, SL Bio hopes to utilize immune cell technologies to target cancer, thus potentially offering expansive medical applications for its products. With proprietary technologies such as Gamma Delta T cells targeting solid tumor indications including pancreatic and brain cancers, SL Bio aims to create cellular therapies that we believe have the potential to revolutionize the cell therapy and immuno-oncology sector within the broader biopharmaceutical industry. For more information, please visit the company's website at: https://www.slbtgroup.com/.

About Horizon Space Acquisition II Corp.

Horizon Space Acquisition II Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the completed business combination and the business of SL Bio. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: the ability of the combined company to successfully implement its business plans and clinical trials; the ability to obtain and maintain necessary regulatory approvals for its product candidates; the potential for its regenerative medicine products to reach commercialization; and the ability to recognize the anticipated benefits of the business combination. The combined company assumes no obligation to update these forward-looking statements, except as required by applicable law.

Contact Details:
SL BIO Ltd.
Tel: +886-2-26516826
Email: ir@sl-bio.com

WFS Investor Relations Inc.
Email: services@wfsir.com
+1 628 283 9214

FAQ

What did SLBT announce about its business combination with Horizon Space Acquisition II?

SLBT announced the closing of a business combination between SL Bio and Horizon Space Acquisition II. According to the company, both became wholly owned subsidiaries of SL Science Holding, which will serve as the Nasdaq-listed parent entity following the transaction.

When will SL Science Holding (SLBT) start trading on the Nasdaq Global Market?

SL Science Holding ordinary shares are expected to begin trading on Nasdaq under ticker SLBT on June 15, 2026. According to the company, this Nasdaq Global Market listing provides direct access to U.S. institutional capital and supports future financing, M&A, and licensing activities.

What is the implied valuation of SL Bio in the SLBT SPAC merger?

The business combination implies an equity valuation for SL Bio of about $5.568 billion. According to the company, this valuation, alongside a $7.8 million PIPE, is intended to support development of its Gamma delta T cell therapies and broader global growth plans.

How will the SLBT transaction fund Gamma delta T cell therapy development?

The transaction provides capital resources to advance SL Bio’s Gamma delta T cell therapy platforms. According to the company, funds will support preclinical work and planned clinical trials for solid tumors such as pancreatic and brain cancers, using an off-the-shelf, scalable manufacturing model.

What therapies is SL Science (SLBT) focusing on after the Nasdaq listing?

SL Science is focusing on Gamma delta T cell-based, off-the-shelf cellular therapies for solid tumors. According to the company, its platform targets indications including pancreatic and brain cancers, aiming for standardized, scalable manufacturing to reduce costs and delays in cell therapy.

How does the SLBT Nasdaq listing affect SL Science’s access to capital and M&A?

The Nasdaq Global Market listing grants SL Science direct access to U.S. institutional capital markets. According to the company, this increased financial flexibility may help attract global scientific talent, support potential strategic acquisitions, and enable worldwide licensing partnerships for its cell therapy platform.

Who leads SL Science Holding (SLBT) after the Horizon Space merger?

SL Science is led by CEO and Chairman William Wang with a strengthened executive team. According to the company, key roles include CFO Ray Leung, VP of Finance Johnson Lau, CTO and Director Ethan Shen, and multiple independent directors with accounting, governance, compliance, and scientific expertise.