Horizon Space Acquisition I Corp. (HSPOF) entered into a business combination agreement on October 12, 2026, with ArcheNova Technology Co., Ltd. (PubCo), its merger subsidiaries and ArcheNova Biotech Corp. The proposed two-step transaction would make HSPO and ArcheNova Biotech wholly owned PubCo subsidiaries, with shareholders of both companies receiving PubCo ordinary shares. ArcheNova Biotech’s exchange ratio is based on $2.0 billion divided by $10.00 per share, then divided by its ordinary shares outstanding immediately before the second merger.
At the first merger, each HSPO ordinary share would be exchanged for one PubCo ordinary share; each HSPO right would first convert into one-tenth of an HSPO ordinary share, and each HSPO warrant would become a warrant to purchase one PubCo ordinary share on substantially the same terms. Closing is subject to shareholder approvals, an effective proxy/registration statement, Nasdaq approval of PubCo’s initial listing application and other conditions. PubCo ordinary shares are expected to list on Nasdaq upon consummation.
Horizon Space Acquisition I Corp. (HSPOF) announced a definitive business combination agreement with ArcheNova Biotech Corp. Under the proposed structure, a newly formed Cayman Islands company, ArcheNova Technology Co., Ltd. (PubCo), would become the parent. HSPO would survive the first merger as a wholly owned PubCo subsidiary, and ArcheNova Biotech would survive the second merger as a wholly owned PubCo subsidiary. Upon completion, shareholders of both companies would receive PubCo ordinary shares.
The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals and other customary closing conditions; PubCo ordinary shares are expected to trade on Nasdaq after closing. Both companies’ boards unanimously approved the agreement. Dr. Lim Sai Kiang is expected to lead PubCo as Chief Executive Officer and Chief Scientist, with Liu Ye as Chief Financial Officer. ArcheNova says it is advancing five product candidates; its psoriasis candidate completed a Phase I study in 10 healthy volunteers and is being prepared for Phase II.
Horizon Space Acquisition I Corp., a Cayman Islands SPAC, reported a net loss of $214,150 for the six months ended June 30, 2026, driven by $231,999 of formation and operating costs, partially offset by $17,849 of interest and dividend income on trust investments. Total assets were $964,521, including $204,176 of cash and $753,670 of investments held in the Trust Account.
Liabilities totaled $6,488,228, including $1,970,000 of promissory notes to Squirrel group entities, $1,759,003 of related-party working capital loans, and a $2,415,000 deferred underwriters’ discount, resulting in a shareholders’ deficit of $6,277,377. Only 58,666 public shares remain subject to redemption, with 2,369,416 ordinary shares outstanding after prior redemptions.
The company’s charter and trust agreement were amended to extend the deadline to complete a business combination to June 12, 2027, with no further extension fees required. Management disclosed a working capital deficit of $3,862,377 and concluded that these conditions raise substantial doubt about the company’s ability to continue as a going concern if no business combination is completed by the termination date.
Horizon Space Acquisition I Corp. entered into a $500,000 unsecured promissory note with its sponsor to provide general working capital. The note bears no interest and is due upon the earlier of completing an initial business combination or the expiry of the company’s term.
The sponsor may, at its option, convert outstanding principal into private units at $10.00 per unit, with each unit consisting of one ordinary share, one warrant and one right to receive one-tenth of an ordinary share upon a business combination. The note was issued as an unregistered security under Section 4(a)(2), and any units issued on conversion will be restricted from transfer until the business combination and will carry registration rights.
Horizon Space Acquisition I Corp. reported a Q1 2026 net loss of $123,564 as it continued to seek a business combination.
Cash outside the trust was only $25,977 with a working capital deficit of $3,764,317, while the Trust Account held $1,190,366. Management stated that these conditions raise substantial doubt about the company’s ability to continue as a going concern.
The SPAC has repeatedly extended its merger deadline, most recently to June 12, 2027 via an April 2026 shareholder vote, funded largely through $1,970,000 of extension promissory notes and $1,474,003 of working capital loans from its sponsor and related parties.
Horizon Space Acquisition I Corp. obtained shareholder approval to extend its deadline to complete a business combination or wind up and redeem all public shares to June 12, 2027. The same date was set for the trustee to begin liquidating the SPAC’s trust account if no deal is completed.
Shareholders amended both the charter and the investment management trust agreement, with 2,145,692 votes in favor and no votes against each proposal. In connection with the charter amendment, 34,818 ordinary shares were redeemed, leaving 2,369,416 ordinary shares outstanding.
Horizon Space Acquisition I Corp. files its annual report as a SPAC that has not yet completed an initial business combination and terminated its prior merger agreement with Squirrel Enlivened entities effective October 3, 2025 without any termination fee. The company has repeatedly extended its combination deadline through shareholder votes and now has until April 27, 2026, with significant redemptions at each extension. After redemptions, the Trust Account held $1,179,991 as of December 31, 2025, while cash outside the trust was $35,894, and the company reported 2025 net income of $203,618 driven by interest on trust investments. Management discloses a working capital deficiency, dependence on sponsor and affiliate loans totaling $1.8 million in working capital notes and $2.16 million of extension funding, and concludes there is substantial doubt about its ability to continue as a going concern if no business combination is completed. In December 2025, Horizon voluntarily delisted from Nasdaq and its securities began trading on OTC markets under new symbols, while an amendment converted $2,415,000 of deferred underwriting fees into 805,000 shares of the post‑combination entity immediately before any future business combination.
Horizon Space Acquisition I Corp. issued a supplement to its proxy materials to correct an arithmetic error in the estimated SPAC redemption price. The company now estimates public shareholders who redeem in connection with the April 20, 2026 extraordinary general meeting would receive approximately $12.725 per share, up from the previously stated $11.66, based on funds in the trust account as of the record date.
The meeting will consider extending the deadline to complete a business combination to June 12, 2027 and a related trust agreement amendment. Using the corrected estimate and a closing market price of $12.24 on the record date, the company notes that redemption would yield about $0.49 more per share than an open-market sale if that market price remained unchanged.
Horizon Space Acquisition I Corp. has called an extraordinary general meeting on April 20, 2026 to ask shareholders to extend its deadline to complete a business combination. The MAA Amendment and Trust Amendment Proposals would move the cut-off to June 12, 2027, avoiding an automatic wind-up on April 27, 2026.
Public shareholders can redeem their shares in connection with the amendments for cash equal to their pro rata share of the trust. Based on approximately $1.19 million in the trust as of March 26, 2026, this is about $11.66 per public share, versus a closing OTCQB price of $12.24. HSPO has a non-binding letter of intent with Sandbox Inc., a California robotics and AI company, but does not expect to complete any deal before the current deadline. If the extensions fail and no merger closes by April 27, 2026, HSPO will redeem public shares and liquidate, leaving warrants and rights worthless.
Horizon Space Acquisition I Corp. received an Amendment No. 3 to a Schedule 13G from several First Trust entities reporting that they no longer beneficially own its Ordinary Shares. As of December 31, 2025, First Trust Merger Arbitrage Fund, First Trust Capital Management L.P., First Trust Capital Solutions L.P., and FTCS Sub GP LLC each report beneficial ownership of 0 shares, representing 0.00% of the Ordinary Shares class.
The filing confirms they have no sole or shared voting or dispositive power over the stock and that any securities previously held were acquired and held in the ordinary course of business, not to change or influence control of the company.