Horizon Space Acquisition I Corp. Announces Revised Contribution to Trust Account in Connection with the Proposed Charter Amendment
Horizon Space Acquisition I Corp. (NASDAQ: HSPO) has announced revised terms for its extraordinary general meeting on December 20, 2024. The company has modified its charter amendment proposal, allowing for up to twelve one-month extensions until December 27, 2025, to complete a business combination.
The key change involves increasing the required monthly Trust Account contribution from $60,000 to $120,000 for all remaining public shares. If any monthly extension fee isn't deposited by the 27th of each month, the trustee has irrevocable rights to force company liquidation within two weeks. The company has also agreed not to use trust proceeds including interests for dissolution expenses.
Horizon Space Acquisition I Corp. (NASDAQ: HSPO) ha annunciato termini rivisti per la sua assemblea generale straordinaria del 20 dicembre 2024. L'azienda ha modificato la proposta di emendamento dello statuto, consentendo fino a dodici proroghe di un mese fino al 27 dicembre 2025, per completare una fusione aziendale.
La modifica principale riguarda l'aumento del contributo mensile richiesto al Trust Account da $60.000 a $120.000 per tutte le rimanenti azioni pubbliche. Se la quota per la proroga mensile non viene versata entro il 27 di ogni mese, il fiduciario ha diritti irrevocabili di forzare la liquidazione dell'azienda entro due settimane. L'azienda ha anche concordato di non utilizzare i proventi del trust, compresi gli interessi, per le spese di scioglimento.
Horizon Space Acquisition I Corp. (NASDAQ: HSPO) ha anunciado términos revisados para su asamblea general extraordinaria el 20 de diciembre de 2024. La empresa ha modificado su propuesta de enmienda de estatuto, permitiendo hasta doce extensiones de un mes hasta el 27 de diciembre de 2025, para completar una combinación de negocios.
El cambio clave implica aumentar la contribución mensual requerida al fondo fiduciario de $60,000 a $120,000 para todas las acciones públicas restantes. Si alguna cuota de extensión mensual no se deposita antes del 27 de cada mes, el fiduciario tiene derechos irrevocables para forzar la liquidación de la empresa dentro de dos semanas. La empresa también ha acordado no usar los ingresos del fideicomiso, incluidos los intereses, para gastos de disolución.
Horizon Space Acquisition I Corp. (NASDAQ: HSPO)는 2024년 12월 20일자 임시 주주총회의 개정된 조건을 발표했습니다. 이 회사는 조합 제안서를 수정하여 비즈니스 결합을 완료하기 위해 2025년 12월 27일까지 최대 12회의 한 달 연장을 허용합니다.
주요 변경 사항은 남은 모든 공모주에 대해 월간 신탁 기부금을 $60,000에서 $120,000으로 증가시키는 것입니다. 매월 27일 이전에 연장 수수료가 입금되지 않으면 수탁자는 회사 청산을 강제할 수 있는 권리를 두 주 이내에 행사할 수 있습니다. 회사는 해산 비용을 위한 신탁 수익금, 이자 등을 사용하지 않기로도 합의했습니다.
Horizon Space Acquisition I Corp. (NASDAQ: HSPO) a annoncé des conditions révisées pour son assemblée générale extraordinaire prévue le 20 décembre 2024. L'entreprise a modifié sa proposition d'amendement de statut, permettant jusqu'à douze prolongations d'un mois jusqu'au 27 décembre 2025, pour finaliser une combinaison d'affaires.
Le changement clé consiste à augmenter la contribution mensuelle requise au compte de fiducie de 60 000 $ à 120 000 $ pour toutes les actions publiques restantes. Si aucun frais de prolongation mensuel n'est déposé d'ici le 27 de chaque mois, le fiduciaire a des droits irrévocables pour forcer la liquidation de l'entreprise dans un délai de deux semaines. L'entreprise a également convenu de ne pas utiliser les produits de la fiducie, y compris les intérêts, pour les frais de dissolution.
Horizon Space Acquisition I Corp. (NASDAQ: HSPO) hat die überarbeiteten Bedingungen für die außerordentliche Hauptversammlung am 20. Dezember 2024 bekannt gegeben. Das Unternehmen hat seinen Vorschlag zur Satzungsänderung modifiziert, sodass bis zu zwölf einmonatige Verlängerungen bis zum 27. Dezember 2025 für den Abschluss einer Unternehmenszusammenführung möglich sind.
Die wesentliche Änderung besteht darin, dass der erforderliche monatliche Beitrag zum Treuhandkonto von $60.000 auf $120.000 für alle verbleibenden öffentlichen Aktien erhöht wird. Wenn eine monatliche Verlängerungsgebühr bis zum 27. eines jeden Monats nicht eingezahlt wird, hat der Treuhänder unwiderrufliche Rechte, die Liquidation des Unternehmens innerhalb von zwei Wochen zu erzwingen. Das Unternehmen hat sich außerdem verpflichtet, die Treuhandmittel einschließlich Zinsen nicht für Auflösungskosten zu verwenden.
- Flexibility through twelve possible one-month extensions for business combination completion
- Increased trust account contribution ($120,000 monthly) provides additional shareholder protection
- Higher monthly extension costs ($120,000 vs. previous $60,000) indicating increased cash burden
- Risk of forced liquidation if monthly extension fees aren't deposited
- Potential for extended uncertainty period up to December 2025
Insights
The revised trust contribution terms for Horizon Space Acquisition I Corp represent a significant shift in the SPAC's extension strategy. The increase in monthly extension fees from
The mandatory liquidation clause triggered by failure to deposit monthly extension fees introduces a strict accountability measure. This provision, combined with the restriction on using trust proceeds for dissolution expenses, enhances shareholder protection mechanisms. The revised structure demonstrates a more aggressive approach to maintaining the SPAC's viability while implementing stronger governance controls.
The restructured extension mechanism reveals important financial implications for shareholders. The fixed
The requirement to file 8-K reports for each extension enhances transparency but also signals potential challenges in completing a business combination within the initial timeframe. The trust account management modifications, particularly the restriction on using interest for dissolution expenses, preserve more capital for shareholders in a liquidation scenario.
New York, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Horizon Space Acquisition I Corp. (the “Company”) (NASDAQ: HSPO) today announced that, in connection with its previously announced extraordinary general meeting of shareholders in lieu of an annual general meeting to be held on December 20, 2024 (the “Meeting”), the Company has revised the terms and conditions in connection with the proposal to amend the Company’s current charter (the “MAA Amendment Proposal”) and the proposal to amend the trust agreement with the trustee of the Company’s trust account (the “Trust Amendment Proposal”). The revised terms and conditions, among other things, include:
- If the shareholders approve the MAA Amendment Proposal and the Trust Amendment Proposal, the Company will have until December 27, 2024 to complete a business combination and may elect to extend up to twelve times, each by a one-month extension, for a total up to twelve months to December 27, 2025 (such extension, the “New Monthly Extension”). For each New Monthly Extension, the required contribution to the trust account of the Company (the “Trust Account”) is revised to the amount of
$120,000 for all remaining public shares (the “New Extension Fee”) (as compared to the original amount of lesser of (i)$60,000 for all remaining public shares, and (ii)$0.04 for each remaining public share). - The Investment Management Trust Agreement dated December 21, 2022, between the Company and Continental Stock Transfer & Trust Company (as the same may be amended, restated or supplemented, the “Trust Agreement”) will be amended, among the others, that to effectuate each New Monthly Extension, a deposit of
$120,000 for all remaining public shall be made to the Trust Account.
In addition to the above, the Company agrees to file a current report on Form 8-K in connection with each New Monthly Extension pursuant to applicable rules and regulations. In the event that any New Extension Fee is not deposited into the Trust Account by 27th of each succeeding month after the Meeting until November 27, 2025, the Company has agreed to grant irrevocable rights to the trustee to force the Company to liquidate the Trust Account within two weeks from 27th of such month, pursuant to terms and conditions of the Trust Agreement. Furthermore, as disclosed in the Company’s registration statement on Form S-1 (File No. 333-268578) in connection with its initial public offering, when redeeming public shares, the proceeds then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay franchise and income taxes as well as expenses relating to the administration of the Trust Account (less up to
For further information, you may refer to the current report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”) on or around December 20, 2024.
The record date for determining the Company shareholders entitled to receive notice of and to vote at the Meeting remains the close of business on November 14, 2024 (the “Record Date”). Shareholders as of the Record Date can vote, even if they have subsequently sold their shares. Shareholders who have previously submitted their proxies or otherwise voted and who do not want to change their vote need not take any action. Shareholders who have not yet done so are encouraged to vote as soon as possible.
If you have questions regarding the certification of your position or delivery of your shares, please contact:
Continental Stock Transfer & Trust Company
1 State Street 30th Floor
New York, NY 10004-1561
E-mail: spacredemptions@continentalstock.com
Shareholders who have questions regarding the Meeting or the impact on the votes casted, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at ksmith@advantageproxy.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the date of the Meeting and the proposed New Extension Fee and the proposed amendments to the Trust Agreement. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
No Offer or solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Additional Information and Where to Find It
On November 19, 2024, the Company filed a definitive proxy statement with the SEC in connection with its solicitation of proxies for the Meeting. The Company will amend and supplement the definitive proxy statement to provide information about the New Extension Fee and the proposed amendments to the Trust Agreement. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the definitive proxy statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by contacting the Company’s proxy solicitor.
Participants in the Solicitation
The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the definitive proxy statement. You may obtain free copies of these documents using the sources indicated above.
About Horizon Space Acquisition I Corp.
Horizon Space Acquisition I 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.
Contact Information:
Michael Li
Chief Executive Officer
Horizon Space Acquisition I Corp.
(646)257-5537
mcli@horizonspace.cc
FAQ
What is the new monthly extension fee for HSPO's trust account?
How many monthly extensions can HSPO implement under the new proposal?
What happens if HSPO fails to deposit the monthly extension fee?
When is the deadline for HSPO to complete its business combination?
What is the record date for HSPO shareholders to vote on these amendments?
