Horizon Space Acquisition I Corp. (NASDAQ:HSPO) has signed a non-binding letter of intent (LOI) to combine with Shenzhen Squirrel Enlivened Media Group Co.
Aside from its name, no additional details about the target or terms of the potential merger were shared.
The SPAC recently extended its completion deadline by one month, from October 27 until November 27, but has the ability to extend month by month until March 2024.
Pursuant to the LOI, the payment of the $70,000 monthly extension fee was made by Shenzhen Squirrel Enlivened Media Group. Horizon Space I issued an unsecured promissory note in the extension amount to the target, which is payable upon the completion of the business combination or the maturity date.
The target now has the right to convert this note into private units of the SPAC, consisting of one ordinary share, one warrant and one right to receive 1/10 of one ordinary share upon completion of the deal.
Horizon Space I raised $70.2 million in gross proceeds from its December 2022 IPO, but saw 8.16% of its trust redeemed during a September meeting. It originally set out to acquire emerging growth companies that either grow into a position to generate cash or are already cash-generative. The SPAC is led by CEO, CFO, and Chairman Mingyu (Michael) Li.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, Horizon Space I will stay in SPACInsider’s searching column for now.
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