Horizon Space Acquisition I Corp. (HSPO) Signs LOI with Shenzhen Squirrel Enlivened Media
by Marlena Haddad on 2023-10-30 at 9:26am

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.

Horizon Space Acquisition I Corp. (HSPO) Signs LOI with Shenzhen Squirrel Enlivened Media
Recent Posts
by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

by Nicholas Alan Clayton on 2025-07-07 at 8:22am

At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...

by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved