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.

Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved