Horizon Space Acquisition I Corp. (HSPOF): debt financing — Horizon Space Acquisition I extends deadline to Nov 27, 2023 via $70k deposit from target, issues convertible note

Horizon Space Acquisition I Corp.

$70,000 deposited into trust account to extend business combination deadline from Oct 27 to Nov 27, 2023.
Payment made by Shenzhen Squirrel Enlivened Media Group under non-binding LOI; company issued $70,000 unsecured promissory note to target.
Note bears no interest, due at earlier of business combination or expiry; convertible into private units at $10 per unit.
No definitive agreement signed; conversion rights are at payee's option upon closing of a business combination.
Note issued under Section 4(a)(2) exemption from registration; units issuable upon conversion have transfer restrictions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Horizon Space Acquisition I Corp. incurred loan of $70,000 with Shenzhen Squirrel Enlivened Media Group Co. Ltd at no interest maturing upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company.

Instrument: loan
Principal: $70,000
Counterparty: Shenzhen Squirrel Enlivened Media Group Co. Ltd
Rate: no interest
Maturity: upon the earlier to occur of (i) the consummation of the Company’s business combination or (ii) the date of expiry of the term of the Company
Event: incurrence

Exact text from the filing

On October 25, 2023, the Company issued an unsecured promissory note in the aggregate principal amount of $70,000 (the “ Note ”) to the Target to evidence the payment of the Monthly Extension Fee.

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Horizon Space Acquisition I Corp. filing history →

Source: SEC EDGAR

accession 0001929980-23-000247

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