Horizon Space Acquisition I Corp. (HSPOF): debt financing — Horizon Space Acquisition I extends deadline to Feb 27, 2024 with $70K deposit; issues convertible note to target

Horizon Space Acquisition I Corp.

Deposited $70,000 into trust account to extend business combination deadline from Jan 27 to Feb 27, 2024.
Issued $70,000 unsecured promissory note to Shenzhen Squirrel Enlivened Media Group; bears no interest.
Note convertible into private units at $10/unit upon business combination; units consist of share, warrant, right.
Repayment from non-trust funds if no business combination; payee waives claims on trust account.
Company still has no definitive agreement; extension funded by potential merger target per existing LOI.

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 (the Target) at no interest maturing 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 (the Target)
Rate: no interest
Maturity: 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

The Company issued an unsecured promissory note in the aggregate principal amount of $70,000 (the “ Note ”) to the Target in connection with the payment of the Monthly Extension Fee on January 23, 2024.

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Horizon Space Acquisition I Corp. filing history →

Source: SEC EDGAR

accession 0001929980-24-000021

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