Business UpdateMay 15, 2026, 06:17 AM
Horizon Space Acquisition I Corp. Faces Going Concern Risk; Merger Terminated
AI Summary
Horizon Space Acquisition I Corp., a blank check company, reported the termination of its Business Combination Agreement with Squirrel HoldCo on October 3, 2025. The company's management has determined that its current cash and working capital are insufficient to complete a business combination by the April 27, 2026 deadline, raising substantial doubt about its ability to continue as a going concern. For the three months ended March 31, 2026, the company recorded a net loss of $(123,564) and a working capital deficit of $3,764,317.
Key Highlights
- Business Combination Agreement with Squirrel HoldCo was terminated on October 3, 2025.
- Company faces substantial doubt about its ability to continue as a going concern.
- Deadline to consummate an initial business combination is April 27, 2026.
- Reported a net loss of $(123,564) for the three months ended March 31, 2026.
- Cash balance was $25,977 as of March 31, 2026, down from $35,894 at Dec 31, 2025.
- Working capital deficit reached $3,764,317 as of March 31, 2026.
- Total liabilities stood at $6,215,974 as of March 31, 2026.
- Shareholders' deficit was $(6,179,317) as of March 31, 2026.
Price Impact
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