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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 23, 2024

 

HORIZON SPACE ACQUISITION I CORP.

(Exact name of registrant as specified in its charter)

 

Cayman Islands

 

001-41578

 

N/A

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number) 

 

Identification Number)

 

1412 Broadway, 21st Floor, Suite 21V

New York, NY 10018 

(Address of principal executive offices) 

 

(646) 257-5537

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4I under the Exchange Act (17 CFR 240.13I(c))

 

Securities registered pursuant to Section 12(b) of the Act.

 

Title of each class

 

Trading

Symbol

 

Name of each exchange

on which registered

Units, consisting of one Ordinary Share, $0.0001 par value, one redeemable Warrant to acquire one Ordinary Share, and one Right to acquire one-tenth of one Ordinary Share

 

HSPOU

 

The Nasdaq Stock Market LLC

Ordinary Shares, par value $0.0001 per share

 

HSPO

 

The Nasdaq Stock Market LLC

Redeemable Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50

 

HSPOW

 

The Nasdaq Stock Market LLC

Rights, each whole right to acquire one-tenth of one Ordinary Share

 

HSPOR

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 






   

Item 1.01. Entry into a Material Definitive Agreement.

 

On December 23, 2024, Horizon Space Acquisition I Corp., a Cayman Islands exempted company (the “Company”) held an extraordinary general meeting in lieu of an annual meeting (the “Shareholder Meeting”), where the shareholders of the Company approved, among others, the Company to amend the Investment Management Trust Agreement dated December 21, 2022, as further amended on September 25, 2023, October 4, 2023 and March 22, 2024 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, a New York limited purpose trust company (the “Trustee”) to provide, among the others, that the Trustee must commence liquidation of the Company’s trust account (the “Trust Account”) by December 27, 2024, or, if further extended by up to twelve one-month extensions (the “Monthly Extension”), up to December 27, 2025. Upon the shareholders’ approval, on December 23, 2024, the Company and the Trustee entered into the amendment to the Trust Agreement. To effectuate each Monthly Extension, the monthly extension fee in the amount of $120,000 for all remaining public share should be deposited in the Trust Account (the “Monthly Extension Payment”). In the event that any Monthly Extension Payment is not deposited into the Trust Account by 27th of each succeeding month until November 27, 2025, the Trustee shall commence to liquidate the Trust Account within two weeks from 27th of such month, pursuant to terms and conditions of the Trust Agreement.

 

A copy of the amendment to the Trust Agreement (the “Trust Amendment”) is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Trust Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the Trust Amendment.

   

 
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Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

At the Shareholder Meeting, the shareholders of the Company approved the proposal to amend Articles 48.7 and 48.8 of the Company’s Amended and Restated Memorandum and Articles of Association (the “Charter”) (such amendment, the “Amended Charter”) to provide that the Company must (i) consummate a business combination, or (ii) cease its operations except for the purpose of winding up if it fails to complete such Business Combination and redeem or repurchase 100% of the Company’s public shares included as part of the public units issued in the Company’s initial public offering, by December 27, 2024 (the “Termination Date”), and if the Company does not consummate a business combination by December 27, 2024, the Termination Date may be extended up to twelve times, each by a Monthly Extension, for a total of up to twelve months to December 27, 2025, without the need for any further approval of the Company’s shareholders.

 

A copy of the Amended Charter is attached to this Current Report on Form 8-K as Exhibit 3.1 and is incorporated herein by reference. The foregoing description of the Amended Charter does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the Amended Charter.

 

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

On November 14, 2024, the record date of the Shareholder Meeting, there were 7,832,390 issued and outstanding Ordinary Shares, approximately 98% of which were represented in person or by proxy at the Shareholder Meeting.

 

The final results for the matter submitted to a vote of the Company’s shareholders at the Shareholder Meeting are as follows:

 

1. The Charter Amendment Proposal

 

The shareholders approved the proposal to amend the Company’s Charter to provide that the Company must (i) consummate a business combination, or (ii) cease its operations except for the purpose of winding up if it fails to complete such business combination and redeem or repurchase 100% of the Company’s public shares included as part of the public units issued in the Company’s initial public offering, by December, 2024, and if the Company does not consummate a business combination by December 27, 2024, the Termination Date may be extended up to twelve times, each by a Monthly Extension, for a total of up to twelve months to December 27, 2025, without the need for any further approval of the Company’s shareholders. The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

5,325,795

 

1,994,316

 

11

 

2. The Trust Amendment Proposal

 

The shareholders approved the proposal to amend the Trust Agreement to provide that the Trustee must commence liquidation of the Trust Account by December 27, 2024, or, if further extended by up to twelve Monthly Extensions, up to December 27, 2025. The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

5,325,795

 

1,994,316

 

11

 

3. Director Re-election Proposal

 

The shareholders approved the proposal to approve the re-election of Angel Colon as Class I director of the Company to serve a three-year term until the third succeeding annual general meeting after this Extraordinary Meeting or until his successor is appointed and qualified. The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

5,325,780

 

1,994,316

 

6

 

 
3

 

 

4. Auditor Appointment Proposal

 

The shareholders approved the proposal to ratify the engagement of UHY LLP to serve as the Company’s independent registered public accounting firm for the year ending December 31, 2023 and approve the engagement of UHY LLP to serve as the Company’s independent registered public accounting firm for the year ending December 31, 2024. The voting results were as follows:

 

FOR

 

AGAINST

 

ABSTAIN

5,936,058

 

1,739,458

 

0

 

Item 8.01. Other Events.

 

In connection with the votes to approve the Charter Amendment Proposal and the Trust Amendment Proposal, 3,663,651 Ordinary Shares of the Company were rendered for redemption.

 

Item 9.01 Financial Statements and Exhibits. 

 

Exhibit No.

 

Description

3.1

 

Special resolution of the shareholders of the Company to amend the Amended and Restated Memorandum and Articles of Association adopted on December 23, 2024

10.1

 

Amendment to the Investment Management Trust Agreement dated December 23, 2024, between the Company and Continental Stock Transfer & Trust Company.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 
4

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Horizon Space Acquisition I Corp.

 

 

 

 

Date: December 26, 2024

By:

/s/ Mingyu (Michael) Li

 

 

Name: 

Mingyu (Michael) Li

 

 

Title:

Chief Executive Officer

 

 

 
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EX-3.1 2 hspo_ex31.htm SPECIAL RESOLUTION hspo_ex31.htm

EXHIBIT 3.1

 

Special Resolution of the Shareholders of the Company

 

It is resolved as a special resolution that the amended and restated memorandum and articles of association of Horizon Space Acquisition I Corp. be amended by deleting Articles 48.7 and 48.8 in their entirety and replacing them with the following:

 

"48.7 Notwithstanding any other provision of the Articles and the prospectus relating to the IPO, the Company shall consummate a Business Combination by December 27, 2024, provided however that if the board of Directors anticipates that the Company may not be able to consummate a Business Combination by December 27, 2024, the Company may, without the need for any further approval of the Members, extend the period of time to consummate a Business Combination up to twelve times, each by an additional  month (for a total of up to twelve months until December 27, 2025 ) to complete a Business Combination, subject to the Sponsor or its designees depositing additional funds into the Trust Account for each one month period in accordance with terms as set out in the trust agreement governing the Trust Account and referred to in the prospectus relating to the IPO. In the event that the Company does not consummate a Business Combination by December 27, 2024, or (in the case of up to twelve valid extensions of an additional twelve month) December 27, 2025, or such later time as the Members may approve in accordance with the Articles, the Company shall:

 

 

(a)

cease all operations except for the purpose of winding up;

 

 

 

 

(b)

as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and

 

 

 

 

(c)

as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining shareholders and the Board, liquidate and dissolve subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

 

48.8 In the event that any amendment is made to the Articles:

 

 

(a)

to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or redeem 100% of the Public Shares if the Company does not consummate a Business Combination by December 27, 2024 (or, if such period of time to consummate a Business Combination is extended as described in Article 48.7, up to December 27, 2025), or such later time as the Members may approve in accordance with the Articles; or

 

 

 

 

(b)

with respect to any other provision relating to Members’ rights or pre-Business Combination activity, each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares. The Company’s ability to provide such redemption in this Article is subject to the Redemption Limitation."

 

EX-10.1 3 hspo_ex101.htm AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT hspo_ex101.htm

EXHIBIT 10.1

 

TRUST AMENDMENT

 

December 23, 2024

 

THIS AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of December 23, 2024, by and between Horizon Space Acquisition I Corp., a Cayman Islands company (the “Company”), and Continental Stock Transfer & Trust Company (the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in that certain Investment Management Trust Agreement, dated December 21, 2022, by and between the parties hereto (as the same may be amended, restated or supplemented, the “Trust Agreement”).

 

WHEREAS, Section 1(k) of the Trust Agreement provides that the Trustee shall commence liquidation of the Trust Account and distribute the Property in the Trust Account after receipt of, and only in accordance with, a Termination Letter; or in the event that a Termination Letter has not been received by the Trustee by March 27, 2024 or, in the event that the Company extended the time to complete the Business Combination for nine times, each for a one-month extension for a total of up to nine months to December 27, 2024 but has not completed the Business Combination within the applicable monthly anniversary of the effective date of the prospectus;

 

WHEREAS, Section 7(c) of the Trust Agreement provides that Section 1(k) of the Trust Agreement may only be changed, amended or modified by the affirmative vote of a majority of the then outstanding Ordinary Shares, provided that all Public Shareholders must be given the right to receive a pro-rata portion of the trust account (no less than $10.175 per share plus the amount per share deposited in the Trust Account pursuant to any Extension Letter) in connection with any such amendment);

 

WHEREAS, the Company further obtained the approval of the holders of the affirmative vote of at least a majority of the then outstanding Ordinary Shares;

 

WHEREAS, the Company has obtained the written consent of Network 1 Financial Securities, Inc.

 

WHEREAS, each of the Company and Trustee desire to amend the Trust Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.

Amendments to Trust Agreement.

 

(a) The third recital to the Trust Agreement is hereby amended and restated as follows:

 

WHEREAS, on December 23, 2024, the Company’s shareholders approved an amendment to the extension of the deadline to consummate an initial Business Combination to allow that, if the Company is not able to complete its initial Business Combination by December 27, 2024, the Company may extend the period for up to twelve times, each by an additional one-month extension, for a total of up to twelve months to December 27, 2025, by depositing into the Trust Account (as defined below) $120,000.00 per month, no later than the 27th day of each subsequent months (each, an “Applicable Deadline”), as applicable for each one-month extension (each, an “Extension”), in exchange for which they will receive promissory notes; and

 

 
1

 

 

(b) Section 1(k) of the Trust Agreement is hereby amended and restated in its entirety as follows:

 

(k) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Network 1, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the end of a 30-day cure period after the date any additional amount of funds was required to be deposited in the Trust Account as a condition of any extension of such date approved by the Company’s shareholders; provided, however, that in the event that a Termination Letter has not been received by the Trustee by December 27, 2024 or, in the event that the Company extended the time to complete the Business Combination for twelve times, each for a one-month extension for a total of up to twelve months to December 27, 2025 but has not completed the Business Combination within the applicable monthly anniversary of the effective date of the prospectus, (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(c) Section 1(l) of the Trust Agreement is hereby amended and restated in its entirety as follows:

 

(l) Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter. Provided that any Monthly Extension Fee is not deposited into the Trust Account by 27th of each succeeding month from December 27, 2024 until November 27, 2025, the Trustee shall commence liquidation of the Trust Account within two weeks from the Applicable Deadline.

 

2.

Miscellaneous Provisions.

 

 

2.1.

Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their permitted respective successors and assigns.

 

 

2.2.

Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

 
2

 

 

2.3.

Applicable Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

 

 

2.4.

Counterparts. This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together shall constitute but one instrument.

 

 

2.5.

Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

 

2.6.

Entire Agreement. The Trust Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

   

IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date first set forth above.

 

HORIZON SPACE ACQUISITION I CORP.

 

 

 

By:

/s/ Mingyu (Michael) Li

 

 

Name:

Mingyu (Michael) Li

 

Title:

Director and Chief Executive Officer

 

 

 

 

 

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

as Trustee

 

 

 

By:

/s/ Francis Wolf

 

 

Name:

Francis Wolf 

 

Title:

Vice President 

 

 
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