Horizon Space Acquisition I (HSPOF) is a SPAC — a blank check company with no operations, employees, or revenue — incorporated in the Cayman Islands. Its sole purpose is to merge with a private company and take it public. Horizon Space raised $69M in its December 2022 IPO, with proceeds held in trust until a deal closes or the SPAC liquidates. Each IPO unit included a share, a warrant exercisable at $11.50/share, and a right convertible into 1/10 of a share upon deal close. The Sponsor, controlled by CEO Mingyu (Michael) Li, received founder shares at nominal cost that only become valuable if a deal closes; the Sponsor has also funded extension fees and working capital loans to keep the SPAC alive. The SPAC has extended its deadline four times since the IPO, and a signed merger with Squirrel Enlivened Technology — a China-linked company — was terminated in October 2025. Four rounds of shareholder redemptions have paid out roughly $78.5M, substantially eroding the trust. As of the filing, Horizon Space has no identified target, trades on the OTCQB after being delisted from Nasdaq in December 2025, and must complete a business combination by April 2026 or liquidate and return remaining trust funds to shareholders, at which point warrants and rights expire worthless.