Horizon Space Acquisition I, a blank check company led by a Chinese executive targeting emerging growth companies, filed on Tuesday with the SEC to raise up to $60 million in an initial public offering.
The New York, NY-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the proposed deal size, Horizon Space Acquisition I would command a market value of $81 million.
The company is led by CEO, CFO, and Chairman Michael Li, the CEO of Horizon Capital, a private equity firm focused on renewable and AI-driven manufacturing. Li also serves as CEO of consulting firm Horizon Holdings and Shenzhen Hetai Mingde Capital Management. While it has not specified a target industry or geography, the SPAC plans to focus on emerging growth companies with long-term revenue visibility and defensible market positions. It also disclosed that it may pursue opportunities in China.
Horizon Space Acquisition I was founded in 2022 and plans to list on the Nasdaq under the symbol HSPOU. The company filed confidentially on September 27, 2022. Network 1 Financial Securities is the sole bookrunner on the deal.
