Horizon Space Acquisition I entered into an unsecured promissory note with its sponsor for up to $500,000 to support working capital. The note bears no interest, can be drawn as needed until a business combination, and matures at closing of the combination or the SPAC's term expiry. The sponsor may convert the outstanding balance into private units at $10.00 per unit, each comprising one ordinary share, one warrant, and one right to receive one-tenth of a share upon a business combination. The facility enhances liquidity while preserving flexibility through optional equity conversion.
Agreement details:
- Agreement type: Unsecured sponsor promissory note convertible into private units
- Counterparty: Horizon Space Acquisition I Sponsor
- Signed / Effective: Jul 20 2026 / Jul 20 2026
- Duration / Termination: Until business combination or SPAC term expiry
- Reason: Provide working capital ahead of initial business combination
Original SEC Filing:
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