Horizon Space Acquisition II Corp (NASDAQ: HSPT) is a blank check company incorporated on March 21, 2023 as a Cayman Islands exempted corporation, formed for the sole purpose of completing a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with one or more target businesses. The company holds IPO proceeds in a trust account and earns interest on those funds while searching for an acquisition target. As of the 10-K filed April 8, 2026, HSPT had not yet completed its initial business combination and had 6,900,000 ordinary shares subject to possible redemption. A Business Combination Agreement was signed May 9, 2025, accompanied by a PIPE Financing commitment of approximately $7,800,000 from investors purchasing 780,000 units at $10.00 per unit. CEO Mingyu (Michael) Li, who also chairs Horizon Space Acquisition I Corp., has significant ties to China, orienting the company's acquisition search toward China-based targets. If no business combination is completed within the prescribed deadline, HSPT must redeem all public shares and dissolve.

Revenue model

No operating revenue. The company earns interest on funds held in a trust account from its IPO proceeds while seeking an acquisition target. It is pre-combination and has not generated commercial revenue as of the 10-K filed April 8, 2026.

Products and services

Blank check SPAC vehicle. Key instruments include public units, founder shares, private placement units, and a PIPE Financing structure consisting of PubCo ordinary shares and series A preferred shares convertible into ordinary shares on a 3:1 basis at six months post-closing.

Customers and end markets

PIPE Investors committed to purchase 780,000 units at $10.00 per unit for gross proceeds of approximately $7,800,000. Public shareholders hold shares subject to possible redemption. No commercial customers or end markets as of the filing date.

Value-chain role

SPAC sponsor vehicle. Horizon Space Acquisition II Sponsor Corp. holds approximately 28.24% of outstanding ordinary shares as of the 10-K filed April 8, 2026. The company sources, negotiates, and structures acquisition targets on behalf of public shareholders.

Geographic exposure

Incorporated in the Cayman Islands. Management has significant ties to China, and the company's acquisition focus is oriented toward China-based or China-linked targets. Subject to CSRC filing requirements and potential CFIUS review depending on target jurisdiction.

Source: SEC 10-K, filed 2026-04-08

Industry: Blank Checks