Horizon Space Acquisition I (HSPO) announced that, in connection with its previously announced extraordinary general meeting of shareholders in lieu of an annual general meeting to be held on December 20, 2024, the Company has revised the terms and conditions in connection with the proposal to amend the Company’s current charter and the proposal to amend the trust agreement with the trustee of the Company’s trust account. The revised terms and conditions, among other things, include: If the shareholders approve the MAA Amendment Proposal and the Trust Amendment Proposal, the Company will have until December 27, 2024 to complete a business combination and may elect to extend up to twelve times, each by a one-month extension, for a total up to twelve months to December 27, 2025. For each New Monthly Extension, the required contribution to the trust account of the Company is revised to the amount of $120,000 for all remaining public shares. The Investment Management Trust Agreement dated December 21, 2022, between the Company and Continental Stock Transfer & Trust Company will be amended, among the others, that to effectuate each New Monthly Extension, a deposit of $120,000 for all remaining public shall be made to the Trust Account. In addition to the above, the Company agrees to file a current report on Form 8-K in connection with each New Monthly Extension pursuant to applicable rules and regulations. In the event that any New Extension Fee is not deposited into the Trust Account by 27th of each succeeding month after the Meeting until November 27, 2025, the Company has agreed to grant irrevocable rights to the trustee to force the Company to liquidate the Trust Account within two weeks from 27th of such month, pursuant to terms and conditions of the Trust Agreement. Furthermore, as disclosed in the Company’s registration statement on Form S-1 in connection with its initial public offering, when redeeming public shares, the proceeds 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 franchise and income taxes as well as expenses relating to the administration of the Trust Account will be used to fund the redemption. The Company agrees not to use such trust proceeds including interests earned to pay dissolution expenses.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on HSPO:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.