Financial Performance - The company had a net loss of $33,604 and $44,710 for the three and nine months ended September 30, 2024, respectively, all attributed to formation and operating expenses[114]. - As of September 30, 2024, the company had cash of $0 and a working capital deficiency of $175,658, raising substantial doubt about its ability to continue as a going concern[119]. Fundraising Activities - The company raised gross proceeds of $69,000,000 from the IPO, including the sale of 900,000 additional units, with each unit priced at $10.00[108][111]. - The company completed a private placement of 200,000 units to its Sponsor at a price of $10.00 per unit, generating total proceeds of $2,000,000[109]. - The funds from the IPO and private placement are intended for acquiring a target business and covering related expenses[116]. Business Operations - The company has not engaged in any operations or generated any revenues to date, focusing solely on identifying suitable acquisition candidates[113]. - The company plans to use funds held outside the Trust Account for due diligence and evaluating prospective acquisition candidates over the next 12 months[117]. - If a business combination is not completed by November 18, 2025, the company may proceed with voluntary liquidation[119]. Financial Structure - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[120][121]. Accounting Standards - The company is currently evaluating the impact of adopting new accounting standards issued by the FASB, including ASU 2023-07 and ASU 2023-09[126][127].
Horizon Space Acquisition II Corp(HSPT) - 2024 Q3 - Quarterly Report