Horizon Space Acquisition II Corp(HSPTU) - 2025 Q2 - Quarterly Report

Financial Performance - The company had a net income of $221,282 for the three months ended June 30, 2025, with $730,448 from interest and dividend income, offset by formation and operating expenses of $509,166[134]. - For the six months ended June 30, 2025, the company reported a net income of $693,874, with $1,456,519 from interest and dividend income, against formation and operating expenses of $762,645[135]. - As of June 30, 2025, the company had cash of $26,030 and a working capital deficit of $311,770[137]. - The company has incurred losses since inception and has not generated any revenue, relying on working capital from the IPO and loans from the Sponsor[124]. Capital Raising - The company raised gross proceeds of $69,000,000 from the IPO, with an additional $9,000,000 from the over-allotment option, totaling $78,000,000 placed in a trust account[127]. - The company completed a private placement generating total proceeds of $2,135,000 from the sale of Private Units[126]. - The company plans to use the net proceeds from the IPO primarily for acquiring a target business and covering related expenses[138]. Business Combination - The company entered into a business combination agreement with SL Bio Ltd., which is expected to result in the company's shareholders receiving shares of PubCo[129]. - The company has raised substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by November 18, 2025[141]. Accounting and Reporting - The Company is currently assessing the impact of new accounting guidance effective for fiscal years beginning after December 15, 2026, but does not expect a material impact on its financial statements[148]. - The Company believes that other recently issued but not yet effective accounting standards will not have a material effect on its financial statements[149]. - As a smaller reporting company, the Company is not required to make disclosures about market risk[150]. Liabilities - The company has no long-term debt or significant liabilities as of June 30, 2025[143].