Financial Performance - The company had a net income of $615,026 for the three months ended September 30, 2025, primarily from interest and dividend income of $739,550, offset by formation and operating expenses of $124,524 [126]. - For the nine months ended September 30, 2025, the company reported a net income of $1,308,900, with interest and dividend income totaling $2,196,069, against formation and operating expenses of $887,169 [126]. Cash and Working Capital - As of September 30, 2025, the company had cash of $66,627 and a working capital deficit of $436,294 [129]. IPO and Fundraising - The company raised gross proceeds of $60,000,000 from its IPO by selling 6,000,000 units at $10.00 per unit, with an additional $9,000,000 from the over-allotment option [119]. - The total proceeds from the IPO and private placements amounted to $69,000,000, which were placed in a trust account for the benefit of public shareholders [121]. Business Operations and Expenses - 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 [118]. - The company expects to incur increased expenses as a public company, including legal and compliance costs, as well as expenses related to searching for target opportunities [125]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025 [135]. - The company issued a promissory note to the sponsor for up to $300,000 for working capital, which is non-interest bearing and due upon the initial business combination [124]. Use of Proceeds - The company plans to use the net proceeds from the IPO primarily for acquiring a target business and covering related expenses [130].
Horizon Space Acquisition II Corp(HSPTU) - 2025 Q3 - Quarterly Report