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 of $2,196,069, offset by formation and operating expenses totaling $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]. - 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]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025 [135][136]. IPO and Fundraising - The company raised gross proceeds of $69,000,000 from the IPO, including the sale of 6,900,000 units at $10.00 per unit [121]. - The company plans to use the net proceeds from the IPO primarily for acquiring a target business and covering related expenses [130]. Business Operations and Future Plans - The company has incurred losses since inception, with no revenue generated to date, relying on working capital from the IPO and loans from the sponsor [118]. - The company expects to incur increased expenses as a result of being a public company, including legal and compliance costs [125]. - The company has until November 18, 2025, to complete a business combination, or it will proceed with voluntary liquidation [134].
Horizon Space Acquisition II Corp(HSPT) - 2025 Q3 - Quarterly Report