Horizon Space Acquisition I priced its initial public offering of 6 million units at $10 per unit, with each unit consisting of one ordinary share, a warrant and one right to receive one-tenth of a share upon the completion of a business combination.
Units began trading today on the Nasdaq under the ticker symbol HSPOU. Once the securities begin separate trading, shares, warrants and rights are expected to list under the symbols HSPO, HSPOW and HSPOR, respectively.
The offering is expected to close Dec. 27.
The underwriters, Network 1 Financial Securities, have an over-allotment option to purchase up to 900,000 additional shares.
The SPAC is focused on emerging growth companies. Horizon has said it will consider potential target companies worldwide, including China.
Horizon is led by CEO, CFO and Director Mingyu (Michael) Li. Since March 2022, Li has served as a director of Lakeshore Acquisition II, currently listing on the Nasdaq. Since November 2021, he has served as the CEO of Hangzhou Qianhe Mingde Enterprise Management Consulting Co., Ltd., aka Horizon Holdings, a company providing consulting services. His M&A and investment banking experience includes working with companies in the media and energy sectors. Read more.
