Horizon Space Acquisition II Corp. 8-K

What Happened

• Horizon Space Acquisition II Corp. (HSPT) filed an 8‑K reporting that its sponsor deposited $50,000 into the company’s trust account on or about April 18, 2026 to pay an extension fee. That payment extends the SPAC’s deadline to complete an initial business combination from April 18, 2026 to May 18, 2026. This is the third of up to twelve one‑month extensions allowed under a charter amendment approved February 13, 2026.
• In connection with that extension payment, on April 20, 2026 the company issued an unsecured promissory note to the sponsor for $50,000. The note bears no interest and is payable on the earlier of the closing of a business combination or the company’s term expiry.

Key Details

• Extension fee mechanics: Sponsor may extend the combination period up to 12 times (one month each) through Feb 18, 2027 by depositing the lesser of $50,000 total or $0.033 per remaining public share per extension; this April deposit was $50,000 for one month.
• Promissory note: $50,000 principal, no interest, payable at business combination or company expiry; default events include failure to pay within five business days of maturity, bankruptcy, breach, enforcement actions, or invalidity.
• Conversion feature: Sponsor may elect to convert the note (in whole or part) into private units at closing by giving at least two business days’ notice. Units are issued at $10.00 per Unit, so a full conversion of $50,000 would equal 5,000 Units (each Unit = one ordinary share + one‑tenth warrant).
• Securities law: The note issuance was made under an exemption from registration (Section 4(a)(2) of the Securities Act).

Why It Matters

• The sponsor’s $50,000 payment buys the company one more month to find and close a deal, reducing immediate liquidation risk for public shareholders through May 18, 2026.
• However, the company now has a $50,000 unsecured obligation to the sponsor. The sponsor’s conversion right could result in issuance of private Units (5,000 Units if fully converted), which is a concrete potential source of future dilution tied to the note’s repayment terms. Investors should note the extension timetable, the new debt obligation, and the conversion mechanics when assessing HSPT’s path to a business combination.