Horizon Space Acquisition I Corp. Issues $500K Sponsor Promissory Note

What Happened

• Horizon Space Acquisition I Corp. filed an 8‑K on July 21, 2026 disclosing that on July 20, 2026 it issued an unsecured promissory note for up to $500,000 to its sponsor, Horizon Space Acquisition I Sponsor Corp. The proceeds may be drawn down until the Company completes its initial business combination and are intended for general working capital purposes.

Key Details

• Principal amount: $500,000 promissory note issued July 20, 2026 to the Sponsor.
• Interest & maturity: the Note bears no interest and is payable in full upon the earlier of (i) consummation of the Company’s business combination or (ii) the Company’s term expiry (the Maturity Date).
• Conversion right: the Sponsor (or assignees) may convert all or part of the outstanding principal into private Units (one ordinary share + one warrant + one right to 1/10th of an ordinary share) by giving at least two business days’ written notice before the business combination closing; Units received = outstanding principal ÷ $10.00.
• Events of default: include failure to pay within five business days of maturity, bankruptcy, breach, cross-defaults, enforcement proceedings, or unlawfulness/invalidity — in which case the Note may be accelerated.
• Issuance was made under the Section 4(a)(2) exemption from registration; a copy of the Note is filed as an exhibit.

Why It Matters

• This provides short‑term liquidity support from the Sponsor to cover working capital needs until a business combination closes, showing sponsor backing without immediate dilution.
• The Note is unsecured and non‑interest bearing, so it is a low‑cost bridge for the company but offers limited creditor protections if problems arise.
• If the Sponsor elects to convert the Note into Units before closing, conversion would increase the number of private Units issued and could affect the post‑combination ownership mix (i.e., potential dilution).
• Investors should note the timing and optional conversion mechanics (notice required, $10-per‑Unit calculation) to assess potential impacts on capitalization at closing.