Horizon Space Acquisition II Corp.
HSPT · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from Horizon Space Acquisition II Sponsor Corp., listed on Nasdaq in November 2024.
- What it's doing now
- It agreed in January 2026 to buy SL BIO Ltd., a biopharmaceutical company company. The deal valued that business at about $5.57B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- SL BIO Ltd.
- Industry
- Health Care — biopharmaceutical company
- Deal value
- $5.6B
- announced 13 January 2026
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 15 November 2024
- size not on file · 105.3% of each $10 unit into trust
- Headquarters
- 1412 BROADWAY, NEW YORK, NY, 10018
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Xu Qian (Director) · Li Mingyu (Chief Executive Officer) · Cai Tianchen (Director)
- Listed securities
- HSPT common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 12 February 2026 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
6 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
redemption rate not stated in the filing
Show the earlier 3 milestones
- 15 November 2024IPOpassed
IPO size not on file
- 13 January 2026Deal announcedpassed
Combination with SL BIO Ltd.
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- SL BIO Ltd.$5.6B · announced 13 January 2026closedHealth Carepost-close SLBTSEC primary
Who has already taken their money back
1 filed eventEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
3.50M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Feb 12, 2026Deal voteno rate statedredeemed 3.50M sh0001929980-26-000230
The score
deterministic, from filed fieldsHSPT is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Horizon Space Acquisition II Corp. (Nasdaq: HSPT) is a blank-check company whose IPO was priced on November 15, 2024, per a 424B prospectus filed under accession number 0001929980-24-000553, with each unit representing an interest in a trust at $10.53 per unit. The company's common ticker HSPT appears on the cover page of a 10-Q filed on May 20, 2026, under accession number 0001929980-26-000230. The vehicle completed a business combination and no longer files, with its closed status established by Form 25 filed on June 12, 2026, under accession number 0001354457-26-000570, pursuant to 17 CFR 240.12d2-2(a)(3), reflecting that its Ordinary Shares, Rights, and Units came to evidence other securities in substitution therefor.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The extension structure is unusually favourable to the sponsor: the fee is capped at the lesser of $50,000 or $0.033 per share, so if redemptions shrink the float the total cost falls while the per-share accretion stays minimal. Holders trade twelve more months of deal risk for roughly three cents a month. The proposals are cross-conditioned, so a failure on either forces the February 18, 2026 wind-up and full redemption at trust.
A prospectus for up to 567,018,150 PubCo shares against a SPAC whose public float is a small fraction of that shows how little of the combined company legacy HSPT holders will own - the target's shareholders take the overwhelming majority. Redemption at the trust value, calculated two business days before the meeting, is the last chance to take cash instead. Sponsor working capital loans convert at $10.00, above the likely post-deal trading level.
567,018,150 ordinary shares is the ceiling on what PubCo may issue in the two-step merger, and this is the first version of the registration statement to state it, so it is the first from which an HSPT holder can size the dilution. Immediately before the First Merger each Acquiror Unit separates into one ordinary share and one right, and each Acquiror Right converts into one-tenth (1/10) of an Acquiror Ordinary Share, so a unit holder's outcome depends on that separation as well as on the merger itself. PubCo shares have a par value of $0.0001 and are expected to list on Nasdaq.
This first version leaves the central number blank — the cover registers up to [ ] ordinary shares and no registration number has been assigned yet — so the dilution an HSPT holder faces cannot be read from this filing at all. What is stated is the unit mechanics: immediately before the First Merger each Acquiror Unit separates into one ordinary share and one right, and each Acquiror Right converts into one-tenth (1/10) of an Acquiror Ordinary Share. PubCo expects the ordinary shares to be listed and traded on Nasdaq following the consummation.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
- What changed vs 2025-11-13trust $71.5M → $39.4M -45%deadline 2025-11-18 → 2027-02-18shares 6.90M → 178K -97%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $71.5M$39.4M
- Combination deadline
- 2025-11-182027-02-18
- Redeemable shares
- 6.90M178K
- Sponsor loans outstanding
- not previously extracted$990K
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $32,149,739 left the trust between the two filings.
The clause “917 Prepaid expense 72,395 21,614 Total Current Assets 81,981 29,531 Investment held in Trust Account 39,390,860 72,924,060 Total Assets $ 39,472,841 $ 72,953,591 Liabilities, Ordinary Shares Subject to Possible Redemptions and”…
SpacBrain reads this as 457 days later than the previous record.
The clause …“up to twelve times, each by an additional one-month extension, up to February 18, 2027, subject to the Sponsor and/or its designee, depositing the lesser of (i) $50,000 for all remaining public shares and (ii) $0.033 for each”…
SpacBrain reads this as 6,721,715 shares are no longer redeemable.
The clause …“(Note 7) Ordinary shares, $ 0.0001 par value, 490,000,000 shares authorized, 178,285 and 6,900,000 shares subject to possible redemption at $ 10.70 and $ 10.57 per share as of March 31,2026 and December 31,2025, respectively. 1,908,012”…
The clause …“ordinary share and one right. As of March 31, 2026 and December 31, 2025, the outstanding balance under the promissory notes – related parties amounted to $ 990,000 . Amount Due to Related Party Amount due to related party represents”…
The clause …“such Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, Presentation of Financial Statements - Going Concern, management has determined that”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-03-27trust $69.3M → $72.9M +5%deadline 2026-05-18 → 2027-02-18
trust account, combination deadline, going-concern doubt +12 moved · 2 with no prior record of ours
- Trust account
- $69.3M$72.9M
- Combination deadline
- 2026-05-182027-02-18
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 6.90M · unchanged
SpacBrain reads this as $3,579,530 was added to the trust between the two filings.
The clause “20 Prepaid expense 21,614 73,490 Total Current Assets 29,531 720,210 Investment held in Trust Account 72,924,060 69,344,530 Total Assets $ 72,953,591 $ 70,064,740 Liabilities, Ordinary Shares Subject to Possible Redemptions and”…
SpacBrain reads this as 276 days later than the previous record.
The clause …“up to twelve times, each by an additional one-month extension, up to February 18, 2027, subject to the Sponsor and/or its designee, depositing the lesser of (i) $50,000 for all remaining public shares and (ii) $0.033 for each”…
The clause …“of a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, Presentation of Financial Statements - Going Concern, management has determined that”…
The clause …“(Note 6) Ordinary shares, $ 0.0001 par value, 490,000,000 shares authorized, 6,900,000 shares subject to possible redemption at $ 10.57 and $ 10.05 per share as of December 31, 2025 and 2024, respectively.* 72,924,060 69,344,530”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Horizon Space Acquisition II Sponsor Corp.named as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001213900-26-003756
Trading & liquidity
Company profile
Directors & officers
- Xu QianDirector
- Li MingyuChief Executive Officer
- Cai TianchenDirector
- Zhai MinChief Financial Officer
- TONG JAMES JIAYUANDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
2 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Horizon Space Acquisition II Sponsor Corp.with 1 other reporting person on the same schedule22.9% · SC 13DNov 19, 2024 stale
- BOOTHBAY FUND MANAGEMENT, LLCwith 1 other reporting person on the same schedule7.3% · SC 13GNov 22, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — HSPT (Horizon Space Acquisition II Corp.)
vault-note · /vault/tickers/HSPT
- Vault deal note — SL BIO Ltd. (HSPT)
vault-note · /vault/deals/sl-bio-ltd
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail8 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001929980-24-000553 priced 2024-11-15; common ticker HSPT off 10-Q 0001929980-26-000230 (2026-05-20); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-26-000570 (2026-06-12) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Ordinary Shares, Rights, Units). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "Horizon Space Acquisition II Sponsor Corp." sourced from prospectus definition (10-K) acc 0001929980-25-000163.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target sector as filed: "Biotech/biopharmaceutical company operating through SL Bio Co., Ltd. in Taiwan" — sentence punctuation — this is prose; stored NULL.
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> BIOTECH, on 425 0001213900-26-033584: "SL BIO Ltd., a Cayman Islands exempted company limited by shares"