---
title: "Horizon Space Acquisition I 2025 10-K: Net Income $0.204M, Trust Income $0.780M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282893042.md"
description: "Horizon Space Acquisition I reported a net income of $0.204 million for 2025, primarily from interest and dividend income of $0.780 million from its trust account, down from $3.172 million in 2024. As a SPAC, it has no operating revenues and relies on trust assets for operations. The company terminated a planned business combination and voluntarily delisted from Nasdaq to trade on the OTC market. Shareholders approved multiple deadline extensions, and the IPO proceeds of approximately $70.2 million are held in trust for future acquisitions."
datetime: "2026-04-15T20:05:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282893042.md)
  - [en](https://longbridge.com/en/news/282893042.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282893042.md)
---

# Horizon Space Acquisition I 2025 10-K: Net Income $0.204M, Trust Income $0.780M

Horizon Space Acquisition I reported net income of $0.204 million for the period, driven primarily by interest and dividend income from funds held in its trust account which partially offset public-company and transaction-related operating costs; the company recorded $0.780 million of trust income in 2025 versus $3.172 million in 2024. As a blank-check acquisition vehicle, Horizon Space Acquisition I has no operating revenues and relies on its trust assets and sponsor support to sustain operations while pursuing a business combination. Recent activity included termination of a planned business combination and a voluntary Nasdaq delisting with subsequent trading on the OTC market.

**Financial Highlights**

-   **Net Income:** $0.204 million.
-   **Interest and dividend income on investments held in Trust Account (2025):** $0.780 million.
-   **Interest and dividend income on investments held in Trust Account (2024):** $3.172 million.

**Business Highlights**

-   **Business model:** Operates as a blank-check (SPAC) formed to identify and complete one or more business combinations; primary activity is target search and transaction execution.
-   **Capital deployment:** IPO proceeds (~$70.2 million) were placed in a trust to fund a prospective acquisition; the sponsor provided working capital loans and paid extension fees to support ongoing operations and deadline extensions.
-   **Operational milestones:** Shareholders approved multiple deadline extensions, the company terminated a planned business combination on October 3, 2025, and voluntarily delisted from Nasdaq to trade on the OTC in December 2025.
-   **Revenue & operations:** No operating revenues to date; income has been limited to interest and dividends on trust assets while the company incurs public-company and transaction-related expenses.

Original SEC Filing: Horizon Space Acquisition I Corp. \[ HSPOF \] - 10-K - Apr. 15, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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