Announcement • Dec 12
Horizon Space Acquisition I Corp. Announces Voluntary Delisting from Nasdaq and Transition to OTC Markets
On December 3, 2025, Horizon Space Acquisition I Corp. notified the Nasdaq Stock Market LLC of the company’s decision to voluntarily delist its ordinary shares, units, warrants, and rights from the Nasdaq Capital Market. The Company’s ordinary shares, units, warrants, and rights will be suspended from trading on the Nasdaq Capital Market prior to market open on December 12, 2025, and will commence trading on the over-the-counter markets operated by OTC Markets Group Inc. (the “OTC”) on the same day. The Company will file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on December 12, 2025. Following the Nasdaq delisting, the Company’s ordinary shares, rights and warrants will be quoted on the OTCQB and its units will be quoted on the OTCID. New ticker symbols will be assigned to the Company upon its OTC transition. Under Nasdaq Rule IM-5101-2, the Company will be subject to immediate suspension from listing upon reaching the 36-month deadline to complete a business combination, which occurs on December 21, 2025 (36 months from the effectiveness of the Company's IPO registration statement on December 21, 2022). While the Company has extended its deadline through April 27, 2026, pursuant to its Amended and Restated Memorandum and Articles of Association, the Nasdaq rule requires completion within 36 months regardless of charter provisions. As previously disclosed in the Company’s current report on Form 8-K dated October 3, 2025, the Company and Squirrel Enlivened Technology Co. Ltd. mutually terminated the business combination agreement on October 3, 2025. The management and sponsor remain committed in completing a business combination and are actively searching for a suitable alternative target; however, it is reasonably expected that the Company could not be able to complete its initial business combination by December 21, 2025. In addition to the forgoing, following the redemptions in connection with the Company’s extraordinary general meeting held on October 27, 2025, the Company currently has a total of 2,404,234 ordinary shares issued and outstanding, including 93,484 public shares, 1,725,000 founder shares, 385,750 ordinary shares included in the private units and 200,000 representative shares. Under the market value of listed securities standard, the market value of the Company’s listed securities has fallen below the minimum $35,000,000 required for continued listing as set forth in Nasdaq Listing Rule 5550(b)(2). Relevantly, it has also fallen below the minimum of 300 public holders for its securities, 500,000 publicly held shares and $1 million market value of publicly held securities for continued listing as set forth in Nasdaq Listing Rule 5550(a)(3), (4) and (5) respectively. After careful consideration, the Company’s Board of Directors (the “Board”) has unanimously determined it is in the overall best interests of the Company to delist its securities from Nasdaq. The Board’s decision was based on careful review of several factors, including the likely inability of the Company to regain compliance with the relevant Nasdaq listing rules and the significant costs associated therewith. The voluntary delisting and transition trading on OTC will not affect shareholders’ ownership interests or rights. Shareholders are not required to take any action in connection with the delisting. The Company plans to continue to file periodic reports with the SEC while its securities quoted on OTC.
