Horizon Space Acquisition I Corp.
PROPOSED BUSINESS COMBINATION: Squirrel Enlivened International Co., Ltd
ENTERPRISE VALUE: $tbd million
ANTICIPATED SYMBOL: tbd
Horizon Space Acquisition I Corp. proposes to combine with Squirrel Enlivened International Co., Ltd.
Squirrel provides brand marketing and strategy consulting solutions to brands, with a novel methodology combining rational marketing with emotional marketing. Squirrel helps brands expand and grow their businesses by providing a combination of brand marketing solutions, including digital marketing, blockbuster product development, and brand image enhancement, as well as strategy consulting solutions. It harnesses the power of technology, innovation and creation to drive significant business growth for a wide array of blue-chip and start-up companies in China.
EXTENSION – 12/26/24 – LINK
- The SPAC approved the extension from December 27, 2024 to December 27, 2025.
- 3,663,651 shares were redeemed.
- $120K per month will be deposited into the trust account.
TRANSACTION
- Squirrel HoldCo immediately prior to the Reorganization shall be cancelled and automatically converted into a right to receive the aggregated amount of 20,000,000 shares of ordinary shares
SPAC FUNDING
- There is no additional funding at this time but it is a condition that the parties must obtain up to $50 million for financing.
LOCK-UP
- Company and Sponsor
- 50% of the shares six months from the Closing Date
- 50% of the shares at the earlier of 6 months from the Closing Date or if the share price equals or exceeds $12.50 for 20/30 trading days.
NOTABLE CONDITIONS TO CLOSING
- Using commercially reasonable efforts to obtain transaction financings up to $50,000,000.
- A minimum cash condition was not mentioned.
NOTABLE CONDITIONS TO TERMINATION
- An Outside date was not mentioned.
ADVISORS
- Company
- Sidley Austin LLP is serving as U.S. legal counsel to Shenzhen Squirrel.
- SPAC
- Robinson & Cole LLP is serving as U.S. legal counsel to HSPO.
EXTENSION – 3/27/24 – LINK
- The SPAC approved the extension from March 27, 2024 to December 27, 2024.
- 815,581 shares were redeemed for $10.87 per share.
- $60K per month will be deposited into the trust account.
SUBSEQUENT EVENT – 10/30/23 – LINK
- The SPAC entered into a non-binding letter of intent with Shenzhen Squirrel Enlivened Media Group Co. Ltd on October 17, 2023.
EXTENSION – 9/27/23 – LINK
- The SPAC approved the extension from September 27, 2023 to March 27, 2024.
- 562,779 shares were redeemed for $10.49 per share.
- $70K per month will be deposited into the trust account.
MANAGEMENT & BOARD
Executive Officers
Mingyu (Michael) Li, 38
Chief Executive Officer, Chief Financial Officer, Director, and Chairman
Since March 2022, Mr. Li has served as a director of Lakeshore Acquisition II Corp. (Nasdaq: LBBB), a special purpose acquisition company currently listing on Nasdaq. Since November 2021, Mr. Li has served as the Chief Executive Officer of Hangzhou Qianhe Mingde Enterprise Management Consulting Co., Ltd., namely Horizon Holdings, a company providing consulting services. Since March 2020, Mr. Li has served as the Chief Executive Officer of Hangzhou Qianhe Mingde Equity Investment Co., Ltd., namely Horizon Capital, a private equity firm focusing renewable and AI-driven manufacturing. In Horizon Capital, he has led a number of private equity fundraisings, managed advisory business for cross-border mergers & acquisitions (“M&A”). Since December 2019, Mr. Li has served as the Chief Executive Officer at Shenzhen Hetai Mingde Capital Management Co., Ltd., a company provide capital management services. From January 2014 to January 2019, Mr. Li served as a Senior Partner at Hejun Capital, a private equity firm specializing in providing capital operation system solutions to high-growth enterprises. During his tenure in Hejun Capital, Mr. Li participated in two M&A transactions and post-merger integration projects involving listed companies in the media sector. From January 2012 to January 2013, Mr. Li served as a Director of Investment Banking in China Minsheng Bank, one of the leading commercial banks in China, where he was responsible for investment banking and financing needs of large energy companies. Mr. Li received his MBA Degree with a major in Finance from Cheung Kong Graduate School of Business in 2012 and a Bachelor Degree in Law from Hebei University in 2007.
Board of Directors
Angel Colon, 48
Independent Director Nominee
Since July 2021, Mr. Colon has also served as an Independent Director of Sentage Holdings Inc. (Nasdaq: SNTG), a holding company providing financial services in the PRC. Mr. Colon has served as the Chief Compliance Officer of Entoro Wealth LLC since July 2020, an investment advisory and asset management firm. Since June 2019, he has served as the Managing Director of Entoro Capital LLC, a financial and strategic advisory services firm. Both Entoro Wealth LLC and Entoro Capital LLC are affiliated with Entoro Securities LLC (CRD#: 35192/SEC#: 8-4663), a registered brokerage firm wt. Mr. Colon has served as a financial advisor and consultant of Andean Farm and Pharma Corp. since December 2018 and Bronson Resource Limited since December 2018, responsible for research-backed support of strategies concerning the mitigation of risk and financial planning. He has served as a Managing Member of Turing Funds, LLC since July 2017, a business services firm. He has also served as a Managing Member of NY Capital Management Group, LLC, an investment management firm, since January 2017. From October 2018 to February 2020, Mr. Colon served as a Managing Member of Vega Management Advisors, LLC, and Vega Management Investments, LLC, both of which are investment management firms. Mr. Colon received a Bachelor Degree of Science in International Business from St. John Fisher College in 1996. He has passed FINRA Series 6, Series 7, Series 24, Series 63 and Series 65 examinations and is a licensed broker registered with FINRA.
Mark Singh, 31
Independent Director Nominee
Since January 2021, Mr. Singh has served as a Project Manager of NY Capital Management Group, LLC, responsible for marketing and client relations. From September 2020 to December 2020, Mr. Singh served as a Project Manager of Turing Funds, LLC, responsible for administrative matters. From October 2017 to July 2020, Mr. Singh served as the Head of Performance of the U.S. office of Beyond Media Global LLC, a marketing agency company, where he was responsible for digital advertising accounts managements. Mr. Singh received a Bachelor Degree of Arts in History, minor in Government from Harvard College in 2013.
Rodolfo Jose Gonzalez Caceres, 51
Independent Director Nominee
Since May 2018, Mr. Gonzalez Caceres has been a self-employed independent consultant to provide consultation services for companies in power generation (solar/small hydro), power transmission and commodities trading industries. From September 2011 to April 2018, Mr. Gonzalez Caceres served as an External Relations Manager of Frontera Energy Corp. (TSE: FEC), a Canadian-based petroleum exploration and production company in the business of heavy crude oil and natural gas in South America, where he was responsible for monitoring the legislative and regulatory agenda related to the company’s business and operations. Mr. Gonzalez Caceres received a Juris Doctor Degree from Pontificia Universidad Javeriana in 1992, a Master Degree in International Law from Tulane University Law School in 1996, and a Certificate in Administrative Law from Pontificia Universidad Javeriana in 2006.