Horizon Space Acquisition I Corp. 8-K

What Happened
Horizon Space Acquisition I Corp. filed an 8-K on January 27, 2026, disclosing that on January 26, 2026 the company issued an unsecured promissory note to its sponsor, Horizon Space Acquisition I Sponsor Corp., with a principal amount of $500,000. The note may be drawn down from time to time until the company completes its initial business combination and is intended for general working capital.

Key Details

• Principal: $500,000 unsecured promissory note issued January 26, 2026.
• Interest & maturity: No interest; payable in full on the earlier of (i) consummation of the company’s business combination or (ii) the company’s term expiry.
• Conversion feature: Sponsor may (but is not required to) convert all or part of the outstanding principal into private Units (each Unit = 1 ordinary share + 1 warrant + 1/10 ordinary share right) by giving at least two business days’ written notice before the business-combination closing. Conversion rate = outstanding principal ÷ $10.00 per Unit.
• Default & remedies: Events of default include failure to pay within five business days of maturity, bankruptcy, breaches, cross-defaults, enforcement proceedings, or unlawfulness/invalidity; the note may be accelerated on default.
• Securities law: The issuance relied on the Section 4(a)(2) private placement exemption.

Why It Matters
This is a sponsor-funded, interest-free bridge for working capital ahead of the company’s initial business combination. The conversion feature means any amounts drawn could be converted into private Units at $10 per Unit, which would affect the private-unit mix associated with the business combination (if conversion occurs). Because the note is unsecured and issued in a private placement, it represents a contractual obligation of the company rather than registered public equity. Investors should note the funding source, conversion mechanics, and default terms when assessing pre-combination capitalization and potential post-combination impacts.