HSPOF · Horizon Space Acquisition I Corp. · Documents

Substantial doubt about the company's ability to continue as a going concern.

“In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern. Currently, pursuant to the Company's amended and restated memorandum and articles of association, the Company has extended the deadline to consummate its initial business combination to June 12, 2027, with no extension fee required to be deposited into the Trust Account. If the Company is unable to complete a Business Combination within the Combination Period, the Company's board of directors would proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company. There is no assurance that the Company's plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional conditions also raise substantial doubt about the Company's ability to continue as a going concern.”