SPAC Horizon Space Acquisition I prices $60 million US IPO; China-based PE exec targets emerging growth

Horizon Space Acquisition I, a blank check company led by a Chinese PE executive targeting emerging growth companies, raised $60 million by offering 6.0 million units at $10.

Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant exercisable at $11.50.

The New York, NY-based company is led by CEO, CFO, and Chairman Mingyu (Michael) Li, the CEO of Horizon Capital, a private equity firm focused on renewable and AI-driven manufacturing. Li also serves as a director of Lakeshore Acquisition II (LBBB; March 2022 SPAC IPO), and CEO of consulting firm Horizon Holdings and Shenzhen Hetai Mingde Capital Management. 

While it has not specified a target industry or geography, the SPAC plans to focus on emerging growth companies with long-term revenue visibility and defensible market positions, that stands to benefit from being a US-listed public company. In the prospectus, the company states that it may pursue opportunities in China.

Horizon Space Acquisition I plans to list on the Nasdaq under the symbol HSPOU. Network 1 Financial Securities acted as sole bookrunner on the deal.