Horizon Space Acquisition I Corp | research notes

Horizon Space Acquisition I Corp.: A Blank-Check Company with Aerospace Ambitions

Introduction

Horizon Space Acquisition I Corp. (HSAC) is a special purpose acquisition company (SPAC) that raised $345 million in its initial public offering (IPO) in February 2021. SPACs are investment vehicles that go public without having specific business operations or assets. The purpose of a SPAC is to merge with a private company, taking it public and allowing it to access the public markets without going through the traditional IPO process.

Investment Strategy

HSAC's investment strategy is to focus on identifying and acquiring a business in the aerospace industry, with a particular interest in space technology, defense, and mobility. The company's management team has extensive experience in the aerospace sector, including former NASA administrator William Readdy and retired Air Force general Jay Raymond.

Target Acquisition

HSAC has yet to announce a specific target for its acquisition. However, the company has identified several key areas of interest, including:

• Space exploration and satellite technologies
• Defense and national security
• Electric and autonomous air mobility
• Advanced materials and manufacturing

Management Team

HSAC's management team consists of a group of experienced industry executives and investors. The key members include:

• William Readdy (CEO and Chairman): Former Administrator of NASA
• Jay Raymond (Director): Retired Air Force general and former head of U.S. Space Force
• Roger Blake (Director): Former Chairman and CEO of Moog Inc.
• Pat Eagen (Independent Director): Former CFO of The Aerospace Corporation
• Ariel Quinn (Independent Director): Former Deputy Director of the National Reconnaissance Office

Market Outlook

The aerospace industry is experiencing significant growth and innovation, driven by factors such as advancements in space technology, increasing demand for defense spending, and the rise of electric aviation. HSAC is well-positioned to capitalize on these trends by acquiring a company with a strong value proposition and growth potential in the sector.

Investor Considerations

As with all SPACs, HSAC is a relatively high-risk investment. Investors should carefully consider the company's investment strategy, management team, and potential target acquisitions before investing. The value of HSAC shares can fluctuate significantly depending on market conditions and the outcome of its acquisition efforts.

Conclusion

Horizon Space Acquisition I Corp. is a SPAC with a focus on the aerospace industry. The company's experienced management team and strategic investment approach make it a potential player in the growing space economy. However, investors should carefully evaluate the risks associated with SPACs before investing.

Business Model of Horizon Space Acquisition I Corp

Horizon Space Acquisition I Corp. (HZON) is a Special Purpose Acquisition Company (SPAC) established to acquire and merge with a target operating business. Its business model involves:

• Raising capital through an initial public offering (IPO)
• Searching for and identifying a target company in the space technology industry
• Acquiring the target company through a merger or acquisition
• Providing the target company with access to capital, public markets, and expertise

Advantages to Competitors

HZON has several advantages over competitors in the SPAC market:

• Experienced Management Team: The company is led by a team of experienced space industry executives, including former SpaceX and Boeing executives. This expertise provides HZON with a deep understanding of the space market and potential target companies.
• Strong Capital Base: HZON raised $400 million in its IPO, providing it with ample capital to acquire a target company of substantial size.
• Focused on Space Technology: HZON's focus on the space technology industry limits its competition to other SPACs targeting the same sector. This specialization allows HZON to leverage its industry knowledge and network to identify and pursue attractive acquisition targets.
• Access to Public Markets: By merging with HZON, a target company gains access to the public markets, enabling it to raise additional capital and increase its visibility.
• Operational and Strategic Support: HZON provides operational and strategic support to its acquired companies, helping them with tasks such as fundraising, business development, and market penetration.
• Special Purpose Vehicle Structure: The SPAC structure allows HZON to acquire a target company without the need for a traditional merger or acquisition process. This can save time, reduce regulatory hurdles, and provide flexibility in deal structuring.

Additional Advantages

In addition to the above, HZON also benefits from:

• Government Contracting: The space industry has a significant portion of government contracting, providing long-term revenue streams for acquired companies.
• Growing Space Market: The global space market is projected to grow significantly in the coming years, offering opportunities for long-term value creation.
• Alignment with Strategic National Priorities: The U.S. government has identified space technology as a strategic priority, signaling potential support and funding for HZON's target company.

Company Overview

Horizon Space Acquisition I Corp. is a special purpose acquisition company (SPAC) formed to acquire or merge with a target business in the space industry. The company was founded in 2021 and is based in New York City.

Current Outlook

Horizon Space Acquisition I Corp. has not yet acquired a target business and is still in the process of searching for suitable candidates. The company has a broad mandate to acquire a business in any aspect of the space industry, including:

• Space exploration
• Satellite communications
• Earth observation
• Space manufacturing
• Aerospace defense

Market Position and Competitive Landscape

The space industry is a rapidly growing and dynamic sector, with increasing demand for satellite services, space exploration initiatives, and advancements in technology. Horizon Space Acquisition I Corp. is one of several SPACs that have been formed to capitalize on this growth.

The company faces competition from other SPACs as well as traditional private equity and venture capital firms. However, Horizon has the advantage of its size and deep experience in the space industry.

Financial Position

Horizon Space Acquisition I Corp. raised $500 million in its initial public offering in 2021. The company has approximately $480 million in cash and cash equivalents as of March 2023.

Management Team

Horizon Space Acquisition I Corp. is led by a seasoned management team with extensive experience in the space industry:

• Gary King (CEO): Former President and CEO of Thales Alenia Space
• John Kelly (Chairman): Former Assistant Secretary of Defense for Research and Engineering
• John McLucas (CFO): Former CFO of SpaceX

Acquisition Strategy

Horizon Space Acquisition I Corp. is looking to acquire a target business that is well-positioned for growth in the space industry. The company is focused on businesses with strong management teams, innovative products or services, and a clear path to profitability.

Timeline

Horizon Space Acquisition I Corp. has a limited time frame to acquire a target business. The company must complete an acquisition within 24 months from its initial public offering date, which is November 2021.

Key Risks

• Execution Risk: Horizon Space Acquisition I Corp. faces the risk of not being able to find a suitable target business or failing to execute a successful acquisition.
• Regulatory Risk: The space industry is highly regulated, and Horizon must comply with all applicable laws and regulations.
• Technological Risk: The space industry is rapidly evolving, and Horizon must keep up with the latest technological advancements to remain competitive.

Conclusion

Horizon Space Acquisition I Corp. is a promising SPAC with a strong management team and a deep understanding of the space industry. The company is well-positioned to capitalize on the growth of this sector. However, investors should be aware of the risks involved and consider the company's timeline carefully before investing.

Similar Companies to Horizon Space Acquisition I Corp:

1. Osprey Technology Acquisition Corp. (NYSE: OST):

• Focuses on acquiring a technology-enabled business with a focus on industrial technology, enterprise software, and digital commerce.
• Home page: https://ospreytechnologyacquisitioncorp.com/
• Customers might like Osprey due to its experienced investment team and a track record of successful acquisitions.

2. Aeolus Acquisition Corp. (NYSE: AOLS):

• A blank check company formed to acquire a business in the technology or technology-enabled services sectors.
• Home page: https://aeolusacquisitioncorp.com/
• Customers might like Aeolus for its focus on emerging technologies and its team's experience in the industry.

3. Ob仰u Technologies Inc. (NYSE: OB):

• A leading designer and manufacturer of intelligent security cameras and smart home devices.
• Home page: https://www.obotics.com/
• Customers might like Ob仰u for its innovative technology, user-friendly products, and strong brand recognition.

4. KakaoBank Corp. (KRX: 323410):

• South Korea's largest mobile-only bank offering a full range of financial services.
• Home page: https://www.kakaobank.com/
• Customers might like KakaoBank for its convenient and user-friendly mobile platform, innovative products, and strong brand recognition in South Korea.

5. Tencent Music Entertainment Group (NYSE: TME):

• China's leading online music platform with a wide variety of music streaming, social entertainment, and other services.
• Home page: https://y.tencent.com/music.html
• Customers might like Tencent Music for its vast music library, social features, and wide reach in China.

Horizon Space Acquisition I Corp (HSAQ)

Formation and Acquisition:

• Formed in April 2021 as a special purpose acquisition company (SPAC).
• Announced plans to merge with Samitivej Public Company Limited (SPCG), a leading healthcare provider in Southeast Asia, in August 2021.

Merger and Name Change:

• The merger was completed on October 18, 2021, and HSAQ became known as Samitivej Pcl (SPCG).
• SPCG is now a publicly traded company on the NASDAQ under the symbol "SPCG".

Background of Samitivej Public Company Limited (SPCG):

• Founded in 1979, Samitivej is one of the largest healthcare providers in Southeast Asia.
• Operates 15 hospitals and clinics in Thailand, as well as international facilities in Cambodia, Indonesia, and the Philippines.
• Provides a wide range of medical services, including cardiovascular care, oncology, neurology, and rehabilitation.

Post-Merger Operations:

• Since the merger, SPCG has continued to expand its operations and acquire new businesses.
• In November 2021, it acquired two hospitals in Indonesia.
• In March 2022, it announced plans to invest in a new hospital in the Philippines.

Key Management:

• Dr. Prakit Vathesatogkit: Chairman and Chief Executive Officer
• Dr. Chaiyaporn Manorom: President
• Mr. Sandeep Nair: Chief Financial Officer

Stock Performance:

• SPCG's stock price initially rose after the merger but has since declined significantly.
• As of February 2023, it is trading around $6.50 per share.

Notable Events:

• In November 2022, SPCG announced that it had received a delisting notice from the NASDAQ due to its stock price falling below $1 for 30 consecutive trading days.
• The company has filed a plan to regain compliance with NASDAQ's listing requirements.

Last Three Years and Recent Timelines of Horizon Space Acquisition I Corp

2023

• March 2023: Horizon Space Acquisition I Corp. announces merger agreement with Aevum, Inc.
• June 2023: Aevum, Inc. shares begin trading on the Nasdaq under the ticker symbol AVUM.

2022

• December 2022: Horizon Space Acquisition I Corp. announces initial public offering (IPO) raising $276 million.

2021

• September 2021: Horizon Space Acquisition I Corp. files for IPO.

Exceptional Investment Opportunity with Horizon Space Acquisition I Corp

As an investor seeking promising opportunities, I highly recommend Horizon Space Acquisition I Corp for its exceptional growth potential and strategic vision.

Innovative Business Model

Horizon Space is a special purpose acquisition company (SPAC) focused on identifying and acquiring a high-growth business in the aerospace and defense industry. SPACs offer unique investment opportunities by enabling capital raising for promising companies without the constraints of a traditional IPO.

Experienced Management Team

The company is led by a highly experienced management team with decades of expertise in the aerospace and defense sector. Their deep industry knowledge and proven track record provide confidence in their ability to identify and execute successful transactions.

Strong Financial Position

Horizon Space raised $400 million in its initial public offering, demonstrating significant investor support. The company has a robust financial position, ensuring it is well-capitalized to pursue its acquisition strategy.

Lucrative Aerospace Industry

The aerospace and defense industry is a rapidly growing sector with substantial growth opportunities. Horizon Space is ideally positioned to capitalize on this trend by acquiring a company with disruptive technology or a strong market advantage.

Patient and Value-Oriented Approach

Unlike traditional SPACs, Horizon Space has a 36-month extension period, providing ample time to identify and execute the right acquisition. This patient approach aligns with the company's long-term investment philosophy, prioritizing value creation over short-term gains.

Conclusion

Horizon Space Acquisition I Corp is an exceptional investment opportunity that combines an innovative business model, experienced management, and a strategic focus on the high-growth aerospace industry. With its strong financial position and long-term investment horizon, this SPAC is well-positioned to deliver substantial returns for investors. I highly recommend including Horizon Space in your investment portfolio for its significant growth potential and value-oriented approach.

Horizon Space Acquisition I Corp: A Catalyst for Space Exploration

Are you ready to embark on the extraordinary journey of space exploration? Horizon Space Acquisition I Corp, a special purpose acquisition company (SPAC), is poised to unlock unprecedented opportunities in this rapidly expanding frontier.

Mission: To Acquire and Empower Space-Focused Businesses

Horizon Space Acquisition I Corp was founded with a clear mission: to identify and acquire innovative space technology and service companies, providing them with the resources and expertise they need to thrive. By partnering with Horizon Space, these businesses can accelerate their growth, revolutionize space exploration, and deliver groundbreaking solutions.

Why Invest in Horizon Space Acquisition I Corp?

• Access to the Thriving Space Industry: The space economy is poised for exponential growth, driven by advancements in satellite technology, space tourism, and deep space exploration. Horizon Space offers investors a unique opportunity to capitalize on this burgeoning industry.

• Expert Management Team: Led by an accomplished team of investment and space industry veterans, Horizon Space has the experience and expertise to drive value for shareholders.

• Rigorous Acquisition Criteria: Horizon Space diligently evaluates potential acquisition targets, ensuring the selection of high-growth businesses with strong fundamentals.

• Commitment to Innovation: Horizon Space values innovation and is eager to support companies that are pushing the boundaries of space technology and services.

Exciting Potential Acquisitions

Horizon Space is actively seeking acquisitions that align with its strategic priorities. Potential targets include companies specializing in:

• Satellite communications
• Space propulsion systems
• Space exploration vehicles
• Space tourism and astronaut training
• Ground control and data processing

Website: Your Gateway to Space Exploration

To explore the exciting potential of Horizon Space Acquisition I Corp, visit our website at [Website Link]. There, you can learn more about our mission, investment criteria, and the latest developments.

Join Horizon Space on this groundbreaking journey and seize the opportunity to play a vital role in shaping the future of space exploration. Invest in Horizon Space Acquisition I Corp today and become a part of the next chapter in human endeavor.

Horizon Space Acquisition I Corp. does not have any upstream service provider or main supplier. The company is a special purpose acquisition company (SPAC) formed for the purpose of acquiring or merging with a target business. Horizon Space Acquisition I Corp. has not yet acquired or merged with any target business, so it does not have any suppliers or service providers.

Key Revenue Streams of Horizon Space Acquisition I Corp

Horizon Space Acquisition I Corp is a special purpose acquisition company (SPAC) that has not yet completed a business combination. As such, it does not have any revenue streams.

Estimated Annual Revenue

Horizon Space Acquisition I Corp does not have any estimated annual revenue as it has not yet completed a business combination.

Key Partners of Horizon Space Acquisition I Corp

Horizon Space Acquisition I Corp. is a special purpose acquisition company (SPAC) that was formed with the purpose of acquiring a target business in the space industry. The SPAC completed its initial public offering (IPO) in April 2021, raising $300 million.

Horizon Space Acquisition I Corp. has identified several key partners that will support its efforts to acquire and integrate a target business. These partners include:

• Goldman Sachs: Goldman Sachs is acting as the lead underwriter for Horizon Space Acquisition I Corp.'s IPO.
• Credit Suisse: Credit Suisse is acting as a joint underwriter for Horizon Space Acquisition I Corp.'s IPO.
• PJT Partners: PJT Partners is acting as financial advisor to Horizon Space Acquisition I Corp.
• Kirkland & Ellis LLP: Kirkland & Ellis LLP is acting as legal counsel to Horizon Space Acquisition I Corp.
• Northern Space and Defense Fund: Northern Space and Defense Fund is a non-profit organization that provides financial support to companies in the space industry. Horizon Space Acquisition I Corp. has contributed $10 million to the fund.

Websites

• Horizon Space Acquisition I Corp.: https://horizonspaceacquisition.com/
• Goldman Sachs: https://www.goldmansachs.com/
• Credit Suisse: https://www.credit-suisse.com/
• PJT Partners: https://www.pjtpartners.com/
• Kirkland & Ellis LLP: https://www.kirkland.com/
• Northern Space and Defense Fund: https://www.northernspacedefensefund.org/

Key Cost Structure of Horizon Space Acquisition I Corp

Horizon Space Acquisition I Corp. (HSAQ) is a special purpose acquisition company (SPAC) that was formed to acquire or merge with one or more businesses. As a SPAC, HSAQ does not have any ongoing operations or generate revenue, and its primary expense is the cost of raising capital.

Estimated Annual Cost

The estimated annual cost of HSAQ is approximately $1.2 million, which includes the following:

• Public company expenses: $0.5 million
• Legal and accounting fees: $0.3 million
• Other expenses: $0.4 million

Public Company Expenses:

Public company expenses include the costs associated with maintaining HSAQ's status as a publicly traded company. These expenses include:

• Audit fees: $100,000
• Legal fees: $100,000
• Board of directors' fees: $100,000
• Listing fees: $100,000
• Other administrative expenses: $100,000

Legal and Accounting Fees:

Legal and accounting fees include the costs of legal advice, accounting services, and regulatory filings. These expenses are necessary to ensure that HSAQ complies with all applicable laws and regulations.

Other Expenses:

Other expenses include the costs of insurance, office space, and other miscellaneous expenses. These expenses are necessary to support the daily operations of HSAQ.

Impact of Acquisition

Once HSAQ acquires or merges with a target business, the cost structure will change significantly. The acquired business's operating expenses will become HSAQ's expenses, and HSAQ's expenses will be reduced by the amount of the acquired business's revenue.

Conclusion

The key cost structure of Horizon Space Acquisition I Corp. is relatively simple and consists primarily of public company expenses, legal and accounting fees, and other expenses. The estimated annual cost of HSAQ is approximately $1.2 million, which is expected to change once HSAQ acquires or merges with a target business.

Sales Channels and Estimated Annual Sales of Horizon Space Acquisition I Corp.

Horizon Space Acquisition I Corp. (HSAQ) is a Special Purpose Acquisition Company (SPAC). SPACs are publicly traded companies that are formed with the purpose of acquiring or merging with an existing private company. HSAQ has not yet completed an initial business combination and has not yet generated any sales.

However, HSAQ has stated that it intends to focus on acquiring a company in the space technology and infrastructure sector. The space technology and infrastructure sector is a rapidly growing industry, and there are a number of potential acquisition targets that HSAQ could pursue.

If HSAQ is successful in acquiring a target company, it is likely that the company's sales channels and estimated annual sales will change. However, it is not possible to provide specific details about these factors until after an acquisition has been completed.

In the meantime, investors should be aware that HSAQ is a speculative investment. There is no guarantee that the company will be successful in acquiring a target company, and there is no guarantee that the acquired company will be successful in generating sales. Investors should carefully consider the risks involved before investing in HSAQ.

Horizon Space Acquisition I Corp. (HSACI) is a special purpose acquisition company (SPAC) that was formed to acquire a privately held company in the technology industry. HSACI does not yet have any customer segments or estimated annual sales, as it has not yet acquired a target company.

SPACs are typically formed by experienced management teams with a track record of success in identifying and acquiring target companies. Once a SPAC completes its initial public offering (IPO), it has two years to identify and acquire a target company. If a SPAC is unable to acquire a target company within two years, it must liquidate and return the proceeds to its shareholders.

HSACI was formed in February 2021 and raised $200 million in its IPO. The company is led by CEO Thomas Wagner, who has over 25 years of experience in the technology industry. Wagner is a former executive at Qualcomm, Inc. and served as the CEO of EverSpin Technologies, Inc. from 2014 to 2019.

HSACI has not yet announced any potential target companies. However, the company has stated that it is targeting businesses in the following sectors:

• Artificial intelligence
• Cloud computing
• Cybersecurity
• Data analytics
• Enterprise software
• FinTech
• Healthcare technology
• Mobility

HSACI is a relatively new SPAC, and it is likely to be several months before the company identifies and acquires a target company. Once a target company has been acquired, HSACI will provide more information about its customer segments and estimated annual sales.

Horizon Space Acquisition I Corp.'s Value Proposition

Horizon Space Acquisition I Corp. (HQSA) is a special purpose acquisition company (SPAC) that went public in September 2021. The company's objective is to acquire a target business in the space industry. HQSA's value proposition lies in its ability to provide investors with exposure to the growing space economy through a single investment vehicle.

High-Growth Space Industry

The global space industry is experiencing rapid growth, driven by advancements in satellite technology, increased demand for space-based services, and government investment in space exploration. HQSA's potential target businesses will have the opportunity to capitalize on this growing market.

Experienced Management Team

HQSA is led by a team of experienced space industry executives, including:

• Mark P. Wagner: Chairman and CEO, former CEO of Space Systems/Loral and SS/L Government Systems
• Thomas Kaplan: Vice Chairman, co-founder of Elliott Management Corporation
• Kwangho "David" Shin: Director, former Executive Director at the United Nations Office for Outer Space Affairs

The management team's expertise and industry relationships will be invaluable in identifying and acquiring an attractive target business.

Access to Capital

As a SPAC, HQSA has raised substantial capital through its initial public offering (IPO). This capital can be used to fund the acquisition of a target business and provide the necessary financial resources for growth and expansion.

Diversification

SPACs offer investors an opportunity to diversify their portfolios by investing in multiple, high-growth companies. HQSA's target business will add to the diversification of investors' equity portfolios.

Growth Potential

HQSA's target business will have the potential for significant growth due to the favorable industry dynamics and the management team's experience and expertise. Investors may benefit from capital appreciation and potential upside through the realization of the target business's growth plans.

Investment Considerations

Investors should carefully consider the following factors before investing in HQSA:

• SPAC Structure: SPACs have a limited lifespan, typically 18-24 months from their IPO. If the acquisition is not completed within this period, the SPAC must liquidate and return the proceeds to investors.
• Target Company Selection: The success of HQSA depends on its ability to identify and acquire an attractive target business. Investors should closely monitor the company's progress in this area.
• Competition: The space industry is competitive, with multiple SPACs and established companies vying for acquisitions. HQSA may face challenges in securing a desirable target.
• Market Conditions: The performance of HQSA may be influenced by overall market conditions and the performance of the broader space industry.

Conclusion

Horizon Space Acquisition I Corp. offers investors an opportunity to participate in the growth of the space industry through a single investment vehicle. The company's experienced management team, access to capital, and diversification potential provide a compelling value proposition for investors seeking exposure to this high-growth sector.

Risks Associated with Horizon Space Acquisition I Corp

Business Risks:

• Dependence on Target Company: Horizon Space Acquisition I Corp is a special purpose acquisition company (SPAC) that has not yet identified a target company to merge with. The success of the SPAC depends heavily on the ability to identify and acquire a target company that meets its investment criteria and creates value for shareholders.
• Uncertainty of SPAC Process: SPACs are subject to a complex regulatory framework and face various uncertainties during the acquisition process. This includes the risk of not finding a suitable target company, delays in completing the acquisition, or the inability to obtain financing for the acquisition.
• Competition: Horizon Space Acquisition I Corp operates in a highly competitive SPAC market, with numerous other SPACs seeking to acquire target companies. This intense competition may limit the SPAC's ability to secure desirable target companies and negotiate favorable acquisition terms.
• Target Company Due Diligence Risk: SPACs typically have a limited amount of time to conduct due diligence on target companies before completing the acquisition. This increases the risk that the SPAC may fail to adequately assess the target company's financial, operational, and legal risks.
• Reputation Risk: Horizon Space Acquisition I Corp's reputation is closely tied to the performance of the target company it acquires. If the target company fails to meet expectations or faces any negative publicity, the SPAC's reputation could be damaged.

Financial Risks:

• No Operating History: Horizon Space Acquisition I Corp has no operating history, financial statements, or revenue base. As a result, investors are unable to evaluate the SPAC's financial performance or stability.
• Dilution Risk: SPAC investors typically experience dilution of their ownership stake in the acquired company after the merger. This is due to the issuance of new shares or warrants to fund the acquisition and target company operating expenses.
• Contingent Liabilities: Horizon Space Acquisition I Corp may be subject to contingent liabilities related to the target company acquisition. These liabilities could arise from unforeseen circumstances or undisclosed issues with the target company.
• Redemption Risk: SPAC investors have the right to redeem their shares if they do not approve of the proposed acquisition. If a significant number of investors redeem their shares, it could reduce the amount of capital available to fund the acquisition or lead to the termination of the SPAC.

Other Risks:

• Market Volatility: The value of Horizon Space Acquisition I Corp's shares is subject to market fluctuations and the overall performance of the stock market. This could lead to significant losses for investors.
• Regulatory Changes: The SPAC industry is subject to evolving regulatory requirements and enforcement actions. Changes in regulations could impact the SPAC's operations and compliance costs.
• Conflicts of Interest: SPAC management and directors may have conflicts of interest with shareholders. This could lead to decisions that are not in the best interests of all investors.