Horizon Space Acquisition I Corp. Announces the Definitive Business Combination Agreement with Squirrel Enlivened International Co., Ltd, a Brand Marketing and Strategy Consulting Company
NEW YORK, NY / ACCESSWIRE / September 16, 2024 / Squirrel Enlivened International Co., Ltd ("Squirrel Cayman"), a brand marketing and strategy consulting company, and Horizon Space Acquisition I Corp. ("HSPO") (Nasdaq:HSPO), a publicly traded …
NEW YORK, NY / ACCESSWIRE / September 16, 2024 / Squirrel Enlivened International Co., Ltd ("Squirrel Cayman"), a brand marketing and strategy consulting company, and Horizon Space Acquisition I Corp. ("HSPO") (Nasdaq:HSPO), a publicly traded special purpose acquisition company, today announced that they have entered into an Agreement and Plan of Merger (the "Business Combination Agreement").
Squirrel Cayman is a holding company of Shenzhen Squirrel Enlivened Media Group Co., Ltd ("Shenzhen Squirrel" or "Squirrel"). 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.
Upon the completion of the business combination of Squirrel Cayman and HSPO and related transactions pursuant to the Business Combination Agreement (the "Business Combination"), shares of Squirrel Cayman will be listed on The Nasdaq Stock Market LLC ("Nasdaq").
Transaction Overview
On September 16, 2024, HSPO, Squirrel Enlivened Technology Co., Ltd., a Cayman Islands exempted company ("Squirrel HoldCo"), Squirrel Cayman, and Squirrel Enlivened Overseas Co., Ltd., a Cayman Islands exempted company and a wholly-owned subsidiary of Squirrel Cayman ("Merger Sub"), entered into the Business Combination Agreement, pursuant to which, among other things, (a) Squirrel HoldCo will merge with and into Squirrel Cayman, whereupon the separate existence of Squirrel HoldCo will cease, and Squirrel Cayman will be the surviving company (the "Reorganization") as a result of which all issued and outstanding shares of 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 of Squirrel Cayman, and (b) at least one (1) business day after the closing of the Reorganization (the "Reorganization Closing"), Merger Sub will merge with and into HSPO, whereupon the separate existence of Merger Sub will cease, and HSPO will be the surviving company (the "Merger"). As a result of the Reorganization and the Merger, among other things, (a) all of the issued and outstanding securities of Squirrel HoldCo immediately prior to the filing of the plan of merger with respect to the Reorganization (the "Plan of Reorganization") to the Registrar of Companies of the Cayman Islands, or such later time as may be specified in the Plan of Reorganization (the "Reorganization Effective Time") shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holders thereof to receive a certain number of securities of Squirrel Cayman as described below, and (b) all of the issued and outstanding securities of HSPO immediately prior to the filing of the plan of merger with respect to the Merger (the "Plan of Merger") to the Registrar of Companies of the Cayman Islands, or such later time as may be specified in the Plan of Merger (the "Merger Effective Time") shall no longer be outstanding and shall automatically be cancelled, in exchange for the right of the holders thereof to receive substantially equivalent securities of Squirrel Cayman.