HSPO Announces Definitive Business Combination Agreement with ArcheNova Biotech
Horizon Space Acquisition I Corp. and ArcheNova Biotech Corp. have entered into a definitive business combination agreement, with completion subject to approvals and other closing conditions.
Horizon Space Acquisition I Corp. and clinical-stage biopharmaceutical company ArcheNova Biotech Corp. announced a definitive business combination agreement on October 13, 2026. If the proposed transactions are completed, a newly formed Cayman Islands company named ArcheNova Technology Co., Ltd would become the parent company and is expected to be listed on The Nasdaq Stock Market LLC.
The proposed combination has been approved unanimously by the boards of directors of HSPO and ArcheNova. Closing is subject to regulatory and shareholder approvals, along with other customary closing conditions.
The companies currently expect the transaction to close in the first quarter of 2027. They stated that there is no assurance the proposed transactions will be completed on the terms or timetable currently contemplated, or at all.
Under the agreement, ArcheNova International Co., Ltd would merge with and into HSPO. HSPO would remain as the surviving entity and become a wholly owned subsidiary of the new parent company.
In a subsequent step, ArcheNova Global Co., Ltd would merge with and into ArcheNova Biotech Corp., with ArcheNova surviving as another wholly owned subsidiary of the parent company.
After completion, shareholders of HSPO and ArcheNova would receive ordinary shares of ArcheNova Technology Co., Ltd as consideration. HSPO warrants would be assumed by the parent company and converted into warrants exercisable for its ordinary shares on substantially the same terms and conditions. The parent company's ordinary shares are expected to be listed and traded on Nasdaq following consummation of the proposed transactions, subject to the applicable conditions, including the ability to obtain or maintain that listing.
Upon completion of the proposed transaction, ArcheNova Technology Co., Ltd will be led by Dr. Lim Sai Kiang as Chief Executive Officer and Chief Scientist. Liu Ye is expected to serve as Chief Financial Officer.
ArcheNova describes itself as a clinical-stage, platform-based biopharmaceutical company working on medicines derived from mesenchymal stromal cell-derived extracellular vesicles and exosomes. Its activities include research, development, clinical translation, scalable manufacturing and global commercialization.
The company's platform uses an immortalized monoclonal mesenchymal stromal cell producer line, a good manufacturing practice master cell bank, controlled production processes and an integrated chemistry, manufacturing and controls framework. ArcheNova says the approach is intended to provide a defined biological source for exosome production and to support shared manufacturing and quality systems across different medical indications.
ArcheNova is advancing five product candidates across dermatology, orthopedics, ophthalmology, neurology and cardiology. The programs are at different stages of development.
ArcheNova's lead topical psoriasis program has completed a Phase I clinical trial involving ten healthy volunteers at Singapore's National University Hospital. The company is preparing the program for Phase II clinical evaluation.
HSPO, ArcheNova and the proposed parent company intend to file a registration statement on Form F-4 with the Securities and Exchange Commission. The filing is expected to include a proxy statement for HSPO shareholders and a prospectus covering the ordinary shares of the parent company to be issued in the proposed transactions.
HSPO also plans to provide additional transaction information, including a copy of the business combination agreement, in a Current Report on Form 8-K filed with the SEC. A definitive proxy statement/prospectus, if and when available, will be delivered to HSPO shareholders. Further transaction terms and conditions apply beyond those set out here.
Horizon Space Acquisition I Corp. announced on October 13, 2026 that it had entered into a definitive business combination agreement with ArcheNova Biotech Corp. The proposed transactions would result in a newly formed Cayman Islands company, ArcheNova Technology Co., Ltd, becoming the combined company and being listed on The Nasdaq Stock Market LLC, subject to customary closing conditions, including regulatory and shareholder approvals.
Horizon Space Acquisition I Corp. announced the proposed business combination on October 13, 2026. The announcement relates to the proposed transactions under the business combination agreement with ArcheNova Biotech Corp.
The proposed transactions are currently expected to close in the first quarter of 2027, according to the announcement. The timing remains subject to regulatory and shareholder approvals and other customary closing conditions, and the companies said no assurance can be made that the transactions will be consummated on the terms or time frame currently contemplated, or at all.
The closing is subject to regulatory and shareholder approvals and other customary closing conditions. The announcement also identifies risks including the failure to receive required security holder approvals, the failure to satisfy other closing conditions under the business combination agreement and the possibility that the proposed transactions do not close.
ArcheNova International Co., Ltd will merge with and into Horizon Space Acquisition I Corp., with Horizon Space Acquisition I Corp. surviving as a wholly owned subsidiary of the new parent company. Subsequently, ArcheNova Global Co., Ltd will merge with and into ArcheNova Biotech Corp., with ArcheNova Biotech Corp. surviving as a wholly owned subsidiary of the new parent company.
Upon completion of the proposed transactions, shareholders of Horizon Space Acquisition I Corp. and ArcheNova Biotech Corp. are expected to receive ordinary shares of the combined company as consideration. Horizon Space Acquisition I Corp.'s warrants are expected to be assumed by the combined company and converted into warrants to purchase its ordinary shares on substantially the same terms and conditions.
Horizon Space Acquisition I Corp. is identified as trading on the OTCQB under the ticker symbol HSPOF, while the company is referred to as HSPO. Following completion of the proposed transactions, the combined company's ordinary shares are expected to be listed and traded on Nasdaq, subject to the applicable conditions, including the ability to obtain or maintain that listing.
ArcheNova Biotech Corp. is a clinical-stage, platform-based biopharmaceutical company focused on the research, development, clinical translation, scalable manufacturing and global commercialisation of drugs derived from mesenchymal stromal cell-derived extracellular vesicles and exosomes. The company is advancing product candidates across dermatology, orthopaedics, ophthalmology, neurology and cardiology.
ArcheNova Biotech Corp. says its platform is built on an immortalised monoclonal mesenchymal stromal cell producer cell line, supported by a good manufacturing practice master cell bank, controlled manufacturing processes and an integrated chemistry, manufacturing and controls framework. The company says this provides a renewable, defined biological source for scalable and reproducible exosome production and supports shared manufacturing processes, analytical methods and quality systems across indications.
ArcheNova Biotech Corp.'s lead topical psoriasis programme has completed a Phase I clinical trial in ten healthy volunteers at Singapore's National University Hospital and is being prepared for Phase II clinical evaluation. The company also describes its lead topical psoriasis candidate as having completed a Phase I study evaluating safety and tolerability in healthy volunteers.
ArcheNova Biotech Corp. is advancing five product candidates across dermatology, orthopaedics, ophthalmology, neurology and cardiology. The programmes are at different stages of development, according to the announcement.
HSPO Chief Executive Officer and Chairman Mingyu ("Michael") Li said the agreement aligns with HSPO's objective of partnering with an innovative company and that HSPO looks forward to supporting ArcheNova's research, clinical development and growth. ArcheNova Chief Executive Officer, Chief Scientist and director Dr. LIM Sai Kiang said the contemplated Nasdaq listing could provide access to growth capital and investors, while noting that the proposed public capital-market support is intended to support research and development, pipeline development and business expansion.
HSPO, ArcheNova and the proposed combined company intend to file a registration statement on Form F-4 with the Securities and Exchange Commission, including a proxy statement for HSPO shareholders and a prospectus for the ordinary shares to be issued in the proposed transactions. Additional information, including a copy of the business combination agreement, will be included in a Current Report on Form 8-K to be filed by HSPO with the SEC, and the definitive proxy statement/prospectus, if and when available, will be delivered to HSPO shareholders.