SCHEDULE 13G/A: First Trust Entities Disclose Significant Passive Stakes in Horizon Space Acquisition I Corp.

First Trust Merger Arbitrage Fund and affiliated entities have filed an amended Schedule 13G, disclosing their passive beneficial ownership exceeding 5% in Horizon Space Acquisition I Corp.'s Class A Ordinary Shares.

Summary

• First Trust Merger Arbitrage Fund (VARBX), First Trust Capital Management L.P. (FTCM), First Trust Capital Solutions L.P. (FTCS), and FTCS Sub GP LLC (Sub GP) jointly filed an amendment to their Schedule 13G.
• As of March 31, 2025, VARBX beneficially owned 280,410 Class A Ordinary Shares of Horizon Space Acquisition I Corp., representing 6.73% of the class.
• FTCM, FTCS, and Sub GP collectively beneficially owned 300,000 Class A Ordinary Shares, representing 7.20% of the class.
• FTCS and Sub GP are identified as control persons of FTCM and are deemed beneficial owners of the shares reported by FTCM.
• All reporting persons hold sole voting and sole dispositive power over their respective reported shares.
• The shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a routine beneficial ownership disclosure (Schedule 13G/A) and does not contain information that would inherently indicate positive or negative sentiment regarding the issuer's performance or outlook. It is purely factual.

Positives

• The disclosure indicates significant institutional investment interest in Horizon Space Acquisition I Corp., with First Trust entities holding over 5% of the Class A Ordinary Shares.
• The filing explicitly states that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, suggesting a passive investment strategy.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Horizon Space Acquisition I Corp.'s operations or future performance, as it is solely a beneficial ownership disclosure.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing pertains to Horizon Space Acquisition I Corp., a Special Purpose Acquisition Company (SPAC). The disclosure of significant passive institutional ownership by First Trust entities is a common occurrence in the SPAC market, where investment funds often take positions in anticipation of a de-SPAC transaction or for arbitrage strategies.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially influencing investor confidence and market perception of the stock's liquidity and institutional backing.

Key Dates

Keywords

Horizon Space Acquisition I Corp, First Trust Merger Arbitrage Fund, First Trust Capital Management, Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, SEC Filing, Investment Fund, SPAC