SCHEDULE: Funds Divest Horizon Space Acquisition I Corp. Shares

Westchester Capital Management, Virtus Investment Advisers, and The Merger Fund report 0% beneficial ownership of Horizon Space Acquisition I Corp. Ordinary Shares.

Summary

• Westchester Capital Management, LLC, Virtus Investment Advisers, LLC, and The Merger Fund have jointly filed an amendment to Schedule 13G.
• The filing indicates that each of these reporting persons now beneficially owns 0.0% of the Ordinary Shares of Horizon Space Acquisition I Corp.
• This represents a complete divestment of their previously held shares in the company.
• The beneficial ownership is based on 2,404,234 Ordinary Shares outstanding as of November 20, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on November 26, 2025.
• The reporting persons certify that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative signal for Horizon Space Acquisition I Corp. as it indicates a complete divestment by multiple institutional investors, which could be interpreted as a loss of institutional support or confidence, even if it's a routine portfolio adjustment for the funds.

Negatives

• The reporting entities, Westchester Capital Management, Virtus Investment Advisers, and The Merger Fund, no longer hold any Ordinary Shares of Horizon Space Acquisition I Corp., indicating a complete divestment of their position.

Risks

• The divestment by these institutional investors could signal a lack of confidence or a change in investment strategy regarding Horizon Space Acquisition I Corp. from their perspective.

Future Outlook

The filing does not contain any forward-looking statements or guidance from the reporting persons regarding Horizon Space Acquisition I Corp. or their future investment intentions.

Management Comments

• CaSaundra Wu, Chief Compliance Officer of Westchester Capital Management, LLC, signed the filing.
• Chetram Persaud, Chief Compliance Officer of Virtus Investment Advisers, LLC, signed the filing.
• Daphne Chisolm, Vice President, Counsel and Assistant Secretary of The Merger Fund, signed the filing.

Industry Context

StockSavvy.ai notes that institutional investors frequently adjust their holdings in public companies, and a Schedule 13G amendment reporting 0% ownership typically signifies a complete exit from a position. This is a routine disclosure for investment advisers and funds managing portfolios, reflecting a change in their investment strategy or portfolio allocation rather than necessarily a direct commentary on the issuer's fundamental performance.

Comparison to Industry Standards

• This filing is a standard disclosure for institutional investors reducing their beneficial ownership below the reporting threshold, aligning with SEC Rule 13d-1(k) requirements.
• The divestment by these funds is a specific portfolio decision and does not directly compare to the operational or financial performance of Horizon Space Acquisition I Corp. against industry benchmarks or competitors.

Stakeholder Impact

• Shareholders of Horizon Space Acquisition I Corp. may perceive this divestment as a reduction in institutional interest or confidence in the company.
• The company's stock price could potentially be negatively impacted if other investors view this as a bearish signal.

Key Dates

Keywords

Horizon Space Acquisition I Corp, Schedule 13G, beneficial ownership, divestment, Westchester Capital Management, Virtus Investment Advisers, The Merger Fund, Ordinary Shares, institutional investors