SCHEDULE: Wolverine Entities Report Zero Stake in Horizon Space

Wolverine Asset Management LLC and its affiliates have filed an amended Schedule 13G, reporting that they no longer beneficially own any Ordinary Shares of Horizon Space Acquisition I Corp.

Summary

• This is an Amendment No. 2 to a Schedule 13G filing for Horizon Space Acquisition I Corp.
• The reporting persons are Wolverine Asset Management LLC, Wolverine Trading Partners, Inc., Wolverine Holdings, L.P., Christopher L. Gust, and Robert R. Bellick.
• The reporting persons collectively beneficially own 0.00 Ordinary Shares of Horizon Space Acquisition I Corp.
• This represents 0% of the outstanding Ordinary Shares, par value $0.0001 per share, of the issuer.
• The event date requiring this filing was October 29, 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: The filing reports a complete divestment by Wolverine Asset Management and its affiliates, reducing their beneficial ownership to 0%. While this is a factual regulatory update, a full divestment by an institutional investor could be perceived as a negative signal for the issuer, Horizon Space Acquisition I Corp., though no reasons for the divestment are provided.

Positives

• Reporting persons certify that the securities were acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Negatives

• Wolverine Asset Management LLC and its affiliates no longer beneficially own any Ordinary Shares of Horizon Space Acquisition I Corp., indicating a complete divestment of their previous holdings.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Horizon Space Acquisition I Corp.'s future operations or financial performance.

Management Comments

• "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

Schedule 13G filings are routine disclosures for institutional investors. A complete divestment by an institutional investor like Wolverine Asset Management could reflect a change in their investment strategy, a re-evaluation of the issuer's prospects, or simply portfolio rebalancing. For Special Purpose Acquisition Companies (SPACs), such as Horizon Space Acquisition I Corp., changes in institutional ownership can be particularly scrutinized as they often precede or follow significant corporate actions like de-SPAC transactions.

Stakeholder Impact

• Shareholders: Existing shareholders might view the complete divestment by an institutional investor as a negative signal, potentially influencing their own investment decisions.
• Management: Management of Horizon Space Acquisition I Corp. will note the change in institutional ownership.

Key Dates

Recommendation

The complete divestment by Wolverine Asset Management LLC and its affiliates, reducing their beneficial ownership to 0%, suggests a lack of conviction in Horizon Space Acquisition I Corp.'s future prospects from a significant institutional investor. While the filing does not provide reasons, such a move by an experienced asset manager could signal potential headwinds or a re-evaluation of the investment thesis, warranting a cautious or negative stance for other investors.

Keywords

Horizon Space Acquisition I Corp, Wolverine Asset Management, Schedule 13G, beneficial ownership, institutional investor, SPAC, ordinary shares, divestment