SCHEDULE 13G: TD Securities (USA) LLC Discloses 5.5% Stake in Horizon Space Acquisition II Corp. Following Cowen Merger

TD Securities (USA) LLC has reported beneficial ownership of 5.5% of Horizon Space Acquisition II Corp.'s ordinary shares, succeeding Cowen and Company, LLC following a merger effective December 9, 2024.

Summary

• TD Securities (USA) LLC (TDS) has filed a Schedule 13G, reporting beneficial ownership of 433,813 ordinary shares of Horizon Space Acquisition II Corp.
• This represents 5.5% of the issuer's class of securities.
• TDS acquired these shares as the successor in interest to Cowen and Company, LLC (Cowen) through a merger that became effective on December 9, 2024.
• TDS holds sole voting and sole dispositive power over these shares.
• The filing also includes Cowen and Company, LLC, Toronto Dominion Holdings USA Inc. (TDH), TD Group US Holdings LLC (TD GUS), and Toronto Dominion Bank (TD Bank) as reporting persons, acknowledging their indirect interest through the ownership structure (TDH owns TDS, TD GUS owns TDH, TD Bank owns TD GUS).
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing disclosing a change in beneficial ownership due to a corporate merger, which is a neutral event for the issuer. It does not contain positive or negative news about the issuer's operations or financial performance.

Positives

• The filing indicates a stable ownership structure following a corporate merger, with a significant institutional holder maintaining its stake in Horizon Space Acquisition II Corp.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Horizon Space Acquisition II Corp.'s future operations or financial performance.

Industry Context

This filing reflects a routine disclosure of beneficial ownership change resulting from a corporate merger within the financial services sector, specifically the acquisition of Cowen by TD Securities. It does not provide broader insights into the space acquisition industry or Horizon Space Acquisition II Corp.'s specific market position beyond the ownership stake.

Related Party Transactions

• The transfer of 433,813 ordinary shares from Cowen and Company, LLC to TD Securities (USA) LLC is a result of a merger where TD Securities (USA) LLC became the successor in interest to Cowen, effective December 9, 2024. This represents a transaction between entities that are now part of the same corporate group under Toronto Dominion Bank.

Stakeholder Impact

• Shareholders of Horizon Space Acquisition II Corp.: The filing indicates a stable institutional ownership stake (5.5%) maintained by a major financial institution (TD Securities), which could be viewed positively as it suggests continued institutional interest. The change in beneficial owner is a technical transfer due to a merger, not a new investment or divestment.
• Employees of Cowen and Company, LLC / TD Securities (USA) LLC: The document implicitly confirms the completion of the merger between Cowen and TD Securities, which would have implications for employees of both entities regarding integration and organizational structure, though these details are not provided in the filing itself.

Key Dates

Keywords

Horizon Space Acquisition II Corp., TD Securities (USA) LLC, Cowen and Company, LLC, Schedule 13G, beneficial ownership, ordinary shares, merger, institutional ownership, SEC filing, G4627B129