Horizon Space Acquisition I Corp. (HSPO), a special purpose acquisition company (SPAC), announced on October 12, 2026, that it has entered into a definitive business combination agreement with ArcheNova Biotech Corp. The transaction is expected to result in a combined entity, to be named ArcheNova Technology Co., Ltd, which will list its ordinary shares on the Nasdaq Stock Market.
Under the terms of the agreement, HSPO will merge with ArcheNova International Co., Ltd, a newly formed subsidiary of the combined company. Following this merger, ArcheNova Global Co., Ltd will merge with ArcheNova Biotech Corp. Upon completion of these transactions, HSPO shareholders and ArcheNova shareholders will receive ordinary shares of the combined company as consideration.
HSPO warrants will be assumed by the combined company and converted into warrants to purchase ordinary shares of the combined company on substantially the same terms. The boards of directors of both HSPO and ArcheNova have unanimously approved the transaction.
ArcheNova is a clinical-stage biopharmaceutical company focused on developing drugs derived from mesenchymal stromal cell (MSC)-derived extracellular vesicles (EVs) and exosomes. The company has a proprietary platform for manufacturing these therapeutics and is advancing five product candidates across dermatology, orthopedics, ophthalmology, neurology, and cardiology. Its lead topical psoriasis program has completed a Phase I clinical trial and is being prepared for a Phase II evaluation.
The closing of the proposed transactions is subject to regulatory and shareholder approvals and is currently expected to occur in the first quarter of 2027. Dr. Lim Sai Kiang, Chief Executive Officer and Chief Scientist of ArcheNova, is expected to serve as CEO of the combined company, while Liu Ye will serve as Chief Financial Officer.
