Shenzhen Squirrel Enlivened Media Group Co. Ltd (“Squirrel Active Media Group” for short) previously signed a merger agreement with SPAC (US special purpose acquisition company) Horizon Space Acquisition I Corp (HSPO) to be listed on the US NASDAQ through a backdoor SPAC.
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According to disclosed documents, the SPAC company Horizon Space Acquisition I Corp must complete the merger with the target company by October 27, 2023, but the company can extend the time to complete the business merger until March 27, 2024. The period for each extension is one month, but the SPAC sponsor or designated person must deposit a “monthly extension fee” of 70,000 US dollars into the SPAC trust account. On October 24, a “monthly extension fee” of 70,000 US dollars was deposited into the SPAC trust account, enabling SPAC to extend the time to complete the initial business merger by one month from October 27, 2023 to November 27, 2023. According to the non-binding letter of intent, Shenzhen Squirrel Active Media Group paid a monthly extension fee.
As a new brand strategy marketing service organization, Squirrel Media Group mainly provides refined marketing value-added services, and a complex service structure integrating brand strategy planning, brand positioning planning, super item planning, visual creative design, video marketing, and brand consulting, to provide customers with professional, comprehensive and value-added brand upgrade services to create all-round value for customers.