Horizon Space Acquisition I Corp. (OTCQB:HSPOF), a publicly traded special purpose acquisition company, and ArcheNova Biotech Corp., a clinical-stage biopharmaceutical company focused on mesenchymal stromal cell-derived extracellular vesicles and exosomes, have entered into a definitive business combination agreement. Upon closing, the combined company, ArcheNova Technology Co., Ltd, a Cayman Islands exempted company, is expected to list on The Nasdaq Stock Market LLC. The transaction remains subject to regulatory and shareholder approvals, with completion anticipated in the first quarter of 2027.
Transaction Structure and Leadership
Under the Business Combination Agreement, ArcheNova International Co., Ltd, a wholly owned subsidiary of PubCo, will merge with and into HSPO, followed by a second merger involving ArcheNova Global Co., Ltd and ArcheNova. HSPO shareholders and ArcheNova shareholders will receive PubCo ordinary shares, and HSPO warrants will be assumed by PubCo on substantially the same terms. Following completion, Dr. Lim Sai Kiang will serve as Chief Executive Officer and Chief Scientist, and Liu Ye will serve as Chief Financial Officer.
ArcheNova's Exosome Platform
ArcheNova has developed a proprietary MSC-exosome therapeutics platform based on an immortalized monoclonal MSC producer cell line, a good manufacturing practice master cell bank, controlled manufacturing processes, and an integrated chemistry, manufacturing and controls framework. This approach provides a renewable, defined biological source for scalable and reproducible exosome production, reducing donor variability and batch consistency challenges. The company can develop multiple therapeutic products from a common, process-defined exosome drug substance across shared manufacturing and quality systems.
Pipeline and Competitive Position
ArcheNova is advancing 5 therapeutic programs spanning dermatology, orthopedics, ophthalmology, neurology, and cardiology. Its lead topical psoriasis candidate completed a Phase I clinical trial in 10 healthy volunteers at Singapore's National University Hospital and is being prepared for Phase II evaluation. Because MSC-exosome products are complex biologics whose activity depends on cell source and manufacturing process, exclusive control of the producer cell line and proprietary know-how may create durable barriers to biosimilar competition.
Executive Perspectives
HSPO Chief Executive Officer and Chairman Mingyu Li said ArcheNova's progress in exosome-based therapeutics aligns with the company's objective of partnering with an innovative business focused on unmet medical needs. Dr. Lim Sai Kiang, Chief Executive Officer, Chief Scientist and director of ArcheNova, described the planned Nasdaq listing as a platform to connect with global capital and investors. She added that public market support could advance the pipeline, enhance innovation, and support long-term growth.
Advisors and Company Background
Commerce & Finance Law Offices LLP is serving as legal counsel to ArcheNova, while Robinson & Cole LLP is serving as legal counsel to HSPO. ArcheNova is a clinical-stage, platform-based biopharmaceutical company focused on research, development, clinical translation, scalable manufacturing, and global commercialization of MSC-derived extracellular vesicles and exosomes. HSPO is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination.
The proposed business combination positions ArcheNova to advance a differentiated portfolio of cell-free regenerative medicines while leveraging HSPO's public listing structure. Although the parties expect closing in the first quarter of 2027, the transaction remains subject to regulatory and shareholder approvals and other customary closing conditions. No assurance can be given that the proposed transactions will be completed on the current terms or timeline, or at all.