How to pass the content of a file as multiple arguments in bash

I have a file that contains data that gets updated over time (mydata). The file looks like this:

1 2 3

With this file, I want to do this (basically handle each number as a separate parameter):

myscript.sh 1 2 3

Since the data is not static but instead updated over time, I want to run this command:

myscript.sh "$(cat mydata)"

But instead I see ./myscript.sh: line 1: 1: command not found

What should I do?