Financial Performance - The Company had a net income of $689,999 for the three months ended March 31, 2025, consisting of interest earned on marketable securities of $2,462,864, offset by operating costs of $1,103,133[136]. - Cash used in operating activities for the three months ended March 31, 2025, was $150,929, with net income affected by interest earned on marketable securities[142]. Marketable Securities - As of March 31, 2025, the Company held marketable securities in the trust account amounting to $237,656,449, which will be used to complete the Business Combination[143]. - The fair value of the forward purchase derivative liability as of March 31, 2025, was $669,732[148]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $230,000,000 from the sale of 23,000,000 Units, including an over-allotment option[139]. - The deferred underwriting discount for the Initial Public Offering is $10,720,000, payable upon the completion of the initial Business Combination[151]. Business Combination - The Business Combination Agreement with Terrestrial Energy is expected to close in the fourth quarter of 2025, pending shareholder approvals[131]. - The Company has until August 19, 2026, to complete the initial Business Combination, after which it will face mandatory liquidation[145]. Company Structure and Compliance - The Company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[149]. - Management does not believe that any recently issued accounting standards would have a material effect on the Company's financial statements[153]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[155]. Future Financing Plans - The Company plans to issue 5,000,000 shares of Domesticated Common Stock at a price of $10.00 per share as part of the PIPE Financing[134].
HCM II Acquisition Corp.(HONDU) - 2025 Q1 - Quarterly Report