Financial Performance - The Company reported a net income of $1,927,839 for the three months ended September 30, 2025, primarily from interest earned on marketable securities of $2,508,797, offset by operating costs of $1,638,082[143]. - For the nine months ended September 30, 2025, the Company had a net income of $3,218,865, with interest income of $7,449,387 and total operating costs of $4,230,522[144]. - The Company incurred cash used in operating activities of $1,055,702 for the nine months ended September 30, 2025, influenced by changes in operating assets and liabilities[151]. Marketable Securities and Trust Account - As of September 30, 2025, the Company held marketable securities in the trust account amounting to $242,642,972, which will be used to complete the Business Combination[153]. - As of September 30, 2025, the fair value of the forward purchase derivative liability was $0[158]. - The company has no off-balance sheet arrangements or obligations as of September 30, 2025[159]. Business Combination - The Business Combination Agreement with Terrestrial Energy Inc. was entered into on March 26, 2025, with an aggregate consideration of $925,000,000 for the merger[137]. - The Business Combination is expected to close in the fourth quarter of 2025, pending shareholder approvals and customary closing conditions[138]. - The Company has until August 19, 2026, to complete the initial Business Combination, or it will trigger an automatic winding up and liquidation[155]. Initial Public Offering - The Company completed its Initial Public Offering on August 19, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units[148]. - The underwriter is entitled to a deferred underwriting discount of 4.40% of gross proceeds from the Initial Public Offering, totaling $10,720,000, payable upon completion of the initial Business Combination[162]. Capital and Financing - The Company plans to issue 5,000,000 shares of Domesticated Common Stock at $10.00 per share through PIPE Financing, raising an additional $50,000,000[141]. - As of September 30, 2025, the Company had cash held outside the trust account of $350,389 available for working capital needs[154]. Accounting and Reporting - Management does not have any critical accounting estimates to disclose as of September 30, 2025[163]. - Recent accounting standards are not expected to materially affect the company's financial statements[164]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[166]. Liabilities - The company has no long-term debt or significant liabilities, except for a monthly payment of $15,000 to the Sponsor for office-related services[161].
HCM II Acquisition Corp.(HOND) - 2025 Q3 - Quarterly Report