HCM III Acquisition Corp.

HCMA

$10.31

+0.19%

N/A+$0.02

Financial Services

Shell Companies

NASDAQ

Active Trading

HCM Acquisition Corp currently lacks substantial independent business operations. Its primary objective is to seek and complete a business combination, such as ...

Supply Chain of HCMA

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Hondius Capital Management (Sponsor)

Cantor Fitzgerald & Co.

King & Spalding LLP

Continental Stock Transfer & Trust Company

Hondius Capital Management (Sponsor)

SPAC Sponsor; provides management team, sourcing, and sponsor financing

Cantor Fitzgerald & Co.

Lead Underwriter and left bookrunner for IPO; private placement warrant purchaser; provides advisory services

King & Spalding LLP

Legal counsel for IPO and SEC filings

Continental Stock Transfer & Trust Company

Transfer agent and warrant administrator

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

HCM Acquisition Corp. (HCM I) / Murano Global Investments plc

HCM II Acquisition Corp. / Terrestrial Energy Inc.

HCM IV Acquisition Corp.

HCM Acquisition Corp. (HCM I) / Murano Global Investments plc

NASDAQ:MRNO

Predecessor SPAC vehicle from same sponsor; completed business combination with Murano Global (NASDAQ:MRNO) in March 2024. Establishes sponsor track record and investment thesis template.

HCM II Acquisition Corp. / Terrestrial Energy Inc.

NASDAQ:IMSR

Predecessor SPAC vehicle from same sponsor; completed business combination with Terrestrial Energy (NASDAQ:IMSR) in October 2025. Establishes sponsor track record and investment thesis template.

HCM IV Acquisition Corp.

NASDAQ:HCMDU

Sibling SPAC vehicle from same sponsor; fourth blank check company formed by Hondius Capital Management, IPO in February 2026. Competition for deal sourcing but priority allocation rights managed via agreement.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

HCM II Acquisition Corp. (now Terrestrial Energy Inc.)

HCM Acquisition Corp. (now Murano Global Investments plc)

HCM IV Acquisition Corp.

HCM II Acquisition Corp. (now Terrestrial Energy Inc.)

NASDAQ:IMSR

Immediate predecessor SPAC from same sponsor (Hondius Capital Management / Shawn Matthews). Successfully completed de-SPAC with Terrestrial Energy (nuclear energy technology) in October 2025. Provides direct insight into sponsor's deal-making capability, sector selection, and post-merger equity performance.

HCM Acquisition Corp. (now Murano Global Investments plc)

NASDAQ:MRNO

First SPAC from the same sponsor. Completed de-SPAC with Murano Global (hospitality real estate) in March 2024. Establishes the longest track record for the sponsor team and can be used to benchmark post-merger performance outcomes.

HCM IV Acquisition Corp.

NASDAQ:HCMDU

Fourth blank check company from the same sponsor, IPO in February 2026. Direct peer to HCMA with identical structure, management team, and investment mandate. Useful for comparative SPAC valuation and tracking sponsor pipeline.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States (Connecticut)

Cayman Islands

HCM III Acquisition Corp.

United States (Connecticut)

Corporate headquarters and legal domicile (Cayman Islands for corporate, Connecticut for management office)

HCM III Acquisition Corp.NASDAQ:HCMACorporate entity headquartered at 100 First Stamford Place, Suite 330, Stamford, CT 06902

Cayman Islands

Legal domicile and incorporation jurisdiction

HCM III Acquisition Corp.NASDAQ:HCMAExempted company incorporated under Cayman Islands law

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Other

Critical

No business combination target has been identified or announced as of June 12, 2026. The company has a limited period (typically 18-24 months from IPO, i.e., until ~August 2027) to complete a de-SPAC transaction or face dissolution and return of trust proceeds to shareholders.

Other

High

Going concern risk disclosed in Q1 2026 10-Q filing; substantial doubt exists about ability to continue as a going concern if a business combination is not consummated within the required timeframe.

Other

High

Sponsor dependency risk - the company relies entirely on Hondius Capital Management and Shawn Matthews for deal sourcing, negotiation, and execution. No operating management or independent business operations.

Other

Medium

Shareholder redemption risk - significant redemptions upon announcement of a target could reduce trust proceeds available for the business combination, potentially jeopardizing deal economics or forcing renegotiation.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Interest Income from Trust Account

100.0%

$0.0B

No operating revenue; only interest earned on IPO trust proceeds held in U.S. government securities/money market funds. No traditional supply chain exists as the entity is a shell company with no operations.

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