HCM II Acquisition Corp. (Nasdaq: HOND) was the SPAC that merged with Terrestrial Energy Inc. and was renamed Terrestrial Energy Inc. on October 29, 2025. The business combination closed with gross proceeds exceeding $292 million before expenses — including $50 million in common stock PIPE commitments from institutional investors and approximately $230 million from the trust account with a negligible level of redemptions. The transaction valued Terrestrial Energy at a pre-money equity value of $925 million.
Institutional investors