seekingalpha.com · Oct 20, 2025
Terrestrial Energy - Is This SPAC Merger About To Go Nuclear?
HCM II Acquisition Corp. (HOND) is holding an extraordinary general meeting on October 20 to vote on a proposed merger with small modular nuclear reactor developer Terrestrial Energy Inc. (IMSR). If approved, the combined company plans to offer up to 151,970,541 common shares and 18,350,000 warrants at a pro forma equity value of $1.3 billion, generating $280 million in gross proceeds. At a pro forma equity value of $1.3 billion (at the original $10 SPAC offer price) with no expected commercial sales or profits until 2034, Terrestrial Energy (IMSR) shares are highly speculative and not for the faint of heart.
