backKing & Spalding is advising HCM II Acquisition Corp. (Nasdaq: HOND), in its business combination agreement that will result in Terrestrial Energy becoming a public company to be listed on Nasdaq under the ticker symbol “IMSR”.
The Transaction will provide approximately $280 million in gross proceeds to accelerate commercial deployment of Terrestrial Energy's IMSR technology and to pay transaction expenses. The $230 million of gross proceeds consists of $50 million in common stock PIPE commitments at $10.00 per share from new non-affiliated fundamental institutional investors, and approximately $230 million of cash held in HCM II’s trust account (before giving effect to potential redemptions).
The Transaction is expected to be completed during the fourth quarter of 2025 subject to customary closing conditions. Terrestrial Energy is a developer of Generation IV nuclear plants that use its proprietary Integral Molten Salt Reactor (IMSR) technology. IMSR technology captures the full transformative operating benefits of molten salt reactor technology in a plant design that represents true innovation in cost reduction, versatility and functionality of nuclear energy supply. HCM II Acquisition Corp. (“HCM II”) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
A press release announcing the transaction can be found here.