backKing & Spalding advised HCM II Acquisition Corp. (Nasdaq: HOND) as it completed its business combination with Terrestrial Energy Inc., a developer of small modular nuclear plants using advanced reactor technology.
The transaction closed with gross proceeds totaling approximately $292 million before expenses, reflecting previously placed $50 million common stock PIPE and a negligible level of redemptions. The $292 million capital raise is set to accelerate the commercial deployment of Terrestrial Energy's proprietary Integral Molten Salt Reactor (IMSR) nuclear technology.
In connection with the completion of the business combination, HCM Acquisition Corp. II has been renamed Terrestrial Energy Inc., and its securities will be listed on the Nasdaq Stock Market LLC under the symbols “IMSR” and “IMSRW”, respectively. Terrestrial Energy is a developer of Generation IV nuclear plants using proprietary Integral Molten Salt Reactor (IMSR) technology.
IMSR technology captures the transformative operating benefits of molten salt reactor technology in a small modular plant design that represents true innovation in affordability, efficiency, and versatility of nuclear energy supply. HCM II Acquisition Corp. was 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.