HACQ SEC filings, in plain English
Everything HCM IV Acquisition has filed with the SEC that we hold — 29 filings, newest first, 27 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: 10-Q (Quarterly Report) for HCM IV Acquisition Corp., a blank-check SPAC still searching for a target. First quarterly report since IPO. Trust account funded with $291.2M ($10.13 per share including interest). Net loss of $1.06M for H1 2026, driven by $1.67M G&A and $3.06M advisory fee. Working capital deficit of $404k outside trust. Company discloses substantial doubt about going concern. Redemption value per share increased to $10.13 from $10.00 due to interest accretion. No business combination target selected or substantive discussions initiated. Why it matters: Establishes baseline post-IPO financials. Trust value per share ($10.13) is critical for redemption calculations. The $3.06M advisory fee payable only at deal close is a significant sponsor-related cost that will reduce available cash for target. The going concern warning confirms SPAC needs a deal or extension before February 2028 deadline. Management admits no target discussions, indicating early-stage search.
What changed vs 2026-05-14trust $288.5M → $291.2M +1%trust account, going-concern doubt, sponsor loans outstanding +11 moved · 3 with no prior record of ours
- Trust account
- $288.5M$291.2M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $371K · unchanged
- Redeemable shares
- 28.8M · unchanged
SpacBrain reads this as $2,650,081 was added to the trust between the two filings.
The clause …“135,959 Prepaid insurance – long-term 42,292 — Cash and marketable securities held in Trust Account 291,161,379 — TOTAL ASSETS $ 292,145,034 $ 160,959 LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’”…
The clause …“in accordance with ASC 205-40, “Presentation of Financial Statements — Going Concern,” the Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year”…
The clause …“closing of the Initial Public Offering. On February 13, 2026, the Company had borrowed $ 371,062 under the promissory note. The borrowings have been paid in full by the Company on February 17, 2026, subsequent to the closing of the”…
The clause …“issued or outstanding as of June 30, 2026 and December 31, 2025 (excluding 28,750,000 shares subject to possible redemption) — — Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 8,625,000 shares issued and”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: A Schedule 13G beneficial ownership filing accompanied by two Power of Attorney exhibits executed by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC, designating internal employees as attorneys-in-fact to execute and deliver Rule 13f-1 and Regulation 13D-G reports. The filing reports no changes to redemption deadlines, trust value, extension mechanisms, deal progress, or sponsor conduct. It updates the internal register of Goldman Sachs signatories authorized to submit future regulatory filings, enumerates specific named attorneys-in-fact, removes prior appointees, and establishes expiration dates through July 2027, explicitly superseding a July 16, 2025 authorization. Why it matters: For investors tracking SPAC mechanics, this document carries zero operational weight. It confirms only that Goldman Sachs maintains standard administrative routing for potential future ownership disclosures and does not signal any shift in investment posture, target engagement, or transaction timeline. Aside from internal personnel appointments governing signing authority under New York law, the filing contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or corporate personnel beyond the enumerated attorneys-in-fact.
What changed: Form 10-Q (quarterly report) for HCM IV Acquisition Corp. for the period ended March 31, 2026, the first periodic report following the company's initial public offering on February 13, 2026. This is the SPAC's first quarterly report after its $287.5 million IPO (including full over-allotment). Key changes: trust account funded with $288.5 million (~$10.04 per share), public warrants and private placement warrants outstanding, $3.06 million deferred advisory fee payable at business combination, a net loss of $2.9 million for the quarter, and a going concern disclosure indicating the company may not have sufficient resources to sustain operations for one year unless a business combination closes. No target has been identified yet. Why it matters: Investors tracking redemption deadlines and trust value get the first post-IPO financial snapshot: trust per-share value is $10.04 (slightly above the $10.00 IPO price due to interest), confirming the February 2028 liquidation deadline. The going concern qualification highlights the urgency to find a deal and the risk if no combination occurs. The advisory fee structure (Zenith) adds a cost to any future business combination.
What changed: A routine compliance exhibit and press release accompanying a Form 8-K current report. The filing announces that commencing April 6, 2026, holders of HCM IV Acquisition Corp.'s initial public offering units may elect to mechanically separate each unit—composed of one Class A ordinary share (par value $0.0001 per share) and one-quarter of a warrant—into individually traded instruments. Separated shares and warrants will list on Nasdaq under symbols "HACQ" and "HACQW," while unseparated units continue under "HACQU." Only whole warrants will trade upon division, with each whole warrant exercisable at $11.50 per share. Brokers must coordinate with transfer agent Continental Stock Transfer & Trust Company to process splits. The press release also notes the entity formerly operated as Mercator I Acquisition Corp. until rebranding on October 2, 2025, and identifies leadership including Chairman and Chief Executive Officer Shawn Matthews, President and Chief Financial Officer Steven Bischoff, and board members Michael J. Connor, Richard Donohoe, and Thomas Sapio. No modifications are reported to redemption windows, trust account balances, extension proposals, target screening, or sponsor conduct. Why it matters: Unit separation is a standard administrative transition for blank check companies that shifts trading dynamics from bundled packages to independent equity and option legs prior to any merger completion. It provides investors with structural flexibility to manage capital allocation without altering the underlying economic interests or triggering redemptions. The filing explicitly avoids referencing trust distributions, liquidation thresholds, or deal pipelines, meaning the cash reserve remains functionally static. Shareholders watching the February 12, 2028 deadline can proceed with the existing timeline unaffected by this liquidity event.
What changed: Form 10-K annual report for the fiscal year ended December 31, 2025, filed by HCM IV Acquisition Corp., a blank-check SPAC that completed its IPO on February 13, 2026, after the reporting period. This is the company's first 10-K, covering the period from inception (September 5, 2025) through December 31, 2025. Key disclosures: (i) the company was formed as a SPAC and changed its name on October 29, 2025; (ii) the Sponsor contributed $25,000 for 8,625,000 founder shares at ~$0.003 per share; (iii) subsequent to year-end, the IPO of 28,750,000 units at $10.00 per unit closed on February 13, 2026, placing $287,500,000 ($10.00 per public share) in the trust account; (iv) the trust account funds are invested in U.S. government securities; (v) the company has a 24-month deadline from the IPO (February 2028) to complete a business combination; (vi) net loss for the period was $59,655; (vii) a working capital deficit of $170,614 existed at year-end, but the IPO resolved going-concern doubts; (viii) the filing includes audited financial statements and detailed descriptions of redemption rights, sponsor obligations, and risk factors. Why it matters: This filing is the first audited baseline for the SPAC. It confirms the trust account value ($287.5M, $10.00 per share), the per-share redemption price, the 24-month deadline, and the terms of the founder shares and warrants. It also details the sponsor's indemnification obligations and the risk of trust reduction. For investors tracking redemption deadlines and trust value, this is the authoritative source for the SPAC's initial financial position and structure.
What changed: A Form 8-K Current Report filing that announces the consummation of an Initial Public Offering and a simultaneous private placement, accompanied by an audited balance sheet and a going concern qualification from independent auditors. As the issuer reports, on February 13, 2026, the Company sold 28,750,000 units at $10.00 per unit, placing $287,500,000 into a U.S.-based trust account administered by Continental Stock Transfer & Trust Company. Management defines the completion window as exactly 24 months from the February 13, 2026 closing. Simultaneously, the sponsor, HCM Investor Holdings IV, LLC, and underwriter representative Cantor Fitzgerald & Co. purchased 4,666,667 private placement warrants at $1.50 per warrant, generating $7,000,000. Per the sponsor letter agreement filed with the report, the sponsor waives redemption rights for founder shares, agrees to vote all founder and post-IPO public shares in favor of a combination, and assumes liability to restore the trust account to the lesser of $10.00 per public share or actual liquidation value if third-party claims deplete it. The underwriters fully exercised their 3,750,000-unit over-allotment option, extinguishing the 1,125,000-share founder forfeiture contingency. Transaction costs totaled $19,591,443, comprising a $5,000,000 cash fee, a $13,687,500 deferred underwriting discount, and $903,943 in other costs. A $1,250,000 advisory fee was assigned to Zenith Securities LLC and reimbursed by the underwriter, with $3,062,500 remaining non-current and a separate $2,500,000 business combination advisory fee committed. On February 17, 2026, the sponsor transferred $2,474,956 to settle a $371,062 promissory note and vendor payables. Why it matters: Beyond the mechanics, the filing reveals substantial operational and strategic context that dictates near-term investor action. The independent auditor, WithumSmith+Brown, PC, issued a going concern warning, noting only $1,246,877 in working capital and a $35,000 monthly administrative services agreement with a sponsor affiliate beginning February 11, 2026, signaling pre-combination liquidity fragility dependent on continued sponsorship. Strategic disclosures confirm management has not selected any target and has initiated no substantive discussions, leaving redemption exposure purely time-driven through the February 2028 window. The founder share transfer of 75,000 units to three independent directors was valued at $114,225 ($1.52 per share) by a third-party valuation team utilizing a $9.89 implied price, 16.0% combination probability, and 9.1% volatility, which may trigger future compensation expense recognition upon a probable business combination event. Additionally, warrant valuation inputs disclose a $0.43 fair value per public warrant via a Monte Carlo model assuming 9.40% volatility and a 3.43% risk-free rate over a 2.83-year term. Because no deal progress exists, the filing’s primary materiality lies in locking the $287,500,000 trust baseline, confirming sponsor conduct commitments, and highlighting the working capital gap that could force extension votes or liquidation timelines if unaddressed.
What changed: A Form 4 insider ownership report filed February 18, 2026 (SEC file number 0001213900-26-017772) for HCM IV Acquisition Corp., submitted by director Michael J. Connor. The filing contains a single operational declaration: 'No non-derivative transactions or holdings reported.' This means the reporting director executed zero purchases, sales, conversions, or exercises of equity interests in the issuer, producing no alteration to shareholder mechanics, redemption schedules, trust accounting, extension procedures, or target-development timelines. Why it matters: According to the explicit statements in the Form 4, the document provides no new substantive developments. There are no attributed claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel changes. As a routine compliance exhibit, it confirms neutral insider positioning rather than a signal of conviction or distress, giving redemption-calendar trackers, trust-value monitors, and sponsor-conduct observers no material shift to incorporate before the stated deadline.
What changed: Form 4 insider ownership report and routine compliance exhibit. The filing records zero non-derivative transactions or holding adjustments for Shawn Matthews (Director, Chairman and CEO) and HCM Investor Holdings IV, LLC (identified as a 10% owner and Sponsor), leaving the sponsor’s equity position unchanged ahead of the documented 2028-02-12 deadline and without altering the stated $10 per-share trust valuation. Why it matters: This routine submission confirms baseline executive and sponsor alignment during the firm’s SEARCHING phase, eliminating near-term signals of management liquidity stress, early position unwinding, or pre-combination dilution. Per the filing text itself, no merger target disclosure, customer pipeline claim, revenue projection, technology roadmap, partnership agreement, litigation filing, or personnel transition is included. The document attributes the 10% sponsor stake, the $10 trust/share figure, and the 2028-02-12 expiration date exclusively to the issuer’s own records; none were calculated, rounded, or imposed from external market conventions. For investors monitoring redemption windows, trust accounting, extension voting, or sponsor conduct, the absence of insider trade activity and amendment filings indicates structural continuity rather than strategic pivot. Materiality is rated low because the exhibit introduces no new operational, financial, or corporate-action variables to the public record.
What changed: A routine compliance exhibit (SEC Form 4 insider ownership report). Director Richard Charles Donohoe’s filing explicitly states 'No non-derivative transactions or holdings reported,' confirming zero changes to his direct equity or derivative positions during the reporting window. Why it matters: This submission addresses sponsor and insider conduct by verifying no recent buying or selling activity by a company director, but provides no updates to the redemption deadline (2028-02-12), the stated trust value ($10 per share), extension timelines, or SPAC merger search progress. Beyond standard regulatory identifiers and the issuer name, the document contains no substantive claims about customers, revenue, market size, strategy, technology, partnerships, litigation, or operational milestones. It functions solely as a periodic securities-law checkpoint rather than a developmental catalyst.
What changed: SEC Form 4 — insider ownership report identifying Director Thomas Albert Sapio as the reporting person for HCM IV Acquisition Corp. The document records zero non-derivative transactions or holdings adjustments by Director Sapio. It provides no updates on trust value per share, the 2028-02-12 redemption deadline, extension mechanics, business-combination pipeline status, or sponsor conduct. It contains no claims regarding customers, revenue, market size, strategic direction, technology, partnerships, litigation exposure, or personnel changes. Why it matters: For investors tracking redemption calendars, trust dynamics, and sponsor alignment, this filing confirms a baseline of no recent insider equity movement by the named director. The reported silence does not shift liquidation thresholds, activate extension clauses, or indicate a change in deal-sponsorship posture. It serves as a routine regulatory attestation; the lack of transactional activity preserves the existing search-phase timeline and capital structure without altering redemption-related risk parameters.
What changed: 8-K reporting the closing of HCM IV Acquisition Corp.'s initial public offering (IPO) and entry into related definitive agreements, including underwriting, warrant, trust, registration rights, private placement, and administrative support agreements. The company consummated its IPO on February 13, 2026, issuing 28,750,000 units at $10.00 per unit (including full exercise of the over-allotment option) for gross proceeds of $287,500,000, all deposited into the trust account ($10.00 per public share). Simultaneously, the sponsor and underwriter purchased 4,666,667 private placement warrants at $1.50 per warrant for $7,000,000. The company adopted amended and restated memorandum and articles of association. It also entered into a Zenith advisory agreement for IPO and business combination consulting. The company is now a public blank check company with a 24-month deadline (February 13, 2028) to complete a business combination. Why it matters: This filing establishes the fundamental trust value of $10.00 per share, the 24-month deadline, the sponsor's founder share position (8.625M shares, ~23% post-IPO), warrant terms ($11.50 strike, 5-year term, redemption at $18.00), lock-up provisions, and the start of the search period. Investors can now track trust value, redemptions, and deal progress against these baseline terms. The Zenith advisory fee structure discloses potential dilution to trust proceeds.
What changed: Final prospectus for the initial public offering of HCM IV Acquisition Corp., a blank-check SPAC selling 25 million units at $10.00 per unit, each consisting of one Class A ordinary share and one-fourth of one warrant. The SPAC has launched its IPO. No target has been selected. Trust deposits will be $250 million ($10 per unit). The completion deadline is 24 months from the IPO's closing (by February 2028). Sponsor (HCM Investor Holdings IV, LLC) holds 8.625 million founder shares purchased for $25,000. A private placement of 4,666,667 warrants at $1.50 each will raise $7 million. Non-managing sponsor investors (institutional investors) may indirectly acquire 3.5 million private warrants and 2.1 million founder shares via membership interests in the sponsor. Why it matters: This is the SPAC's foundational IPO filing. It establishes the trust value, redemption mechanics (shareholders can redeem at $10 per share plus interest, minus taxes), the 24-month deadline, sponsor economics (founder shares costing $0.003 per share vs. public $10.00), and the priority of HCM III over HACQ in deal sourcing. It also discloses that prior SPACs sponsored by the management team — HCM I (MRNO, closing price $0.94) and HCM II (IMSR, $7.41) — experienced significant post-close declines, and that 83% of HCM I shares were redeemed before its combination.
What changed: This document is a routine compliance exhibit—a Form 3 insider ownership report—stating that director Connor Michael J filed zero non-derivative transactions or holdings. Regarding redemption deadlines, trust valuation, extension votes, target development, and sponsor behavior, nothing changed. The filing documents no share acquisitions, dispositions, or derivative movements for the named director. It does not accelerate a business combination timeline, alter liquidation or redemption triggers, modify the trust account composition, announce a merger candidate, or reveal any deviation from standard SPAC governance or sponsor conduct protocols. Why it matters: For investors tracking the mechanics of capital preservation, exit windows, or acquisition pacing, this filing offers no directional signal. Because it contains no assertions about customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel, and attributes no operational claims to any executive, board member, or financial advisor, it carries zero weight on redemption probability or extension risk. The reported lack of insider positioning indicates no voluntary capital commitment, leaving the SEARCHING phase and its associated calendar and trust parameters entirely dependent on subsequent merger announcements or formal extension filings rather than this administrative submission.
What changed: SEC Form 8-A for the registration of certain classes of securities pursuant to Section 12(b) of the Securities Exchange Act of 1934. The filing formally registers the registrant’s units, Class A ordinary shares (par value $0.0001 per share), and whole redeemable warrants (exercisable at $11.50 per share) for trading on The Nasdaq Stock Market LLC. It introduces no amendments to shareholder redemption windows, trust account distribution mechanics, business combination extension provisions, or target acquisition deadlines. The submission operates entirely through incorporation by reference to the security descriptions originally contained in the Company’s Registration Statement on Form S-1 (File No. 333-291343), initially filed on November 6, 2025, and adds no new tender offer structures, pro forma ownership calculations, or sponsor voting commitments. Why it matters: For investors tracking the HACQ redemption calendar and stated deadline of February 12, 2028, this filing functions as a routine post-offering compliance step that confirms the public equity and warrant classes are officially registered for secondary market listing, activating standard Nasdaq regulatory reporting pathways. It provides no commentary on the SPAC’s SEARCHING status, management’s target identification process, financial advisors engaged, or sponsor governance conduct. Because the document contains zero assertions regarding customers, revenue, market size, strategic positioning, proprietary technology, third-party partnerships, pending litigation, or executive transitions beyond the administrative signature of Chief Financial Officer Steven Bischoff dated February 11, 2026, it bears no direct impact on unit liquidation preferences or capital deployment trajectories. Investors requiring visibility into trust preservation, deal progression, or potential extension mechanisms must monitor subsequent periodic reports and definitive merger documentation rather than rely on this listing registration.
What changed: This document is a Form 3 insider ownership statement, classified as a routine compliance exhibit filed with the SEC on 2026-02-11. Regarding redemption deadlines, trust mechanics, extensions, deal progress, and sponsor conduct, the filing explicitly states 'No non-derivative transactions or holdings reported' for both the reporting chief executive, Matthews Shawn, and the sponsor entity, HCM Investor Holdings IV, LLC (identified as a 10% owner). No beneficial ownership changed hands, leaving the sponsor’s stake, the trust balance, and the 2028-02-12 business combination deadline structurally unaltered by this filing. Additionally, the document contains no statements, claims, or data regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or further personnel developments beyond the director titles already provided. Why it matters: For investors tracking capital commitment and governance, this routine Form 3 certifies that neither the chairman nor the sponsor adjusted their positions during this reporting period. With zero transactional activity recorded, there are no emergent signals regarding redemption pressure, sponsor alignment adjustments, or extension voting readiness. The absence of commercial or legal disclosures leaves the SEARCHING phase timeline entirely dependent on the pre-existing 2028-02-12 deadline without interim catalysts documented in this filing.
What changed: An SEC Form 3 initial statement of beneficial ownership reporting director Richard Charles Donohoe’s equity relationship with HCM IV Acquisition Corp. The filing text explicitly states 'No non-derivative transactions or holdings reported,' meaning there is no update to insider stock positions, no new purchase activity that would shift redemption mathematics or trust liquidity expectations, and no alteration to the corporate timeline or trust composition. Why it matters: Investors monitoring sponsor conduct and deal progression note that this document contains no claims of executive market activity, eliminating near-term signaling through direct accumulation. Because the SEC Form 3 itself attributes the absence of disclosed holdings to the reporting director, it functions as a routine baseline compliance reset rather than a strategic pivot. It does not introduce extension motions, target identification, or voting commitments, leaving the operational cadence entirely dependent on subsequent proxy filings or business combination announcements. While it registers no movement against the stated deadline, an empty Form 3 provides a clean audit trail for shareholder tracking when quarterly updates might otherwise obscure baseline insider positioning.
What changed: SEC Form 3 (statement of beneficial ownership) – a routine compliance exhibit. The filing identifies Thomas Albert Sapio, director, as the reporting person and explicitly states 'No non-derivative transactions or holdings reported.' It makes no assertions regarding the trust value of $10 per share, the 2028-02-12 business combination deadline, redemption windows, extension votes, or sponsor conduct. The document contains no statements about customers, revenue, market size, corporate strategy, technology, partnerships, litigation, or management personnel. Why it matters: For investors monitoring the SEARCHING stage, redemption deadlines, and board alignment, the filing confirms Director Sapio holds no reported changes to his public equity position. Because the SEC submission reflects zero insider stock activity, it provides no new signal regarding confidence in an imminent merger, nor does it indicate planned retention or exit behavior ahead of the 2028-02-12 deadline. The absence of substantive operational or financial disclosures means the filing does not impact the trust account trajectory, extension timeline, or target qualification criteria. As a standard regulatory update, it leaves all existing redemption calendar mechanics and deal-prospect variables unaltered.
What changed: A Rule 461 acceleration request submitted by underwriter Cantor Fitzgerald & Co. to the Securities and Exchange Commission Division of Corporation Finance to expedite the effective date of HCM IV Acquisition Corp.’s Form S-1 registration statement. Managing Director David Batalion on behalf of Cantor Fitzgerald & Co. requested that the Registration Statement (File No. 333-291343) become effective at 4:00 p.m. Eastern Time on February 11, 2026, or as soon thereafter as practicable. The filing advises that copies of the proposed preliminary prospectus will be distributed to each underwriter or dealer reasonably anticipated to participate in the distribution and confirms continued compliance with Rule 15c2-8. The correspondence reports no adjustments to shareholder redemption thresholds, trust account funding levels, extension vote procedures, acquisition milestone schedules, or sponsor oversight actions. Why it matters: Advancing the registration effective date brings the public offering closer to execution, which operationally precedes the start of the business combination search period and the initiation of any future redemption windows tied to definitive agreement announcements. Because the submission is strictly procedural and limited to timing logistics and underwriter coordination, it does not modify investor exit mechanics, introduce valuation assumptions, or disclose target-level financials, customer relationships, market sizing, technology development, partnership arrangements, litigation exposures, or executive appointments. Investors monitoring the timeline should update their calendars for the targeted February 11, 2026 effectiveness, but should anticipate no substantive deal progression or covenant changes until subsequent amendment filings or proxy materials are issued.
What changed: A written correspondence (CORRESP) submitting a Rule 461 request to accelerate the effective date of a Registration Statement on Form S-1 for HCM IV Acquisition Corp. Chief Financial Officer Steve Bischoff requests that the Securities and Exchange Commission declare the referenced S-1 effective at 4:00 p.m., Eastern time, on February 11, 2026, or as soon thereafter as practicable. The filing does not amend redemption deadlines, trust value calculations, extension procedures, or sponsor governance rules; it solely advances the administrative window for when the registration statement may become operative. Upon declaration, the company directs SEC staff Benjamin Holt and Pam Howell to provide oral confirmation to King & Spalding LLP. Why it matters: Accelerating an S-1 effective date indicates routine capital markets administration aimed at positioning the company for a subsequent pricing or listing event, but it does not mechanically affect the existing shareholder redemption timeline, trust account mechanics, or deal-sponsor obligations. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Because the submission consists exclusively of a procedural timeline request addressed to Corporation Finance staff, it presents no near-term catalysts for trust preservation or liquidation risk, though it confirms active SEC registration engagement.
What changed: A Securities and Exchange Commission correspondence (CORRESP) formally requesting the administrative withdrawal of an acceleration request for HCM IV Acquisition Corp.’s Form S-1 registration statement, originally dated January 30, 2026. Chief Financial Officer Steve Bischoff states that the registrant is withdrawing its January 30, 2026 acceleration request previously submitted to the SEC Division of Corporation Finance. The text introduces no amendments to trust account arrangements, shareholder redemption procedures, liquidation timelines, or sponsor extension voting mechanisms. Filing references are limited to File No. 333-291343, the date January 30, 2026, and telephone number (516) 225-7053. Why it matters: Withdrawing an S-1 acceleration request pauses expedited SEC review of the merger prospectus, meaning the document will return to standard comment-letter processing. For investors monitoring deal progression, this extends the administrative timeline required to consummate a business combination, thereby increasing reliance on remaining uncommitted capital in trust while approaching the company’s standard two-year operating window. Attributed solely to CFO Steve Bischoff and legal contact Kevin E. Manz of King & Spalding LLP, the filing makes no substantive claims regarding customer bases, projected revenues, target market sizing, proprietary technology, strategic alliances, personnel changes, or ongoing litigation.
What changed: A correspondence letter to the SEC Division of Corporation Finance requesting acceleration of the effective date of HCM IV Acquisition Corp.'s Form S-1 Registration Statement under Rule 461. According to David Batalion, Managing Director, Investment Banking at Cantor Fitzgerald & Co., signed January 30, 2026, the firm requests that the Form S-1 Registration Statement (File No. 333-291343) become effective at 4:00 p.m. Eastern Time on February 3, 2026, or as soon thereafter as practicable. Cantor Fitzgerald & Co. advises it will distribute proposed form preliminary prospectus copies to underwriters or dealers reasonably anticipated to participate, and affirms compliance with Rule 460 and Rule 15c2-8. There are no updates to redemption deadlines, trust account mechanics, extension triggers, merger search progress, or sponsor conduct. The text contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, litigation, or personnel. Why it matters: This is a procedural capital markets administrative submission coordinating offering timing with SEC staff. It does not advance, delay, or redefine the February 12, 2028 business combination deadline, alter redemption windows, change trust account valuation procedures, or indicate any shift in sponsor behavior or acquisition activity. For investors tracking these parameters, it is operationally neutral and carries no material weight beyond confirming banking participation and regulatory clearance for an upcoming securities distribution.
What changed: A correspondence (CORRESP) requesting SEC acceleration of the effective date for a Form S-1 registration statement. Chief Financial Officer Steve Bischoff, submitting on behalf of HCM IV Acquisition Corp to SEC staff members Benjamin Holt and Pam Howell, requested that the company’s previously filed Form S-1 (File No. 333-291343) be declared effective at 4:00 p.m. Eastern time on February 3, 2026. The letter specifies that oral confirmation of effectiveness should go to outside counsel King & Spalding LLP, directing staff to call Kevin Manz at (516) 225-7059. The submission invokes Rule 461 under the Securities Act of 1933. No changes to the SPAC’s stated redemption deadline, per-share trust amount, search period, extension mechanics, or sponsor conduct are requested or disclosed. Why it matters: Because this filing is strictly an administrative timing request for a registration statement, it does not advance the redemption calendar, alter trust distribution procedures, or indicate that a merger agreement has been signed or announced. Acceleration of an S-1 effective date is routinely used to prepare for subsequent capital markets transactions, such as pricing a follow-on offering or closing a business combination announcement, but without an accompanying merger agreement, amended second prospectus, or extension solicitation, investors tracking liquidation rights, target deal progress, or sponsor extensions will find no operative mechanical changes in this document.
What changed: Amendment No. 2 to Registration Statement on Form S-1 (pre-effective IPO prospectus) for a blank check company, HCM IV Acquisition Corp., seeking to register a $250,000,000 unit offering. The filing is a routine pre-effectiveness amendment to a SPAC's S-1 registration statement (Amendment No. 2). It updates the prospectus with the company's corrected name (changed October 29, 2025 to HCM IV Acquisition Corp., from Mercator I Acquisition Corp.), and refreshes financial data (balance sheet through September 30, 2025, with a going-concern qualification), and updates information on the management team and historical results of prior SPACs sponsored by the same team. It adds completed business combinations for HCM I (Murano) and HCM II (Terrestrial Energy) as track record disclosures, but the underlying SPAC HACQ has no target and is still searching. Why it matters: This S-1/A matters because it confirms the SPAC is still alive and moving toward its IPO. It provides the full terms of the proposed trust, redemptions, sponsor economics, and conflict-of-interest disclosures. Investors tracking HACQ need to note (a) the trust is expected to be $250M at $10.00/share, (b) the deadline to complete a deal is 24 months from the closing of the offering (on or about February 2028), (c) redemption rights are available for all public shareholders, regardless of how they vote, (d) the sponsor and insiders bought founder shares at ~$0.003 per share, (e) there is a mandatory $10.00 redemption if no deal is done, and (f) the sponsor team has prior SPACs with high redemption rates (83% in HCM I). The document contains no new business combination target.
What changed: A response to an SEC Division of Corporation Finance comment letter (CORRESP) regarding Amendment No. 1 to a Registration Statement on Form S-1. Following a January 9, 2026, comment letter from the SEC Staff regarding File No. 333-291343, the Company filed a revised Registration Statement simultaneously with this submission. Internal revisions were applied to pages 8, 38-39, 79-80, 117, 122, and 151-152. The filing does not alter the 2028-02-12 redemption deadline, leaves the trust value at $10 per share untouched, and maintains the SEARCHING status without establishing any new extension or business combination voting mechanics. Why it matters: This filing directly tracks sponsor conduct and deal progress. The SEC Staff identified conflicts stemming from the parallel involvement of officers and directors (Messrs. Matthews, Bischoff, and Donohoe) with HCM III Acquisition Corp., which is also actively searching for a target. In response, Chief Executive Officer and Chairman Shawn Matthews authorized expanded disclosures explaining how potential business combination opportunities will be allocated between the two SPACs, specifically referencing Regulation S-K Item 1602(b)(7). For investors monitoring capital allocation and management bandwidth, this confirms the sponsor is running concurrent searches across multiple shells, which can impact target priority and redemption pressure. The document contains no claims regarding customers, revenue, market size, strategy, technology, partnerships, or active litigation. Legal Counsel Kevin E. Manz is cited as the operational contact for future communications.
What changed: SEC Division of Corporation Finance comment letter regarding Amendment No. 1 to the Registration Statement on Form S-1. The SEC staff is mandating amendments to resolve conflicts-of-interest disclosures and deal-allocation mechanics. Citing the company’s prior statement on page 8 and elsewhere, the staff notes that officers and directors intend to first present SPAC-suitable opportunities to HACQ before any similar entity. The staff now requires an expanded explanation of how business combination opportunities will be allocated among the affiliated SPACs and demands full disclosure of conflicts relating to Messrs. Matthews, Bischoff, and Donohoe’s concurrent involvement with HCM III Acquisition Corp., which is actively searching for a target business. The staff references Item 1602(b)(7) of Regulation S-K and Rules 460 and 461 regarding acceleration requests. Why it matters: This governs sponsor conduct and transaction-priority mechanics rather than redemption deadlines or trust valuations. It places regulatory oversight on the managing team’s dual pursuit of HACQ and HCM IV, requiring transparent allocation rules that protect shareholder access to suitable targets. The correspondence does not alter the February 12, 2028 expiration, modify distribution provisions, or introduce new economic terms. No claims regarding customers, revenue, market size, technology, partnerships, or litigation appear in the text; the substantive content is confined to regulatory compliance, corporate governance disclosures, and procedural directives referencing File No. 333-291343 and direct contacts with SEC staff members Kellie Kim, Shannon Menjivar, Benjamin Holt, and Pam Howell. The company must respond and submit an amendment prior to any acceleration review.
What changed: Amendment No. 1 to Form S-1 registration statement for the initial public offering of HCM IV Acquisition Corp., a blank check company (SPAC) still in the searching stage. This is a preliminary prospectus subject to completion, dated November 24, 2025. This amendment updates the S-1 with audited financial statements as of September 30, 2025 and for the period from inception, adds an independent auditor's report with a going concern explanatory paragraph, and provides updated disclosures on the offering terms (25 million units at $10.00 per unit, $250 million trust, 24-month deadline from closing), sponsor compensation (founder shares at $0.003 per share, private placement warrants at $1.50), redemption mechanics, dilution tables, and a revised risk factors section. It also incorporates the completion of HCM II's business combination with Terrestrial Energy Inc. (IMSR) on October 28, 2025 and the post-combination stock prices of prior deals (MRNO at $2.62, IMSR at $13.66 as of November 4, 2025). Why it matters: This filing is the most detailed disclosure yet for HACQ's IPO, giving investors concrete terms of the offering (including trust per share of $10.00, no specified maximum redemption threshold, and a 24-month completion window extendable to 36 months), the sponsor's economic incentive (founder shares at $0.003 vs. public at $10.00), and the track record of management's prior SPAC deals (HCM I/MRNO and HCM II/IMSR). The document is material for redemption calendar tracking because it confirms the per-share trust value and the timeline for a business combination, and for sponsor conduct because it details the nominal cost of founder shares and the lock-up restrictions.
What changed: S-1 registration statement for initial public offering of HCM IV Acquisition Corp., a blank check company. Initial registration statement filed for a new SPAC HACQ, establishing $10.00 per unit trust, 24-month deadline, sponsor HCM Investor Holdings IV, LLC, and management team led by Shawn Matthews. Why it matters: Sets terms for new SPAC: trust at $10.00 per unit, 24-month deadline from offering closing, founders' shares with 23% conversion, redemption rights, warrants at $11.50, and prior SPAC track record of management (HCM I, HCM II). No target identified yet.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.