HOND SEC filings, in plain English
Everything HCM II Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 7 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: HCM II Acquisition Corp. completed its business combination with Terrestrial Energy Development Inc. on October 28, 2025, receiving ~$292M gross proceeds ($50M PIPE + ~$242M trust after <1% redemptions), and is now operating as Terrestrial Energy Inc. (IMSR). This 10-Q for Q2 2026 shows $130.7M cash, $142.8M short-term investments, and a net loss of $19.9M for the six months ended June 30, 2026, with operating expenses up 135% YoY driven by R&D and G&A growth. Why it matters: The SPAC phase is over with minimal redemptions, but the post-deal company is burning cash at an accelerating rate ($14.8M operating cash use in 1H 2026 vs $6.9M in 1H 2025) with no revenue. With 30.3M warrants outstanding at $8.24 weighted average exercise price and 105.9M shares outstanding, investors should monitor cash runway against the company's stated 12-month sufficiency assessment.
What changed: Terrestrial Energy (IMSR) reported Q2 2026 results with a $9.4M net loss, $283.4M in cash/investments, and $6.4M quarterly cash burn, alongside NRC approval of its PIE methodology Topical Report and a signed ground lease with Texas A&M for 77 acres at the RELLIS site. The company raised its estimated lifetime revenue per IMSR Plant to $2.7B (from $2.1B) at 33% blended gross margin and signed an MOU with Riot Platforms for data center co-location. Why it matters: With $283.4M in liquidity and a modest ~$6.4M quarterly burn, the post-de-SPAC company has a multi-year runway to advance licensing and site characterization. NRC topical report approvals and site control at RELLIS are concrete regulatory and operational milestones that de-risk the path toward first IMSR plant deployment in the early 2030s.
What changed: Terrestrial Energy Inc., the HCM II Acquisition Corp. successor, reported that on July 27, 2026 Shawn Matthews informed the company he was resigning from the board of directors, effective the same day. The filing states his decision was not the result of any disagreement on any matter relating to the company's operations, policies or practices. No replacement director, committee reassignment or severance arrangement is disclosed, and the report is signed by Chief Financial Officer Brian Thrasher. Why it matters: Shawn Matthews led the HCM II SPAC that took this company public, so his departure ends the sponsor's direct board presence at the successor roughly a year after closing — the point at which sponsor lock-ups and founder-share restrictions typically lapse. Nothing here touches a trust or a redemption right, and no disagreement is disclosed, but a sponsor principal stepping off the board is a signal about how long the SPAC side intends to stay involved in the company it created.
What changed: Terrestrial Energy Inc., the HCM II Acquisition Corp. successor, said its board appointed Kathryn McCarthy as a director effective July 22, 2026. She has been a Senior Advisor at Oak Ridge National Laboratory since 2025, was Director of its US ITER Project Office from 2020 to 2025, Vice President of R&D at Canadian Nuclear Laboratories from 2017 to 2020, and held senior roles at Idaho National Laboratory from 2003 to 2017. She is paid under the non-employee director policy. Why it matters: No trust, redemption right or deadline is affected. The appointment matters as a capability signal at a pre-revenue nuclear developer: a director whose career is in national-laboratory fission and fusion programmes strengthens the technical and government-relations side of a board whose value to holders rests almost entirely on regulatory progress. It also arrives days before the resignation of the SPAC sponsor principal from the same board, so the composition is shifting from deal-makers to operators.
What changed: Terrestrial Energy Inc., the HCM II Acquisition Corp. successor, reported under Item 7.01 that on July 21, 2026 it made its investor presentation available on its investor relations website for use in general corporate and investor communications, and furnished a copy as Exhibit 99.1. The information is expressly furnished rather than filed, so it is not subject to Section 18 liability and is not incorporated by reference into Securities Act or Exchange Act filings. The report is signed by Chief Executive Officer Simon Irish. Why it matters: Posting an investor deck carries no trust, redemption or deadline consequence, and the furnishing language keeps the contents outside Section 18 liability — which is precisely why forward-looking material about a pre-revenue nuclear developer appears in a presentation rather than a periodic report. For a former HOND holder the deck is useful context but not a disclosure they can rely on; the periodic filings remain the place where cash runway and programme milestones must be stated.
What changed: Terrestrial Energy Inc., the HCM II Acquisition Corp. successor, reported under Item 5.02(b) that the employment of Steven Millsap as General Counsel, Secretary and Chief Compliance Officer will end effective September 12, 2026. The report gives no reason for the departure, names no successor, discloses no severance arrangement and states nothing about whether the departure was voluntary. It is signed by Chief Executive Officer Simon Irish. Why it matters: Losing the General Counsel, Secretary and Chief Compliance Officer in one departure removes three functions from a recently listed company that must maintain SEC reporting and, as a nuclear developer, an intensive regulatory interface. The filing's silence on cause and successor is itself notable — Item 5.02 requires disclosure of a resignation over disagreements, and none is claimed. Combined with a director resignation weeks later, it points to broader turnover at the top of this de-SPAC.
- What changed vs 2025-11-14going concern RESOLVED
going-concern doubt, trust account, combination deadline +21 moved · 4 with no prior record of ours
- Going-concern doubt
- statednot stated
- Trust account
- $242.6Mnot matched in this filing
- Combination deadline
- 2026-08-19not matched in this filing
- Sponsor loans outstanding
- $400Knot matched in this filing
- Redeemable shares
- 23.0Mnot matched in this filing
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
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: Terrestrial Energy Inc., the successor to HCM II Acquisition Corp., called its 2026 annual meeting for Thursday, June 11, 2026 at 10:00 a.m. Eastern time solely by remote communication, record date April 20, 2026, with holders of both common stock and special voting preferred stock entitled to vote. Holders elect three Class I directors to three-year terms expiring in 2029 and ratify UHY LLP for the fiscal year ending December 31, 2026. Why it matters: This is the first annual meeting after the October 28, 2025 closing, so the HCM II trust is released and no redemption right survives. Special voting preferred stock voting alongside common preserves a separate control block from the de-SPAC structure. The redeemable warrants exercisable at $11.50 set the level above which that dilution converts, and reverse-recapitalization accounting means the historical financials are TEDI's, not the SPAC's.
- What changed vs 2025-03-31going concern RESOLVED
going-concern doubt, trust account, combination deadline +11 moved · 3 with no prior record of ours
- Going-concern doubt
- statednot stated
- Trust account
- $235.2Mnot matched in this filing
- Combination deadline
- 2026-08-19not matched in this filing
- Redeemable shares
- 23.0Mnot matched in this filing
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
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.
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.