---
schema_version: "secwatch.filing_event.v1"
accession: "0001013762-25-002481"
form_type: "8-K"
ticker: "IMSR"
cik: "0002019804"
company_name: "Terrestrial Energy Inc. /DE/"
filed_at: "2025-03-26T23:59:59+00:00"
generated_at: "2026-05-24T05:19:05.657474+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# HCM II SPAC merges with Terrestrial Energy; $925M enterprise value, $50M PIPE

## Summary
- Definitive agreement: HCM II merger sub to merge into Terrestrial Energy; target survives; enterprise value $925M.
- $50M PIPE from 5M shares at $10/share; PIPE investors may use Non-Redeemed Shares to satisfy commitments.
- Closing expected Q4 2025; requires HCM II shareholder approval, SEC effectiveness, Nasdaq listing, and $150M minimum SPAC cash.
- Post-closing board: at least 5 directors (one from HCM II, CEO, rest from Terrestrial Energy).

## SEC filing metadata
- accession: 0001013762-25-002481
- form_type: 8-K
- ticker: IMSR
- cik: 0002019804
- company_name: Terrestrial Energy Inc. /DE/
- filed_at: 2025-03-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2019804/000101376225002481/0001013762-25-002481-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2019804/000101376225002481/ea0235355-8k_hcm2acq.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013762-25-002481
- JSON: https://secwatch.observer/filing/0001013762-25-002481.json
- Plain text: https://secwatch.observer/filing/0001013762-25-002481.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.