HCM IV Acquisition Corp priced a public offering of 25 million units at $10.00 per unit, generating $250 million in gross proceeds, the company announced. The units are scheduled to begin trading on the Nasdaq Global Market on February 12, 2026 under the ticker symbol "HACQU."
Each unit comprises one Class A ordinary share and one-quarter of one redeemable warrant. When the warrants trade separately, whole warrants can be exercised to acquire one Class A ordinary share for $11.50 per share. After the units split into their component securities for trading, the Class A shares are expected to trade under the symbol "HACQ" and the warrants under "HACQW."
Cantor Fitzgerald & Co. served as the sole bookrunner for the underwriting. The offering agreement includes a 45-day option for the underwriters to purchase up to an additional 3.75 million units in order to cover any over-allotments, should market demand require it.
The blank-check company indicated its investment focus will be on businesses that provide technology or innovations within the financial services industry. Management emphasized an orientation toward established companies that may benefit from strategic or operational support to enhance value.
Company leadership listed in the filing includes Shawn Matthews as chairman and chief executive officer, Steve Bischoff as chief financial officer, and Shawn Matthews Jr. as president. The Securities and Exchange Commission declared the registration statement effective on February 11, 2026, according to the company announcement.
Context and market mechanics
The offering structure - one ordinary share paired with a fractional warrant - is a common format for blank-check companies seeking initial capital while providing investors a leveraged upside through warrants. The exercise price for whole warrants is set at $11.50 per share, which defines the conversion threshold for warrant holders. Cantor Fitzgerald & Co.'s role as sole bookrunner and the underwriters' 45-day over-allotment option are standard provisions intended to provide placement support and stability in the aftermarket.
Summary
- HCM IV Acquisition priced 25 million units at $10 each, raising $250 million.
- Units trade on Nasdaq Global Market as HACQU starting February 12, 2026; later split into HACQ (Class A) and HACQW (warrants).
- Each unit contains one Class A ordinary share and one-quarter of one redeemable warrant; whole warrants exercisable at $11.50 per share.
Key points
- Capital raised: The IPO provides HCM IV Acquisition with $250 million in gross proceeds from the sale of 25 million units - an infusion intended to fund the blank-check company's search for target companies within financial services technology.
- Underwriting and liquidity mechanisms: Cantor Fitzgerald & Co. acted as sole bookrunner and received a 45-day option to purchase up to an additional 3.75 million units to cover over-allotments, which may affect initial aftermarket supply.
- Target sector: The company is pursuing investments in technology and innovation in the financial services sector, focusing on established businesses that may need assistance to maximize value.
Risks and uncertainties
- Target identification risk - The company must locate suitable financial services technology businesses that meet its stated criteria; failure to find appropriate targets would impede deployment of the capital raised.
- Underwriting over-allotment impact - The 45-day option to buy up to 3.75 million additional units could increase float and influence short-term trading dynamics if exercised.
- Execution risk - The effectiveness of the management team's ability to enhance value for acquired companies will determine outcomes for investors, and that performance remains uncertain.
No forward-looking performance claims are included in the company's statement of intent. The SEC declared the registration statement effective on February 11, 2026, clearing the way for the units to begin trading on the specified date.