HCM IV Acquisition Corp. closes $287.5 million IPO of 28.75 million units
HCM IV Acquisition Corp., a blank check company that has not yet selected a business combination target, completed its initial public offering on February 13, 2026, raising $287.5 million, with $287.5 million placed in a trust account. The auditor's report includes a going concern warning, stating the company does not have sufficient cash and working capital to sustain its operations, which matters to shareholders because the company's ability to complete a deal is uncertain.
Key points
- IPO closed February 13, 2026: 28,750,000 units at $10.00 per unit, including 3,750,000 units from the full over-allotment option
- $287,500,000 from the IPO, including $13,687,500 of deferred underwriting discount, placed in a U.S.-based trust account with Continental Stock Transfer & Trust Company as trustee
- Private placement of 4,666,667 warrants at $1.50 each generated $7,000,000 in gross proceeds, bought by the sponsor and Cantor Fitzgerald & Co.
- Auditor WithumSmith+Brown reports substantial doubt about going concern; the company had no cash and $1,246,877 of working capital outside the trust as of February 13, 2026
The filing
Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.