Hall Chadwick Acquisition Corp (NASDAQ: HCAC) is a blank check special purpose acquisition company (SPAC) formed to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company has no operating revenues. It raised $207,000,000 at $10.00 per unit in an initial public offering that closed November 24, 2025, with proceeds held in a trust account invested in U.S. government securities, money market funds, or interest-bearing bank accounts pending a business combination. HCAC intends to focus its search on companies in the technology, critical minerals, and energy sectors, though it is not restricted to those industries. As of the 10-K filed April 15, 2026, covering fiscal year ended December 31, 2025, HCAC had no revenues, no operating history, and no completed business combination. The sponsor committed working capital loans of up to $2,500,000, convertible into units at $10.00 per unit at the lender's discretion upon a business combination.

Revenue model

No operating revenues as of fiscal year ended December 31, 2025. Trust account of $207,000,000 earns interest from U.S. government securities, qualifying money market funds, or bank deposit accounts. Revenue generation depends entirely on completing a business combination with a target company.

Products and services

Blank check acquisition vehicle. IPO units consisting of Class A ordinary shares and rights to purchase additional Class A ordinary shares at $10.00 per share. 7,883,293 rights issued as part of IPO units; 614,000 placement units issued in private placement including rights to purchase 380,000 Class A ordinary shares. Trust account holding $207,000,000 as of IPO closing November 24, 2025.

Customers and end markets

Target acquisition sectors identified as technology, critical minerals, and energy, plus adjacent sectors. HCAC may also pursue targets outside these sectors or acquire domestic companies. Does not intend to acquire companies with speculative business plans or excessive leverage.

Value-chain role

SPAC sponsor and acquisition vehicle. Sponsor provides working capital loans up to $2,500,000 to fund deal search and transaction costs. Management team sources, evaluates, and negotiates business combination targets. Post-combination, HCAC transitions into the operating business of the acquired target.

Geographic exposure

Incorporated as a Cayman Islands entity. Intends to pursue global businesses but may also acquire domestic U.S. companies. Listed on Nasdaq.

Source: SEC 10-K, filed 2026-04-15

Industry: Blank Checks