HCM III Acquisition Corp (NASDAQ: HCMA) is a blank check company incorporated on April 15, 2025 as a Cayman Islands exempted company formed for the purpose of completing an initial business combination. It generates no operating revenue. The company raised $253,000,000 in gross proceeds from its IPO of 25,300,000 units at $10.00 per unit, completed August 4, 2025, with the full $253,000,000 placed into a trust account invested in marketable securities. As of December 31, 2025, the trust account held $257,298,900 in marketable securities, reflecting interest earned of $4,298,929 for the period from inception through December 31, 2025. The company also raised $6,400,000 through the sale of 4,266,667 Private Placement Warrants to its Sponsor and Cantor Fitzgerald & Co. at $1.50 per warrant. CEO and Chairman Shawn Matthews, age 58, leads the company alongside CFO Steven Bischoff. The company has not yet identified or completed an acquisition target as of the filing date of March 30, 2026.

Revenue model

No operating revenue. Interest income earned on $253,000,000 held in a trust account of marketable securities is the only income source for the period from inception (April 15, 2025) through December 31, 2025. The business model is predicated on completing a single initial business combination using IPO proceeds.

Products and services

Blank check SPAC vehicle. IPO units consisting of Class A Ordinary Shares and warrants. Private Placement Warrants sold to Sponsor and Cantor Fitzgerald & Co.

Customers and end markets

Public shareholders who purchased IPO units. No operating customers or end markets disclosed in the filing.

Value-chain role

Capital formation vehicle. Raises public equity capital via IPO, holds proceeds in trust, and seeks an acquisition target to deliver a business combination to shareholders.

Geographic exposure

Incorporated in Cayman Islands. No operating geographic footprint disclosed. Target business geography not yet determined as of filing date March 30, 2026.

Source: SEC 10-K, filed 2026-03-30

Industry: Blank Checks