Terrestrial Energy to Go Public Through HCM II Acquisition Corp Merger

Terrestrial Energy Inc. is set to become the first publicly traded company specializing in molten salt nuclear reactor technology through a business combination with HCM II Acquisition Corp. This transaction aims to accelerate the commercial deployment of Terrestrial's proprietary Integral Molten Salt Reactor technology, with gross proceeds of approximately $280 million. Terrestrial Energy's pre-money equity value is placed at $925 million, with a pro forma enterprise valuation around $1 billion. The transaction is expected to close in the fourth quarter of 2025, enabling Terrestrial to apply for a Nasdaq listing under the ticker IMSR. The company is recognized for significant regulatory achievements, having completed Canada’s CNSC Vendor Design Review for its Generation IV reactor and advanced its U.S. NRC interagency cooperation. Terrestrial Energy's diverse partnerships, strategic location at Texas A&M, and CAPEX-light model position it well to cater to rising demands in data center power, industrial heat, and carbon-free electricity sectors. Prominent advisory and management figures on both sides enrich the merger, presenting a lucrative opportunity for HCM II shareholders.