HCM Acquisition Corp (NASDAQ:HCMA) announced in an 8-K that it would postpone its special meeting set for 10 am ET this morning to extend the company’s transaction deadline. The meeting will be held, if at all, at a later date to be determined by the board of directors of the Company.
The filing stated that the SPAC was taking additional time to engage with shareholders and seek to reverse their redemption decisions. HCM still has time to make its case as its deadline will not hit until April 25, 2023.
The extension on the ballot would extend this to October 25, 2023. HCM originally raised $293.3 million in its January 2022 IPO with 15 months on its clock. According to HCM’s proxy setting the vote, the SPAC will abandon the vote if redemptions would reduce its trust below 25%, or about $74 million.
HCM has not yet announced a definitive agreement, but it originally set out to identify businesses with disruptive technology in the financial services industry. Its current redemption rate is approximately $10.33 and it last closed at $10.36.