HCM III Acquisition Corp. (HCMAW) Warrant
Each HCMAW warrant gives the holder the right to buy 1 share of HCM III Acquisition Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $10.30, below the strike, so the warrant is out of the money. HCM III Acquisition Corp. has a market value of about $347.45M. HCM III Acquisition Corp. is a SPAC (no deal announced yet). It must complete a deal by August 4, 2027 or the warrants expire worthless. There are 8.43M listed warrants; exercising all of them would add 25.0% to the 33.73M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.99
From the issuer's S-1/A (2025-07-23).
Company and stock
- Company
- HCM III Acquisition Corp.
- Underlying stock
- HCMA
- Share price
- $10.30
- Market cap
- $347.45M
- Shares outstanding
- 33.73M
- 12-month range
- $10.04 – $10.35
- 12-month change
- +2%
- Value of all listed warrants
- $4.16M (1.2% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Stamford, CT
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.4931
- Price / model
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Dilution
- Shares outstanding
- 33.73M
- Listed warrants
- 8.43M
- Dilution if all exercised
- 25.0%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2027-08-04
- Latest possible deadline
- 2027-08-04
- Trust per share
- $10.35
- Sponsor
- HCM Investor Holdings III LLC
- Sponsor's earlier SPACs
- 2 (2 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about HCMAW
When does the HCMAW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of HCMAW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many HCMAW warrants are outstanding?
8.43M listed warrants, equal to 25.0% dilution if all are exercised.
Related warrants
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