Terrestrial Energy Inc., formerly known as HCM II Acquisition Corp., announced the completion of its business combination with Terrestrial Energy Development Inc. The company has also begun trading on the Nasdaq Stock Market under the ticker symbols IMSR for common shares and IMSRW for warrants. The transaction involved a PIPE investment of $50 million and the domestication of the company as a Delaware corporation.
The business combination, outlined in an agreement dated March 26, 2025, saw HCM II Acquisition Corp. merge with Terrestrial Energy Development Inc., with the combined entity operating as Terrestrial Energy Inc. As part of the transaction, HCM II Acquisition Corp. underwent a domestication to become a Delaware corporation. Holders of HCM II Class A Ordinary Shares had the option to redeem their shares, with approximately 7,390 shares redeemed for $10.54 per share, totaling about $77,890.
Concurrent with the business combination, Terrestrial Energy Inc. received $50 million from PIPE investors who subscribed for 5,000,000 New Terrestrial Common Shares at $10.00 per share. Following the closing, the company issued an aggregate of 47,741,728 New Terrestrial Common Shares to securityholders of Legacy Terrestrial Energy. Additionally, the company assumed outstanding warrants and options, and converted convertible notes.
New Terrestrial Energy Inc. common shares and warrants commenced trading on Nasdaq on October 29, 2025. The company stated that it currently intends to retain all earnings for business operations and does not anticipate declaring dividends in the foreseeable future. The company was also selected for the U.S. Department of Energy Office of Nuclear Energy Fuel Line Pilot Program on September 30, 2025.
The company also announced its board of directors and executive team. Simon Irish was appointed Chief Executive Officer, David LeBlanc as Chief Technology Officer, Brian Thrasher as Chief Financial Officer, and Steven Millsap as Chief Compliance Officer, General Counsel and Secretary. Lock-up agreements are in place for certain shareholders and the sponsor, restricting the transfer of shares for specified periods.
