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Terrestrial Energy Inc. (NASDAQ:IMSR) announced the completion of its business combination with HCM II Acquisition Corp., resulting in Terrestrial Energy becoming a publicly traded company. The transaction closed on October 28, and the company’s common shares and warrants began trading on the Nasdaq Stock Market under the symbols IMSR and IMSRW, respectively, on October 29.
According to a statement released in a SEC filing, the business combination was approved at an extraordinary general meeting of HCM II shareholders on October 20. In connection with the meeting, holders of 7,390 HCM II Class A Ordinary Shares elected to redeem their shares for cash at $10.54 per share, totaling approximately $77,890.
As part of the closing, Terrestrial Energy received $50 million from private investors through a PIPE (private investment in public equity) transaction, with investors subscribing for 5,000,000 common shares at $10.00 per share.
Following the completion of the transaction, Terrestrial Energy issued 47,741,728 common shares to former securityholders of Legacy Terrestrial Energy, 26 special voting preferred shares, and assumed warrants and options to purchase additional shares. As of October 28, the company reported 81,771,423 common shares outstanding (excluding 24,011,029 exchangeable shares), 29,008,520 warrants, and 26 special voting preferred shares. Investors should note that IMSR currently trades at a P/E ratio of 82.55, reflecting high growth expectations. The stock has shown impressive momentum, with a 42.73% price return over the past six months according to InvestingPro data.
The company’s board of directors was reconstituted, with Simon Irish appointed as 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. The board also established audit, compensation, and nominating committees.
As part of the transaction, Terrestrial Energy adopted a new equity incentive plan, reserving 15,473,715 shares for future issuance. CEO Simon Irish entered into an employment agreement with an annual base salary of $500,000 and eligibility for an annual bonus. He also received a grant of 166,298 restricted stock units, which will vest over three years.
The company has not paid cash dividends and stated its intention to retain earnings for business operations.
This report is based on a statement issued in a SEC filing.
In other recent news, Terrestrial Energy Inc. has successfully completed its merger with HCM II Acquisition Corp., resulting in the company’s shares and warrants commencing trading on the Nasdaq Stock Market under the symbols "IMSR" and "IMSRW." This business combination, which was initially agreed upon in March 2025, was approved by HCM II shareholders, with the merger finalized on October 27, 2025. The transaction closed with gross proceeds exceeding $292 million, including a $50 million common stock PIPE investment.
Additionally, the merger saw minimal redemptions from HCM II’s trust account. In another significant development, the U.S. Department of Energy selected Terrestrial Energy’s Project TETRA proposal for its Advanced Reactor Pilot Program. This selection marks a notable step in the commercialization of Terrestrial Energy’s Integral Molten Salt Reactor technology. The program aims to expedite the commercial licensing of small and modular nuclear plants using advanced reactor technologies.
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