HCM IV Acquisition Corp is a Special Purpose Acquisition Company (SPAC) — a publicly traded shell with no operations, formed solely to merge with or acquire a private business and take it public. HCM IV raised $287.5M in its February 2026 IPO at $10 per unit, with those proceeds held in a trust account invested in U.S. government securities. The company has not yet identified a target. The sponsor, HCM Investor Holdings IV, is affiliated with Hondius Capital Management, a macro-focused hedge fund. The sponsor acquired roughly 8.6M founder shares for ~$25,000 before the IPO, representing ~23% of the post-IPO share count. If a deal closes, those near-zero-cost shares convert alongside public shares — a large gain if the combined company's stock holds near $10 or above. If no deal is completed within the allowed timeframe, the trust is liquidated, public shareholders get their money back, and the founder shares expire worthless. HCM IV has broad deal criteria — any industry, geography, or stage — but prefers established, scaled businesses with strong management teams over early-stage or turnaround situations. Any target must have a fair market value of at least 80% of trust assets, and HCM IV must acquire at least 50% of the target's voting securities. The company intends to source deals through the management team's network, investment banks, and private equity relationships.