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The company benefits from a management team with a track record of disciplined acquisitions and growth investing. The substantial funds held in trust provide capital to pursue a business combination with an established, scalable business. The Sponsor's alignment through founder shares and voting commitments supports the completion of a business combination. The company's structure allows flexibility in deal structuring and potential to unlock value through a successful combination.

The company has not yet identified a target or commenced operations, creating uncertainty about its ability to complete a business combination. Competition from other SPACs and strategic buyers may limit available opportunities. The Sponsor's control over the board and voting may not align with public shareholders' interests. Redemption rights may reduce available capital for a business combination. Failure to complete a combination within the required timeframe could lead to liquidation and loss of investment.

As a blank check company, HCM IV Acquisition Corp. does not currently have operating assets or competitive advantages. Its potential moat depends on the management team's ability to identify and complete a value-accretive business combination with an established target. The company's access to capital through its trust account and Sponsor support provides financial flexibility, but competition from other SPACs and acquirers may limit opportunities.

• No Operating History: The company has no operating history or revenues and will not generate operating revenues until after completing a business combination.
• Uncertainty in Completing Business Combination: There is no assurance the company will identify or complete a suitable business combination, and failure to do so may result in liquidation.
• Sponsor Control and Conflicts: The Sponsor controls the board and holds founder shares with voting rights, which may influence decisions potentially against public shareholders' interests.
• Competition for Targets: The company faces competition from other SPACs, private equity, and strategic buyers, which may limit acquisition opportunities.
• Redemption Rights Impact: Public shareholders' redemption rights may reduce the funds available to complete a business combination, affecting deal attractiveness.
• Trust Account Risks: Claims against the company could reduce the trust account below $10.00 per share, potentially impacting the ability to complete a business combination.

• HCM IV Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted corporation on September 5, 2025, originally named Mercator I Acquisition Corp., renamed on October 29, 2025.
• The company was formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (initial business combination).
• As of the latest 10-K filing (March 27, 2026), the company had not selected any business combination target nor initiated substantive discussions with any target.
• The company may pursue an initial business combination target in any business or industry or at any stage of corporate evolution, with a primary focus on established businesses of scale poised for growth led by highly regarded management teams.
• The management team has a track record of acquiring assets at disciplined valuations, investing in growth, fostering financial discipline, and improving business results.
• The company completed its Initial Public Offering (IPO) on February 13, 2026, issuing 28,750,000 units at $10.00 per unit, generating gross proceeds of $287.5 million, including full exercise of the underwriters' over-allotment option.
• Simultaneously with the IPO, the company sold 4,666,667 Private Placement Warrants at $1.50 each, generating $7 million in gross proceeds.
• $287.5 million of the net proceeds from the IPO and Private Placement Warrants was placed in a trust account invested in U.S. government securities or money market funds until the earlier of the initial business combination or distribution to stockholders.
• The company has broad discretion over the net proceeds but intends to apply substantially all toward consummating a business combination.
• The company must complete an initial business combination with an aggregate fair market value of at least 80% of the assets held in the trust account (excluding deferred underwriting commissions and taxes).
• The post-transaction company must own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquire controlling interest sufficient to avoid registration as an investment company.
• Public shareholders have the right to redeem their shares for a pro rata portion of the trust account upon completion of a business combination, either via stockholder meeting or tender offer.
• The Sponsor holds founder shares and has agreed to waive redemption rights with respect to those shares and to vote in favor of the initial business combination.
• The Sponsor is liable to the company if claims reduce the trust account below $10.00 per public share, except for claims waived by third parties or underwriters' indemnities.
• The company had not commenced operations as of December 31, 2025, and will not generate operating revenues until after the initial business combination.
• The company generated non-operating income from interest on IPO proceeds and changes in warrant liability fair value.
• As of June 30, 2026, the company held $291.16 million in short-term investments (marketable securities) and $941,363 in current assets, with current liabilities of $1,345,424, resulting in a current ratio of 0.7 and a cash ratio of 216.41.
• The company is an emerging growth company and a smaller reporting company, benefiting from reduced disclosure obligations.
• The company faces competition from other SPACs, private equity groups, and strategic acquirers in identifying and completing a business combination.
• The company has two executive officers and a board appointed by the Sponsor prior to the business combination.
• The company has not disclosed any specific target or industry focus beyond general criteria for scale and growth potential.
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