We are a blank check company incorporated on February 5, 2021 as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or business entities, which we refer to as our initial business combination. We have neither engaged in any operations nor generated any revenue to date. Based on our business activities, we are a “shell company” as defined under the Exchange Act because we have no operations and nominal assets consisting almost entirely of cash.
Our executive offices are located at 100 First Stamford Place, Suite 330, Stamford, CT 06902 and our telephone number is (203) 930-2200. Our corporate website address is www.hcmacquisition.com.
On February 11, 2021, our Sponsor purchased an aggregate of 7,187,500 founder shares for an aggregate purchase price of $25,000, or approximately $0.003 per share. On January 5, 2022, we effected a share capitalization in which our Sponsor was issued an additional 2,875,000 ordinary shares so that our Sponsor owned an aggregate of 10,062,500 founder shares.
At closing, we consummated an initial public offering of 28,750,000 units at a price of $10.00 per unit generating gross proceeds of $293,250,000 before underwriting discounts and expenses. Each “unit” consists of one Class A Ordinary Share of the Company at $0.0001 par value and one-half of one Warrant. Each whole Warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share. Only whole Warrants may be exercised and no fractional Warrants will be issued upon separation of the units and only whole Warrants may be traded. Prior to closing, we completed the private sale (the “private placement”) of an aggregate of 13,000,000 warrants (the “private placement warrants”), to our Sponsor and Cantor Fitzgerald at a purchase price of $1.00 per private placement warrant, generating gross proceeds to the Company of $13,000,000. The Warrants will become exercisable on the later of 30 days after the completion of the business combination or 12 months from closing, and will expire five years after the completion of the business combination or earlier upon redemption or liquidation. Alternatively, if we do not complete a business combination within 15 months after closing, the Warrants will expire at the end of such period.
We received gross proceeds from the IPO and the sale of the private placement warrants of $287,500,000 and $13,000,000, respectively, for an aggregate of $300,500,000. $293,250,000 of the gross proceeds were deposited in the Trust Account. At closing, the remaining $7,250,000 was held outside of the Trust Account, of which $5,000,000 was used to pay underwriting discounts and $2,250,000 was used to pay accrued offering and formation costs, business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. In the future, a portion of interest income on the funds held in the Trust Account may be released to us to pay tax obligations.
On March 11, 2022, we announced that the holders of our units may elect to separately trade the Class A Ordinary Shares and Warrants included in the units commencing on March 14, 2022 on Nasdaq under the symbols “HCMA” and “HCMAW,” respectively. Those units not separated will continue to trade on the Nasdaq under the symbol “HCMAU.”
On April 19, 2023 the Company held an extraordinary general meeting in which the shareholders voted to extend the date by which the Company must consummate an initial business combination from April 25, 2023 to May 25, 2023, with the option to elect to extend the date to consummate a business combination on a monthly basis for up to eight times by an additional month each time after May 25, 2023, without another shareholder vote, for up to a total of nine months to January 25, 2024, upon the deposit the lesser of (i) $0.035 per Class A Ordinary Share or (ii) an aggregate of $145,000 into the Trust Account, for each month of the extension period up to and until January 25, 2024, pro-rated for partial months during the extension period, resulting in a maximum contribution of $1,305,000. In connection with the extraordinary general meeting, the Company’s shareholders elected to redeem an aggregate of 24,670,594 ordinary shares, leaving 4,079,406 shares outstanding. In connection with the extension, the Sponsor voluntarily converted 9,987,500 Class B ordinary shares of the Company it held as of such date into Class A ordinary shares, bringing the Class A ordinary shares outstanding total to 14,066,906.
On April 22, 2023, the Company withdrew $258,531,801 from the Trust Account in connection with the redemption. As approved by its shareholders at the Extraordinary Meeting, the Company amended its amended