HCM Acquisition said it will increase monthly depsoits into trust if shareholers approve an extension up to April 25. The sponsor has agreed to deposit the lesser of 3 cents a share or $30,000 for each month required. That's up from a penny per share the sponsor initially agreed to deposit, as noted in the original proxy for the extension proposal.
The SPAC is working to finalize a deal with Mexico-based luxury resort developer Murano. Announced in March 2023, the transaction values the target at a pro forma enterprise value of approximately $810 million, a figure that assumes 85% redemptions.
If approved, upon closing the combined company will do business under the name Murano Group Hospitality. Murano develops properties in North and Central America, with a portfolio and range of completed projects that include marinas, hotels, condominiums, and apartment complexes. Murano has three luxury resort venues in development in Cancun, with more than 3,000 keys. Operations are scheduled to commence in phases, with the first phase to open in the third quarter of 2023 and full operation expected in 2027.
HCM launched two years ago, initially with plans to target fintechs. Read more.