UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number: 001-42252

 (Exact name of registrant as specified in its
charter)

 Cayman Islands

 98-1785406

 (State or other jurisdiction of

incorporation or organization)

 (I.R.S. Employer

Identification No.)

 100 First Stamford Place, Suite 330
 Stamford, CT

 06902

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including
area code: (203) 930-2200

 Securities registered pursuant to Section 12(b)
of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Units, each consisting of one Class A ordinary share and one-half of one Redeemable Warrant

 HONDU

 The Nasdaq Stock Market LLC

 Class A Ordinary Shares, par value $0.0001 per share

 HOND

 The Nasdaq Stock Market LLC

 Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at a price of $11.50 per share

 HONDW

 The Nasdaq Stock Market LLC

 Securities registered pursuant to Section 12(g)
of the Act: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
 No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer, "smaller reporting company," and "emerging
growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statement of the registrant included in the filing reflect the correction
of an error to previously issued financial statement.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Act). Yes
No

 The registrant's securities were not listed
on any exchange and had no market value as of the last business day of the second fiscal quarter of 2024. The registrant's Units
begin trading on the Nasdaq Stock Market on August 16, 2024 and the registrant's Class A Ordinary Shares and Warrants began trading
on the Nasdaq Stock Market on October 10, 2024. The aggregate market value of the registrant's outstanding Class A Ordinary Shares,
other than Class A Ordinary Shares held by persons who may be deemed affiliates of the registrant, computed by reference to the closing
price for the Class A Ordinary Shares on December 31, 2024, the last business day of the reporting period, as reported on the Nasdaq Stock
Market was $ 232,300,000.

 As of March 31, 2025, there were 23,000,000 Class
A Ordinary Shares, par value $0.0001 per share, and 5,750,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant
issued and outstanding.

 PAGE

 Item 1.

 Business.

 Item 1A.

 Risk Factors.

 Item 1B.

 Unresolved Staff Comments.

 Item 1C.

 Cybersecurity.

 Item 2.

 Properties.

 Item 3.

 Legal Proceedings.

 Item 4.

 Mine Safety Disclosures.

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations.

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk.

 Item 8.

 Financial Statement and Supplementary Data.

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 Item 9A.

 Controls and Procedures.

 Item 9B.

 Other Information.

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Item 10.

 Directors, Executive Officers and Corporate Governance.

 Item 11.

 Executive Compensation.

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence.

 Item 14.

 Principal Accountant Fees and Services.

 Item 15.

 Exhibit and Financial Statement Schedules.

 Item 16.

 Form 10-K Summary.

 i

 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENT

 This Report (as defined below),
including, without limitation, statement under "Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations," includes forward-looking statement within the meaning of Section 27A of the Securities Act (as defined below) and
Section 21E of the Exchange Act (as defined below). These forward-looking statement include, but are not limited to, statement regarding
our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statement
that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions,
are forward-looking statement. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

 Forward-looking statement in this Report may include, for example,
statement about:

 our ability to select an appropriate target business or businesses;

 our ability to complete our initial business combination;

 our expectations around the performance of the prospective target business or businesses;

 our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination;

 our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business
or in approving our initial business combination;

 our potential ability to obtain additional financing to complete our initial business combination;

 our pool of prospective target businesses;

 the adverse impacts of certain events (such as terrorist attacks, natural disasters or a significant outbreak of infectious diseases)
on our ability to consummate an initial business combination;

 the ability of our officers and directors to generate a number of potential business combination opportunities;

 our public securities' potential liquidity and trading;

 the lack of a market for our securities;

 the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;

 the trust account not being subject to claims of third parties; or

 our financial performance.

 The forward-looking statement
contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statement
involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking statement. These risks and uncertainties
include, but are not limited to, those factors described under the heading " Risk Factors. " Should one or more of these
risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statement. We undertake no obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 ii

 Additionally, the SEC has adopted
new rules and regulations for special purpose acquisition companies ("SPACs"), which became effective on July 1, 2024. The
2024 SPAC Rules require, among other matters, (i) additional disclosures relating to SPAC sponsors and related persons; (ii) additional
disclosures relating to SPAC business combination transactions (iii) additional disclosures relating to dilution and to conflicts
of interest involving sponsors and their affiliates in both SPAC initial public offerings and business combination transactions; (iv)
additional disclosures regarding projections included in SEC filings in connection with proposed business combination transactions
and (v) the requirement that both the SPAC and its target company be co-registrants for business combination registration statement. In
addition, the SEC's adopting release provided guidance describing circumstances in which a SPAC could become subject to regulation
under the Investment Company Act, including its duration, asset composition, business purpose, and the activities of the SPAC and its
management team in furtherance of such goals. The 2024 SPAC Rules may materially affect our ability to complete our initial business combination
and may increase the costs and time related thereto.

 In addition, statements that
contain "we believe" and similar statement reflect our beliefs and opinions on the relevant subject. These statement are based
on information available to us as of the date of this Report. Although we believe that this information provides a reasonable basis for
these statement, this information may be limited or incomplete. Our statement should not be read to indicate that we have conducted an
exhaustive inquiry into, or review of, all relevant information. These statement is inherently uncertain, and investors are cautioned
not to unduly rely on this statement.

 GLOSSARY

 Unless otherwise stated in
this Report, or the context otherwise requires, references to:

 "2024 SPAC Rules" are to the new rules and regulations for SPACs adopted by the SEC on
January 24, 2024, which became effective on July 1, 2024;

 "we," "us," "company" or "our company" are to HCM II Acquisition Corp., a Cayman
Islands exempted company;

 " Class A Ordinary Shares" are to our class A ordinary shares of a par value of US$0.0001 each;

 " Class B Ordinary Shares" are to our class B ordinary shares of a par value of US$0.0001 each;

 "Companies Act" are to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to
time;

 "Completion Window" are to (i) the period ending on the date that is 24 months from the closing of the Initial Public
Offering, or such earlier liquidation date as our board of directors may approve, in which we must complete an initial business combination
or (ii) such other time period in which we must complete an initial business combination pursuant to an amendment to our amended and restated
memorandum and articles of association;

 "Initial Shareholders" are to our Sponsor and any other holders of our Class B Ordinary Shares immediately prior to
the Initial Public Offering;

 " Investment Company Act " are to the Investment Company Act of 1940, as amended;

 " management" or our "management team" are to our officers and directors.

 iii

 "non-managing sponsor investors" means seventeen institutional investors (none of which are affiliated with any member
of our management, other members of our Sponsor or any other investor) that had expressed an interest to indirectly purchase, through
the purchase of non-managing Sponsor membership interests, an aggregate of approximately $226,118,030 of the units in the Initial Public
Offering at the offering price and (ii) through the Sponsor, an aggregate of 3,500,000 of the 6,850,000 Private Placement Warrants
at a price of $1.00 per warrant ($3,500,000 in the aggregate); subject to each non-managing Sponsor investor purchasing, through the Sponsor,
the Private Placement Warrants allocated to it in connection with the closing of the Initial Public Offering the Sponsor issued membership
interests at a nominal purchase price to the non-managing sponsor investors at the closing of the Initial Public Offering reflecting interests
in an aggregate of 48.7% of the Class B Ordinary Shares held by the Sponsor (or 2,800,000 Class B Ordinary Shares). None of the non-managing
sponsor investors had expressed to us an interest in purchasing more than 9.9% of the units to be sold in the Initial Public Offering;

 "ordinary resolution" are to a resolution of the company passed by the holders of a majority of the ordinary shares,
who, being entitled to do so, vote in person or by proxy at a general meeting of the company, or a resolution approved in writing by all
of the holders of the issued ordinary shares entitled to vote on such matter;

 "ordinary shares" are to our Class A Ordinary Shares and our Class B Ordinary Shares;

 "Public Shares" are to Class A Ordinary Shares sold as part of the units in the Initial Public Offering (whether they
were purchased in the Initial Public Offering or thereafter in the open market);

 "public shareholders" are to the holders of our Public Shares, including our Initial Shareholders, our management
team and any non-managing sponsor investors to the extent our Initial Shareholders and members of our management team and any non-managing
sponsor investors purchase Public Shares, provided that the each initial shareholder's and member of our management team's
and any non-managing sponsor investors' status as a "public shareholder" only exists with respect to such Public Shares;

 "Public Warrants" are to the warrants sold as part of the units in the Initial Public Offering (whether they were purchased
in the Initial Public Offering or thereafter in the open market);

 "Private Placement Warrants" are to the warrants issued to our Sponsor and Cantor Fitzgerald & Co. in a private
placement simultaneously with the closing of the Initial Public Offering;

 "special resolution" are to a resolution of the company passed by at the holders of a majority of at least two-thirds
(2/3) of the ordinary shares (or such higher approval threshold as specified in the company's amended and restated memorandum and
articles of association) who, being entitled to do so, vote in person or by proxy at a general meeting of the company of which notice
specifying the intention to propose the resolution as a special resolution has been duly given, or a resolution approved in writing by
all of the holders of the issued shares entitled to vote on such matter (or such lower threshold as may be allowed under the Companies
Act from time to time);

 "Sponsor" are to HCM Investor Holdings II, LLC, a Cayman limited liability company; and

 "warrants" are to our Public Warrants and Private Placement Warrants.

 Any conversion of the Class B Ordinary Shares described
in this Report will take effect as a compulsory redemption of Class B Ordinary Shares and an issuance of Class A Ordinary Shares as a
matter of Cayman Islands law.

 Any forfeiture of shares, and all references to forfeiture
of shares, described in this Report shall take effect as a surrender of shares for no consideration as a matter of Cayman Islands law.
Any share dividend described in this Report will take effect as a share capitalization as a matter of Cayman Islands law (that is, an
issuance of shares from share premium).

 iv

 Item 1. Business.

 Overview

 We are a blank check company
incorporated on April 4, 2024 as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share
exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer
to throughout this Report as our initial business combination. We have not selected any business combination target and we have not, nor
has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

 We may pursue an initial business
combination target in any business or industry or at any stage of its corporate evolution. Our primary focus, however, will be in completing
a business combination with an established business of scale poised for continued growth, led by a highly regarded management team. Our
management team has an extensive track record of acquiring attractive assets at disciplined valuations, investing in growth while fostering
financial discipline and improving business results.

 The 2024 SPAC Rules may materially
affect our ability to complete any potential initial business combination and may increase the costs and time related thereto.

 Formation and Initial Public Offering

 On April 8, 2024, the Sponsor
made a capital contribution of $25,000, or approximately $0.004 per share, to cover certain of the Company's expenses, for which
the Company issued 5,750,000 founders shares to the Sponsor. Up to 750,000 of the founder shares were subject to forfeiture by the Sponsor
for no consideration depending on the extent to which the underwriters' over-allotment was exercised. On August 19, 2024, the underwriters
exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 750,000 founder shares
are no longer subject to forfeiture.

 On August 19, 2024, our Sponsor transferred 25,000
founder shares to each of our three independent directors at their original purchase price. At December 31, 2024, our Sponsor held 5,675,000
founder shares.

 On August 19, 2024, the Company
consummated the initial public offering ("Initial Public Offering") of 23,000,000 units (the "Units" and, with
respect to the shares of Class A Ordinary Shares included in the Units being offered), which includes the full exercise by the underwriters
of their over-allotment option in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000.

 Simultaneously with the closing
of the Initial Public Offering, the Company consummated the sale of an aggregate of 6,850,000 Private Placement Warrants at a price of
$1.00 per Private Placement Warrant, in a private placement to the Company's Sponsor, and Cantor Fitzgerald & Co., the representative
of the underwriters of the Initial Public Offering, generating gross proceeds of $6,850,000.

 A total of $231,150,000 ($10.05
per Unit) from the net proceeds of the sale of the United and the sale of the Private Placement Warrants was placed in the trust account
(the "trust account") maintained by Continental Stock Transfer & Trust Company, acting as trustee.

 General

 Our management is pragmatic,
measuring our success in both immediate and continuous financial return balanced across all stakeholders. Our investment philosophy has
been shaped by the many transactions we have originated, combined with our hands-on experiences as entrepreneurial leaders across the
growth spectrum, from startups to multi-billion-dollar corporations.

 We believe in quality management
team s that lead attractive target businesses. Successful teams understand not only their craft, but the limitations in their businesses,
and realize that efficient scaling requires a consistent onboarding of knowledge, expertise, and varied points of view, as well as capital,
to continue winning the challenge of sustained extraordinary growth.

 Unlocking value and growth
potential for our investors, our business combination targets, and ourselves is a balanced multi-part equation crafted through an alignment
of incentives and an incremental injection of value from and across all stakeholders.

 We have been and continue to
be entrepreneurs, managers, board members and investors in public and private enterprises that we find exciting. It is with real knowledge
of the successes and failures of talented and energetic creators that we offer our counsel as partners in seeking to unlock further growth
and value, as well as our support and a matching of intense work ethic, to the managers of businesses we select for combination.

 Our Sponsor and Its Affiliates

 Our Sponsor, HCM Investor Holdings
II, LLC, is affiliated with Hondius Capital Management, LP. Hondius Capital Management, LP is an SEC registered investment adviser that
provides discretionary investment advisory services to private fund clients. The clients include both a hedge fund and separately managed
account. The principal objective of the funds is to seek superior, risk-adjusted returns investing across borders, currencies and asset
classes. The strategy focuses on the early identification of macroeconomic themes and other large market events.

 Notwithstanding our management team's past
experiences, past performance is not a guarantee (i) that we will be able to identify a suitable candidate for our initial business combination
or (ii) that we will provide an attractive return to our shareholders from any business combination we may consummate. You should not
rely on the historical record of HCM Investor Holdings, LLC's and our management's performance as indicative of our future
performance.

 Business Operations

 As of December 31, 2024, the Company had not commenced
any operations. All activity through December 31, 2024 relates to the Company's formation, the Initial Public Offering, which is
described below, and, after the Initial Public Offering, identifying a target company for a business combination. The Company will not
generate any operating revenues until after the completion of its initial business combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and from changes in the
fair value of its warrant liability

 The registration statement for the Company's
Initial Public Offering was declared effective on August 15, 2024. On August 19, 2024, the Company consummated the Initial Public Offering
of 23,000,000 units, generating gross proceeds of $230,000,000.

 Simultaneously with the closing of the Initial Public
Offering, the Company consummated the sale of 6,850,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant in
a private placement to Sponsor and Cantor Fitzgerald & Co., generating gross proceeds of $6,850,000.

 Following the closing of the Initial Public Offering
on August 19, 2024, an amount of $231,150,000 ($10.05 per Unit) from the net proceeds of the sale of the Units and the sale of the Private
Placement Warrants was placed in the trust account with Continental Stock Transfer & Trust Company acting as trustee and invested
in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185
days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the
conditions of Rule 2a-7 of the Investment Company Act, as amended, as determined by the Company, until the earlier of: (i) the completion
of an initial business combination or (ii) the distribution of the trust account to the Company's stockholders, as described below.

 Transaction costs incurred in connection with the
Initial Public Offering amounted to $15,396,014, consisting of $4,000,000 of underwriting fees, $10,720,000 of deferred underwriting fees
and $676,014 of other offering costs.

 The Company's management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants,
although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination. There
is no assurance that the Company will be able to complete a business combination successfully. The Company must complete an initial business
combination having an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred underwriting
commissions and taxes payable) at the time of the agreement to enter into the initial business combination. The Company will only complete
a business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target
or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act.

 The Company will provide its stockholders with the
opportunity to redeem all or a portion of their Public Shares upon the completion of a business combination either (i) in connection with
a stockholder meeting called to approve the business combination or (ii) by means of a tender offer. The decision as to whether the Company
will seek stockholder approval of a business combination or conduct a tender offer will be made by the Company, solely in its discretion.
The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then in the trust account (initially $10.05
per share), plus any pro rata interest earned on the funds held in the trust account and not previously released to the Company to pay
its tax obligations. The per-share amount to be distributed to stockholders who redeem their shares will not be reduced by the deferred
underwriting commissions the Company will pay to the underwriters. There will be no redemption rights upon the completion of a business
combination with respect to the Company's warrants.

 The Company will proceed with a business combination
only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a business combination unless a stockholder
proposal to approve an amendment to the Company's Amended and Restated Certificate of Incorporation to eliminate the limitation
is approved and, if a majority of the outstanding shares voted are voted in favor of the business combination. If a stockholder vote is
not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant
to its Amended and Restated Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities
and Exchange Commission ("SEC") and file tender offer documents containing substantially the same information as would be
included in a proxy statement with the SEC prior to completing a business combination. If the Company seeks stockholder approval in connection
with a business combination, the Company's Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares
purchased by it during or after the Initial Public Offering in favor of approving a business combination. Additionally, each public stockholder
may elect to redeem their Public Shares, regardless of whether they vote for or against a business combination.

 If the Company seeks stockholder approval of a business
combination and it does not conduct redemptions pursuant to the tender offer rules, the Company's Amended and Restated Certificate
of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such
stockholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act")), will be restricted from seeking redemption rights with respect to 10% or more of the Public Shares,
without the Company's prior written consent.

 The Sponsor has agreed to (a) waive their redemption
rights with respect to their founder shares and Public Shares in connection with the completion of the initial business combination; (b)
waive their redemption rights with respect to their founder shares and Public Shares in connection with a shareholder vote to approve
an amendment to the Company's amended and restated memorandum and articles of association; (c) waive their rights to liquidating
distributions from the trust account with respect to their founder shares if the Company fails to complete the initial business combination
within the Completion Window, although they will be entitled to liquidating distributions from the trust account with respect to any Public
Shares they hold if the Company fails to complete the initial business combination within the Completion Window and to liquidating distributions
from assets outside the trust account; and (iv) vote any founder shares held by them and any Public Shares purchased during or after the
Proposed Public Offering (including in open market and privately negotiated transactions, aside from shares they may purchase in compliance
with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the business combination) in
favor of the initial business combination.

 In order to protect the amounts held in the trust
account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or
products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement,
reduce the amount of funds in the trust account to below (1) $10.05 per Public Share or (2) the actual amount per Public Share held in
the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case
net of the interest which may be withdrawn to pay our taxes. This liability will not apply with respect to any claims by a third party
who executed a waiver of any and all rights to seek access to the trust account and will not apply to any claims under the Company's
indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act
of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against
a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to
reduce the possibility that the Sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all
vendors, service providers (except the Company's independent registered public accounting firm), prospective target businesses or
other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of
any kind in or to monies held in the trust account.

 Acquisition Process

 In evaluating a prospective
target business, we expect to conduct a due diligence review which may encompass, among other things, meetings with incumbent management
and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as applicable, as well as a review of
financial, operational, legal and other information about the target and its industry which will be made available to us. If we determine
to move forward with a particular target, we will proceed to structure and negotiate the terms of the business combination transaction.

 The time required to select
and evaluate a target business and to structure and complete our initial business combination, and the costs associated with this process,
are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of,
and negotiation with, a prospective target business with which our initial business combination is not ultimately completed will result
in our incurring losses and will reduce the funds available for us to use to complete another business combination.

 Initial Business Combination

 Nasdaq rules require that we
must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account).
Our board of directors will make the determination as to the fair market value of our initial business combination. If our board of directors
is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such
criteria. While we consider it likely that our board of directors will be able to make an independent determination of the fair market
value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular
target or if there is a significant amount of uncertainty as to the value of the target's assets or prospects. Additionally, pursuant
to Nasdaq rules, any initial business combination must be approved by a majority of our independent directors.

 We anticipate structuring our
initial business combination so that the post transaction company in which our public shareholders own shares will own or acquire 100%
of the equity interests or assets of the target business or businesses. We may, however, structure our initial business combination such
that the post transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet
certain objectives of the target management team or shareholders or for other reasons, but we will only complete such business combination
if the post transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company
Act of 1940, as amended, or the Investment Company Act. Even if the post transaction company owns or acquires 50% or more of the voting
securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post transaction
company, depending on valuations ascribed to the target and us in the business combination. For example, we could pursue a transaction
in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock, shares or other equity interests
of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial
number of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued
and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target
business or businesses are owned or acquired by the post transaction company, the portion of such business or businesses that is owned
or acquired is what will be taken into account for purposes of the 80% of net assets test described above. If the business combination
involves more than one target business, the aggregate value of all of the target businesses, will be taken into account for purposes of
the 80% fair market value test.

 We are not prohibited from
pursuing an initial business combination with a company that is affiliated with our Sponsor, officers or directors, non-managing sponsor
investors or completing the business combination through a joint venture or other form of shared ownership with our Sponsor, officers
or directors, or non-managing sponsor investors. In the event we seek to complete our initial business combination with a company that
is affiliated (as defined in our amended and restated memorandum and articles of association) with our Sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions, stating that the consideration to be paid by us in such an initial business combination
is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context.

 Members of our management team
and our independent directors directly or indirectly own Class B Ordinary Shares and/or Private Placement Warrants following the Initial
Public Offering and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate
business with which to effectuate our initial business combination. Further, each of our officers and directors may have a conflict of
interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors
was included by a target business as a condition to any agreement with respect to our initial business combination.

 Each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more
other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such
entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an
entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual
obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands
law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by law: (i) no individual
serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging
directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce any interest or expectancy
in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity
for any director or officer, on the one hand, and us, on the other or (b) the presentation of which would breach an existing legal obligation
of a director or officer to any other entity. We do not believe, however, that the fiduciary duties or contractual obligations of our
officers or directors will materially affect our ability to complete our initial business combination.

 In addition, our Sponsor and
our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business
or investment ventures during the period in which we are seeking an initial business combination. As a result, our Sponsor, officers and
directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other
special purpose acquisition company with which they may become involved. Any such companies, businesses or investments may present additional
conflicts of interest in pursuing an initial business combination target. However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.

 We have filed a Registration
Statement on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Securities Exchange Act of 1934, as
amended, or the Exchange Act. As a result, we are subject to the rules and regulations promulgated under the Exchange Act. We have no
current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the
consummation of our initial business combination.

 Sourcing of Potential Business Combination Targets

 We believe our management team's
significant operating and transaction experience and relationships will provide us with a substantial number of potential initial business
combination targets. Over the course of their careers, the members of our management team have developed a broad network of contacts and
corporate relationships around the world. This network has grown through the activities of our management team sourcing, acquiring and
financing businesses, the reputation of our management team for integrity and fair dealing with sellers, financing sources and target
management teams and the experience of our management team in executing transactions under varying economic and financial market conditions.

 This network has provided our
management team with a flow of referrals that has resulted in numerous transactions which were proprietary or where a limited group of
investors were invited to participate in the sale process. We believe that the network of contacts and relationships of our management
team will provide us important sources of investment opportunities. In addition, we anticipate that target business combination candidates
will be brought to our attention from various unaffiliated sources, including investment market participants, private equity funds and
large business enterprises seeking to divest non-core assets or divisions.

 We have not contacted any of
the prospective target businesses that our management team in their prior SPACs had considered and rejected as target businesses to acquire.
However, we may contact such targets subsequent to the closing of the Initial Public Offering if we become aware that such targets are
interested in a potential initial business combination with us and such transaction would be attractive to our shareholders. Accordingly,
there is no current basis for investors in the Initial Public Offering to evaluate the possible merits or risks of the target business
with which we may ultimately complete our initial business combination.

 We are not prohibited from
pursuing an initial business combination with a company that is affiliated with our Sponsor, officers or directors, non-managing sponsor
investors, or completing the business combination through a joint venture or other form of shared ownership with our Sponsor, officers
or directors or non-managing sponsor investors. In the event we seek to complete our initial business combination with a company that
is affiliated (as defined in our amended and restated memorandum and articles of association) with our Sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions, stating that the consideration to be paid by us in such an initial business combination
is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context.

 Members of our management team
and our independent directors directly or indirectly own Class B Ordinary Shares and/or Private Placement Warrants following the Initial
Public Offering and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate
business with which to effectuate our initial business combination. Further, each of our officers and directors may have a conflict of
interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors
was included by a target business as a condition to any agreement with respect to our initial business combination.

 Each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more
other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such
entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an
entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual
obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under Cayman Islands
law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by law: (i) no individual
serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging
directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce any interest or expectancy
in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity
for any director or officer, on the one hand, and us, on the other or (b) the presentation of which would breach an existing legal obligation
of a director or officer to any other entity. We do not believe, however, that the fiduciary duties or contractual obligations of our
officers or directors will materially affect our ability to complete our initial business combination.

 In addition, our Sponsor and
our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business
or investment ventures during the period in which we are seeking an initial business combination. As a result, our Sponsor, officers and
directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other
special purpose acquisition company with which they may become involved. Any such companies, businesses or investments may present additional
conflicts of interest in pursuing an initial business combination target. However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.

 Corporate Information

 Our executive offices are located at 100 First Stamford
Place, Suite 330 Stamford, CT 06902, and our telephone number is (203) 930-2200.

 We are an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As
such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote
on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors find our
securities less attractive as a result, there may be a less active trading market for our securities and the prices of our securities
may be more volatile.

 In addition, Section 107 of the JOBS Act also provides
that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain
accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of the benefits of
this extended transition period.

 We will remain an emerging growth company until
the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the closing of our Initial Public Offering,
(b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer,
which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior June 30, and (2)
the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. References
herein to emerging growth company will have the meaning associated with it in the JOBS Act.

 Financial Position

 As of December 31, 2024, we had approximately $235,193,585
held in the trust account. With the funds available, we offer a target business a variety of options such as creating a liquidity event
for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing
its debt or leverage ratio. Because we are able to complete our initial business combination using our cash, debt or equity securities,
or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the consideration
to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure third party financing and
there can be no assurance it will be available to us.

 Limited Ability to Evaluate the Target's Management Team

 Although we intend to closely scrutinize the management
of a prospective target business when evaluating the desirability of effecting our initial business combination with that business, our
assessment of the target business' management may not prove to be correct. In addition, the future management may not have the necessary
skills, qualifications or abilities to manage a public company.

 Furthermore, the future role of members of our management
team, if any, in the target business cannot presently be stated with any certainty. The determination as to whether any of the members
of our management team will remain with the combined company will be made at the time of our initial business combination. While it is
possible that one or more of our directors will remain associated in some capacity with us following our initial business combination,
it is unlikely that any of them will devote their full efforts to our affairs subsequent to our initial business combination. Moreover,
we cannot assure you that members of our management team will have significant experience or knowledge relating to the operations of the
particular target business.

 We cannot assure you that any of our key personnel
will remain in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel
will remain with the combined company will be made at the time of our initial business combination.

 Following an initial business combination, we may
seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have
the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary
to enhance the incumbent management.

 Shareholders May Not Have the Ability to Approve Our Initial Business
Combination

 We may conduct redemptions
without a shareholder vote pursuant to the tender offer rules of the SEC subject to the provisions of our amended and restated memorandum
and articles of association. However, we will seek shareholder approval if it is required by law or applicable stock exchange rule, or
we may decide to seek shareholder approval for business or other reasons.

 Under Nasdaq's listing
rules, shareholder approval would be required for our initial business combination if, for example:

 We issue ordinary shares that will be equal to or in excess
of 20% of the number of our ordinary shares then outstanding (other than in a public offering);

 Any of our directors, officers or substantial shareholders
(as defined by Nasdaq rules) has a 5% or greater interest earned on the trust account (or such persons collectively have a 10% or greater
interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance
of ordinary shares could result in an increase in outstanding ordinary shares or voting power of 5% or more; or

 The issuance or potential issuance of ordinary shares will
result in our undergoing a change of control.

 The decision as to whether
we will seek shareholder approval of a proposed business combination in those instances in which shareholder approval is not required
by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business
and legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including in
the event we determine shareholder approval would require additional time and there is either not enough time to seek shareholder approval
or doing so would place the company at a disadvantage in the transaction or result in other additional burdens on the company; (ii) the
expected cost of holding a shareholder vote; (iii) the risk that the shareholders would fail to approve the proposed business combination;
(iv) other time and budget constraints of the company; and (v) additional legal complexities of a proposed business combination that
would be time-consuming and burdensome to present to shareholders.

 Permitted Purchases of our Securities

 If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules,
our Sponsor, initial stockholders, directors, officers, advisors or their affiliates may purchase shares or Public Warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is
no limit on the number of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase in such transactions,
subject to compliance with applicable law and NASDAQ rules. However, they have no current commitments, plans or intentions to engage in
such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they
will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such
purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute
a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules
under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such
rules, the purchasers will comply with such rules.

 Any such purchases will be reported pursuant to
Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. None of the funds
held in the trust account will be used to purchase shares or Public Warrants in such transactions prior to completion of our initial business
combination.

 The purpose of any such purchases of shares could
be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval
of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum
net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would
otherwise not be met. The purpose of any such purchases of Public Warrants could be to reduce the number of Public Warrants outstanding
or to vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination.
Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been
possible. In addition, if such purchases are made, the public "float" of our shares of common stock or warrants may be reduced
and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation,
listing or trading of our securities on a national securities exchange.

 Our Sponsor, officers, directors and/or their affiliates
anticipate that they may identify the stockholders with whom our Sponsor, officers, directors or their affiliates may pursue privately
negotiated purchases by either the stockholders contacting us directly or by our receipt of redemption requests submitted by stockholders
following our mailing of proxy materials in connection with our initial business combination. To the extent that our Sponsor, officers,
directors, advisors or their affiliates enter into a private purchase, they would identify and contact only potential selling stockholders
who have expressed their election to redeem their shares for a pro rata share of the trust account or vote against our initial business
combination, whether or not such stockholder has already submitted a proxy with respect to our initial business combination. Our Sponsor,
officers, directors, advisors or their affiliates will only purchase shares if such purchases comply with Regulation M under the Exchange
Act and the other federal securities laws.

 Any purchases by our Sponsor, officers, directors
and/or their affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act will only be made to the extent such purchases
are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule
10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements that must be complied with in order for the safe harbor to be
available to the purchaser. Our Sponsor, officers, directors and/or their affiliates will not make purchases of common stock if the purchases
would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported pursuant to Section 13 and Section
16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.

 Redemption Rights for Public Stockholders upon Completion of our
Initial Business Combination

 We will provide our public shareholders with the
opportunity to redeem, regardless of whether they abstain, vote for, or vote against, our initial business combination, all or a portion
of their Public Shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination,
including interest earned on the funds held in the trust account (less taxes payable), divided by the number of then outstanding Public
Shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to
be $10.05 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced
by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our
initial business combination with respect to our warrants. Our Sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to their Class B Ordinary Shares and any Public Shares
they may have acquired during or after the Initial Public Offering in connection with the completion of our initial business combination.

 Manner of Conducting Redemptions

 We will provide our public shareholders with the
opportunity to redeem all or a portion of their Class A Ordinary Shares upon the completion of our initial business combination either
(i) in connection with a general meeting called to approve the business combination or (ii) without a shareholder vote by means of a tender
offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will
be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the
terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement or whether
we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules),
as described above under the heading "Shareholders May Not Have the Ability to Approve Our Initial Business Combination."
Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company (other than
with a 90% subsidiary of ours) and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek
to amend our amended and restated memorandum and articles of association would require shareholder approval. So long as we obtain and
maintain a listing for our securities on Nasdaq, we will be required to comply with Nasdaq's shareholder approval rules.

 The requirement that we provide our public shareholders
with the opportunity to redeem their Public Shares by one of the two methods listed above are contained in provisions of our amended and
restated memorandum and articles of association and will apply whether or not we maintain our registration under the Exchange Act or our
listing on Nasdaq. Such provisions may be amended if approved by a special resolution, which requires the affirmative vote of the holders
of a majority of at least two-thirds of the ordinary shares, who, being entitled to do so, vote in person or by proxy at a general meeting
of the company, so long as we offer redemption in connection with such amendment.

 If we provide our public shareholders with the opportunity
to redeem their Public Shares in connection with a general meeting, we will, pursuant to our amended and restated memorandum and articles
of association:

 conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the
solicitation of proxies, and not pursuant to the tender offer rules, and

 file proxy materials with the SEC.

 In the event that we seek shareholder
approval of our initial business combination, we will distribute proxy materials and, in connection therewith, provide our public shareholders
with the redemption rights described above upon completion of the initial business combination.

 If we seek shareholder approval,
we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of the holders of a majority of the ordinary shares, who, being entitled to do so, vote in person or by
proxy at a general meeting of the company. A quorum for such meeting will be present if the holders of at least one third of issued and
outstanding shares entitled to vote at the meeting are represented in person or by proxy. Our Sponsor, officers and directors will count
toward this quorum and, pursuant to the letter agreement, our Sponsor, officers and directors have agreed to vote their Class B Ordinary
Shares, private placement shares and any Public Shares purchased during or after the Initial Public Offering (including in open market
and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the
Exchange Act, which would not be voted in favor of approving the business combination transaction) in favor of our initial business combination.
For purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination
once a quorum is obtained. As a result, in addition to our Initial Shareholders' Class B Ordinary Shares, we would need 7,500,001,
or 37.5%, of the 20,000,000 Public Shares sold in the Initial Public Offering to be voted in favor of an initial business combination
in order to have our initial business combination approved, assuming all outstanding shares are voted. Assuming that only the holders
of one-third of our issued and outstanding ordinary shares, representing a quorum under our amended and restated memorandum and articles
of association vote their shares at a general meeting of the company, we will not need any Public Shares in addition to our Class B Ordinary
Shares to be voted in favor of an initial business combination in order to approve an initial business combination. However, if our initial
business combination is structured as a statutory merger or consolidation with another company under Cayman Islands law, in addition to
obtaining approval of our initial business combination by ordinary resolution, the approval of the statutory merger or consolidation will
require a special resolution under Cayman Islands Law, which requires the affirmative vote of the holders of a majority of at least two-thirds
of the ordinary shares, who, being entitled to do so, vote in person or by proxy at a general meeting of the company. In addition, prior
to the closing of our initial business combination, only holders of our Class B Ordinary Shares (i) will have the right to appoint and
remove directors prior to or in connection with the completion of our initial business combination and (ii) will be entitled to vote on
continuing our company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional
documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a
jurisdiction outside the Cayman Islands). These quorum and voting thresholds, and the voting agreement of our Sponsor, officers and directors,
may make it more likely that we will consummate our initial business combination. Each public shareholder may elect to redeem their Public
Shares irrespective of whether they vote for or against the proposed transaction, or whether they do not vote or abstain from voting on
the proposed transaction, or whether they were a public shareholder on the record date for the general meeting held to approve the proposed
transaction.

 Limitation on Redemption upon Completion of our Initial Business
Combination if we Seek Stockholder Approval

 Notwithstanding the foregoing, if we seek stockholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant
to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any
affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined
under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 10%
of the shares sold in our Initial Public Offering, which we refer to as the "Excess Shares." Such restriction shall also be
applicable to our affiliates. We believe this restriction will discourage stockholders from accumulating large blocks of shares, and subsequent
attempts by such holders to use their ability to exercise their redemption rights against a proposed initial business combination as a
means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable
terms. Absent this provision, a public stockholder holding more than an aggregate of 10% of the shares sold in our Initial Public Offering
could threaten to exercise its redemption rights if such holder's shares are not purchased by us or our management at a premium
to the then-current market price or on other undesirable terms. By limiting our stockholders' ability to redeem no more than 10%
of the shares sold in our Initial Public Offering without our prior consent, we believe we will limit the ability of a small group of
stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with
an initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount
of cash. However, we would not be restricting our stockholders' ability to vote all of their shares (including Excess Shares) for
or against our initial business combination.

 If a shareholder vote is not
required and we do not decide to hold a shareholder vote for business or other legal reasons, we will:

 conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate
issuer tender offers, and

 file tender offer documents with the SEC prior to completing our initial business combination which contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required
under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

 In the event we conduct redemptions
pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a)
under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer
period. In addition, the tender offer will be conditioned on public shareholders not tendering more than the number of Public Shares we
are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer
and not complete the initial business combination.

 Upon the public announcement
of our initial business combination, if we elect to conduct redemption pursuant to the tender offer rules, we or our Sponsor will terminate
any plan established in accordance with Rule 10b5-1 to purchase our Class A Ordinary Shares in the open market, in order to comply with
Rule 14e-5 under the Exchange Act.

 We intend to require our public
shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to, at the holder's option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer
agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth
in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days
prior to the scheduled vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection
with a shareholder vote, we intend to require a public shareholder seeking redemption of its Public Shares to also submit a written request
for redemption to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial owner of such shares
is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our Public Shares in connection
with our initial business combination will indicate whether we are requiring public shareholders to satisfy such delivery requirements.
We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or
action from the redeeming public shareholders, which could delay redemptions and result in additional administrative cost. If the proposed
initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates
or shares delivered by public shareholders who elected to redeem their shares.

 Our proposed initial business
combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working
capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash
consideration we would be required to pay for all Class A Ordinary Shares that are validly submitted for redemption plus any amount required
to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available
to us, we will not complete the initial business combination or redeem any shares, and all Class A Ordinary Shares submitted for redemption
will be returned to the holders thereof. We may, however, raise funds through the issuance of equity or equity-linked securities or through
loans, advances or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements
or backstop arrangements we may enter into following consummation of the Initial Public Offering, in order to, among other reasons, satisfy
such net tangible assets or minimum cash requirements.

 Limitation on Redemption Upon Completion of Our Initial Business
Combination If We Seek Shareholder Approval

 If we seek shareholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as
defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares without
our prior consent. We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts
by such holders to use their ability to exercise their redemption rights against a proposed business combination as a means to force us
or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent
this provision, a public shareholder holding more than an aggregate of 15% of the shares sold in the Initial Public Offering could threaten
to exercise its redemption rights if such holder's shares are not purchased by us, our Sponsor or our management at a premium to
the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem no more than 15% of
the shares sold in the Initial Public Offering without our prior consent, we believe we will limit the ability of a small group of shareholders
to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business
combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash.

 However, we would not be restricting
our shareholders' ability to vote all of their shares (including Excess Shares) for or against our initial business combination.

 Delivering Share Certificates in Connection with the Exercise of
Redemption Rights

 As described above, we intend
to require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in
"street name," to, at the holder's option, either deliver their share certificates to our transfer agent or deliver
their shares to our transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system,
prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date
may be up to two business days prior to the scheduled vote on the proposal to approve the initial business combination. In addition, if
we conduct redemptions in connection with a shareholder vote, we intend to require a public shareholder seeking redemption of its Public
Shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled vote in which the
name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish
to holders of our Public Shares in connection with our initial business combination will indicate whether we are requiring public shareholders
to satisfy such delivery requirements. Accordingly, a public shareholder would have up to two business days prior to the scheduled vote
on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer materials until the
close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise its redemption rights.
In the event that a shareholder fails to comply with these or any other procedures disclosed in the proxy or tender offer materials, as
applicable, its shares may not be redeemed. Given the relatively short exercise period, it is advisable for shareholders to use electronic
delivery of their Public Shares.

 There is a nominal cost associated
with the above-referenced process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent
will typically charge the broker submitting or tendering shares a fee of approximately $100 and it would be up to the broker whether or
not to pass this cost on to the redeeming holder.

 However, this fee would be
incurred regardless of whether or not we require holders seeking to exercise redemption rights to submit or tender their shares. The need
to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

 Any request to redeem such
shares, once made, may be withdrawn at any time up to the date set forth in the proxy materials or tender offer documents, as applicable.
Furthermore, if a holder of a public share delivered its certificate in connection with an election of redemption rights and subsequently
decides prior to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return
the certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our Public Shares electing
to redeem their shares will be distributed promptly after the completion of our initial business combination.

 If our initial business combination
is not approved or completed for any reason, then our public shareholders who elected to exercise their redemption rights would not be
entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will promptly return any certificates
delivered by public holders who elected to redeem their shares.

 If our initial proposed business
combination is not completed, we may continue to try to complete a business combination with a different target until the end of the Completion
Window.

 Redemption of Public Shares and Liquidation if no Initial Business
Combination

 Our amended and restated memorandum
and articles of association provide that we will have only the duration of the Completion Window to complete our initial business combination.
If we have not completed our initial business combination within such time period, we will (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter (and subject to lawfully available
funds therefor), redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including interest earned on the funds held in the trust account (which interest shall be net of taxes and less up to $100,000
of interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish
public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect
to our warrants, which will expire worthless if we fail to complete our initial business combination within the Completion Window.

 Our Sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from
the trust account with respect to any Class B Ordinary Shares held by them if we fail to complete our initial business combination within
the Completion Window, although they will entitled to liquidating distributions from assets outside the trust account. However, if our
Sponsor or management team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions
from the trust account with respect to such Public Shares if we fail to complete our initial business combination within the allotted
Completion Window.

 Our Sponsor, officers and
directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum
and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial
business combination or to redeem 100% of our Public Shares if we do not complete our initial business combination within the Completion
Window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business combination
activity, in each case unless we provide our public shareholders with the opportunity to redeem their Public Shares upon approval of any
such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account (less taxes payable), divided by the number of then outstanding Public Shares. The non-managing
sponsor investors are not required to (i) hold any units, Class A Ordinary Shares or Public Warrants they may purchase in the Initial
Public Offering or thereafter for any amount of time, (ii) vote any Class A Ordinary Shares they may own at the applicable time in favor
of our initial business combination or (iii) refrain from exercising their right to redeem their Public Shares at the time of our initial
business combination. The non-managing sponsor investors have the same rights to the funds held in the trust account with respect to the
Class A Ordinary Shares underlying the units they may have purchased in the Initial Public Offering as the rights afforded to our other
public shareholders. However, if the non-managing Sponsor investors purchase all of the units for which they have expressed to us an interest
in purchasing or otherwise hold a substantial number of our units, then the non-managing sponsor investors will potentially have different
interests than our other public shareholders in approving our initial business combination and otherwise exercising their rights as public
shareholders because of their indirect ownership of Class B Ordinary Shares as further discussed in this Report.

 We expect that all costs
and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts
remaining out of the approximately $1,000,000 of proceeds held outside the trust account, although we cannot assure you that there
will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated with
implementing our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to pay income
taxes on interest income earned on the trust account balance, we may request the trustee to release to us an additional amount of up
to $100,000 of such accrued interest to pay those costs and expenses.

 If we were to expend all of
the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, other than the proceeds deposited in the
trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption amount received
by shareholders upon our dissolution would be approximately $10.05. The proceeds deposited in the trust account could, however, become
subject to the claims of our creditors which would have higher priority than the claims of our public shareholders. We cannot assure you
that the actual per-share redemption amount received by shareholders will not be substantially less than $10.05. While we intend to pay
such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors' claims.

 Although we will seek to have
all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us
waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders,
there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from
bringing claims against the trust account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other
similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect
to a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving
such claims to the monies held in the trust account, our management will consider whether competitive alternatives are reasonably available
to us and will only enter into an agreement with such third party if management believes that such third party's engagement would
be in the best interests of the company under the circumstances. Examples of possible instances where we may engage a third party that
refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management
to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable
to find a service provider willing to execute a waiver. Withum Smith+Brown, PC, our independent registered public accounting firm, and
the underwriters of the Initial Public Offering will not execute agreements with us waiving such claims to the monies held in the trust
account. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result
of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any
reason. In order to protect the amounts held in the trust account, our Sponsor has agreed that it will be liable to us if and to the extent
any claims by a third party for services rendered or products sold to us (except for the Company's independent auditors), or a prospective
target business with which we have entered into a written letter of intent, confidentiality or other similar agreement or business combination
agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.05 per public share and (ii) the actual amount
per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.05 per share due to
reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third
party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not
such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of the Initial Public Offering against
certain liabilities, including liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification
obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe
that our Sponsor's only assets are securities of our company. Therefore, we cannot assure you that our Sponsor would be able to
satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for our
initial business combination and redemptions could be reduced to less than $10.05 per public share. In such event, we may not be able
to complete our initial business combination, and you would receive such lesser amount per share in connection with any redemption of
your Public Shares. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims
by vendors and prospective target businesses.

 In the event that the proceeds
in the trust account are reduced below the lesser of (i) $10.05 per public share and (ii) the actual amount per public share held in the
trust account as of the date of the liquidation of the trust account if less than $10.05 per share due to reductions in the value of the
trust assets, in each case less taxes payable, and our Sponsor asserts that it is unable to satisfy its indemnification obligations or
that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal
action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would
take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent
directors in exercising their business judgment may choose not to do so in any particular instance if, for example, the cost of such legal
action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine
that a favorable outcome is not likely. Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share
redemption price will not be less than $10.05 per share.

 We will seek to reduce the
possibility that our Sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service
providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title,
interest or claim of any kind in or to monies held in the trust account. Our Sponsor will also not be liable as to any claims under our
indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act.
We will have access to up to approximately $1,150,000 (or $1,000,000 if the overallotment option is exercised in full) from the proceeds
of the Initial Public Offering with which to pay any such potential claims (including costs and expenses incurred in connection with our
liquidation, currently estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined
that the reserve for claims and liabilities is insufficient, shareholders who received funds from our trust account could be liable for
claims made by creditors.

 If we file a bankruptcy or
winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed, the proceeds held in
the trust account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy or insolvency estate
and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy or insolvency
claims deplete the trust account, we cannot assure you we will be able to return $10.05 per share to our public shareholders. Additionally,
if we file a bankruptcy or winding-up petition or an involuntary bankruptcy or winding-up petition is filed against us that is not dismissed,
any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy or insolvency laws as either
a "preferential transfer" or a "fraudulent conveyance, preference or disposition." As a result, a liquidator or
bankruptcy or insolvency court could seek to recover some or all amounts received by our shareholders. Furthermore, our board of directors
may be viewed as having breached its fiduciary duty to us or our creditors and/or may have acted in bad faith, and thereby exposing itself
and our company to claims of punitive damages, by paying public shareholders from the trust account prior to addressing the claims of
creditors. We cannot assure you that claims will not be brought against us for these reasons.

 Our public shareholders will
be entitled to receive funds from the trust account only (i) in the event of the redemption of our Public Shares if we do not complete
our initial business combination within the Completion Window, (ii) in connection with a shareholder vote to amend our amended and restated
memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with
our initial business combination or to redeem 100% of our Public Shares if we do not complete our initial business combination within
the Completion Window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business
combination activity or (iii) if they redeem their respective shares for cash upon the completion of our initial business combination,
subject to applicable law and any limitations (including but not limited to cash requirements) created by the terms of the proposed business
combination. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust account. In the event
we seek shareholder approval in connection with our initial business combination, a shareholder's voting in connection with the
business combination alone will not result in a shareholder's redeeming its shares to us for an applicable pro rata share of the
trust account. Such shareholder must have also exercised its redemption rights described above. These provisions of our amended and restated
memorandum and articles of association, like all provisions of our amended and restated memorandum and articles of association, may be
amended with a shareholder vote.

 Competition

 In identifying, evaluating
and selecting a target business for our initial business combination, we encounter competition from other entities having a business objective
similar to ours, including other SPACs, private equity groups and leveraged buyout funds, public companies and operating businesses seeking
strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting business combinations
directly or through affiliates. Moreover, many of these competitors possess greater financial, technical, human and other resources than
us. Our ability to acquire larger target businesses is limited by our available financial resources. This inherent limitation gives others
an advantage in pursuing the acquisition of a target business. Furthermore, our obligation to pay cash in connection with our Public Shareholders
who exercise or are forced to exercise their redemption rights may reduce the resources available to us for our initial business combination
and our outstanding Warrants, and the future dilution they potentially represent, may not be viewed favorably by certain target businesses.
Either of these factors may place us at a competitive disadvantage.

 Employees

 We currently have 2 executive
officers. These individuals are not obligated to devote any specific number of hours to our matters, but they devote as much of their
time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time they devote in
any time period varies based on the stage of the business combination process we are in. We do not intend to have any full-time employees
prior to the completion of our initial business combination.

 Periodic Reporting and Financial Information

 We have registered our Units,
Public Shares and Public Warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports, including this
Report, contain financial statement audited and reported on by Withum, our independent registered public accountant.

 We will provide shareholders
with audited financial statement of the prospective target business as part of the proxy solicitation materials or tender offer documents
sent to shareholders to assist them in assessing the target business. In all likelihood, these financial statement will need to be prepared
in accordance with, or reconciled to, GAAP, or IFRS, depending on the circumstances, and the historical financial statement may be required
to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential target
businesses we may conduct an initial business combination with because some targets may be unable to provide such statement in time for
us to disclose such statement in accordance with federal proxy rules and complete our initial business combination within the prescribed
time frame. We cannot assure our shareholders that any particular target business identified by us as a potential business combination
candidate will have financial statement prepared in accordance with the requirements outlined above, or that the potential target business
will be able to prepare its financial statement in accordance with the requirements outlined above. To the extent that these requirements
cannot be met, we may not be able to acquire the proposed target business. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.

 We have evaluated our internal
control procedures for the fiscal year ending December 31, 2024, as required by the Sarbanes-Oxley Act. Only in the event we are deemed
to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to have
our internal control procedures audited. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such business combination.

 We are a Cayman Islands exempted
company. Exempted companies are Cayman Islands companies conducting business mainly outside the Cayman Islands and, as such, are exempted
from complying with certain provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption
undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands,
for a period of 20 years from the date of the undertaking, no law that is enacted in the Cayman Islands imposing any tax to be levied
on profits, income, gains or appreciations will apply to us or our operations and, in addition, that no tax to be levied on profits, income,
gains or appreciations or which is in the nature of estate duty or inheritance tax will be payable (i) on or in respect of our shares,
debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividend or other distribution of
income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation
of us.

 We are an "emerging
growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take
advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging
growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section
404 of the Sarbanes-Oxley Act reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements,
and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any
golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there may be a less
active trading market for our securities and the prices of our securities may be more volatile.

 In addition, Section 107 of
the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided
in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging
growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to take advantage of the benefits of this extended transition period.

 We will remain an emerging
growth company until the earlier of (1) the last day of the fiscal year (a) following November 24, 2028, (b) in which we have total annual
gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value
of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the prior June 30 th, and (2) the
date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

 Additionally, we are a "smaller
reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statement. We will remain a smaller
reporting company until the last day of the fiscal year in which (i) the market value of our Ordinary Shares held by non-affiliates exceeds
$250 million as of the prior June 30th, and (ii) our annual revenues exceed $100 million during such completed fiscal year or the market
value of our Ordinary Shares held by non-affiliates exceeds $700 million as of the prior June 30.

 Item 1A. Risk Factors.

 As a smaller reporting company
under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. However, the following is a partial
list of material risks, uncertainties and other factors that could have a material effect on us and our operations:

 We are a blank check company with no operating history and no revenues, and you have no basis on which
to evaluate our ability to achieve our business objective.

 Our public shareholders may not be afforded an opportunity to vote on our proposed initial business combination,
and even if we hold a vote, holders of our Class B Ordinary Shares will participate in such vote, which means we may complete our initial
business combination even though a majority of our public shareholders do not support such a combination.

 Your only opportunity to effect your investment decision regarding a potential business combination may
be limited to the exercise of your right to redeem your shares from us for cash.

 The inability of our shareholders to vote or redeem their shares in connection with our extensions.

 Our Sponsor will control the appointment of our board of directors until consummation of our initial business
combination and will hold a substantial interest in us. As a result, it will appoint all of our directors prior to the consummation of
our initial business combination and may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner
that you do not support.

 If we seek shareholder approval of our initial business combination, our Initial Shareholders and management
team have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.

 The ability of our public shareholders to redeem their shares for cash may make our financial condition
unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a
target.

 The ability of our public shareholders to exercise redemption rights with respect to a large number of
our shares and the amount of deferred underwriting compensation may not allow us to complete the most desirable business combination or
optimize our capital structure, and may substantially dilute your investment in us.

 The requirement that we complete our initial business combination within the Completion Window may give
potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct
due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine
our ability to complete our initial business combination on terms that would produce value for our shareholders.

 If we seek shareholder approval of our initial business combination, our Sponsor, Initial Shareholders,
directors, officers and their affiliates may elect to purchase shares or Public Warrants from public shareholders, which may influence
a vote on a proposed business combination and reduce the public "float" of our Class A Ordinary Shares or Public Warrants.

 If a shareholder fails to receive notice of our offer to redeem our Public Shares in connection with our
initial business combination, or fails to comply with the procedures for submitting or tendering its shares, such shares may not be redeemed.

 Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest
in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability
to complete our initial business combination.

 You will not have any rights or interests in funds from the trust account, except under certain limited
circumstances. Therefore, to liquidate your investment, you may be forced to sell your Public Shares or warrants, potentially at a loss.

 Nasdaq may delist our securities from trading on its exchange, which could limit investors' ability
to make transactions in our securities and subject us to additional trading restrictions.

 The nominal purchase price paid by our Sponsor for the Class B Ordinary Shares may result in significant
dilution to the implied value of your Public Shares upon the consummation of our initial business combination.

 The value of the Class B Ordinary Shares following completion of our initial business combination is likely
to be substantially higher than the nominal price paid for them, even if the trading price of our ordinary at such time is substantially
less than $10.00 per share.

 You will not be entitled to protections normally afforded to investors of many other blank check companies.

 Because of our limited resources and the significant competition for business combination opportunities,
it may be more difficult for us to complete our initial business combination. If we are unable to complete our initial business combination,
our public shareholders may receive only their pro rata portion of the funds in the trust account that are available for distribution
to public shareholders, and our warrants will expire worthless.

 If the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants not
being held in the trust account are insufficient to allow us to operate for at least the duration of the Completion Window, it could limit
the amount available to fund our search for a target business or businesses and complete our initial business combination, and we will
depend on loans from our Sponsor, its affiliates or our management team to fund our search and to complete our initial business combination.

 Past performance by our management team, our advisors and their respective affiliates, including investments
and transactions in which they have participated and businesses with which they have been associated, may not be indicative of future
performance of an investment in the company.

 Unlike some other similarly structured special purpose acquisition companies, our Initial Shareholders
will receive additional Class A Ordinary Shares if we issue certain shares to consummate an initial business combination.

 We may be a passive foreign investment company, or "PFIC," which could result in adverse United
States federal income tax consequences to U.S. investors.

 To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment
Company Act, which risk increases the longer that we hold investments in the trust account, we may, at any time (based on our management
team's ongoing assessment of all factors related to our potential status under the Investment Company Act), instruct the trustee
to liquidate the investments held in the trust account and instead to hold the funds in the trust account in cash or in an interest bearing
demand deposit account at a bank until the earlier of the consummation of our initial business combination or our liquidation. Nevertheless,
we may be considered to be operating as an investment company and if we are deemed as such compliance with additional regulatory burdens
would require additional expenses for which we have not allotted funds and would severely hinder our ability to compete a business combination.
As a result, following the liquidation of investments in the trust account, we would likely receive less interest on the funds held in
the trust account, which would likely reduce the dollar amount our public shareholders would receive upon any redemption or liquidation;

 If our initial business combination involves a company organized under the laws of the United States (or
any subdivision thereof), a U.S. federal excise tax could be imposed on us in connection with any redemptions of our Class A Ordinary
Shares after or in connection with such initial business combination.

 If we are deemed to be an investment company under the Investment Company Act, we may be required to institute
burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business
combination.

 Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect
our business, including our ability to negotiate and complete our initial business combination, and results of operations.

 Our search for a business combination, and any target business with which we ultimately consummate a business
combination, may be materially adversely affected by the continued effects of the coronavirus (COVID-19) pandemic and the status of debt
and equity markets, as well as protectionist legislation in our target markets.

 Our search for an initial business combination, and any target business with which we may ultimately consummate
an initial business combination, may be materially adversely affected by current global geopolitical conditions resulting from the ongoing
Russia-Ukraine conflict and the recent escalation of conflict in the Middle East and Southwest Asia.

 We may reincorporate in or transfer by way of continuation to another jurisdiction which may result in
taxes imposed on shareholders or warrant holders.

 Our initial business combination and our structure thereafter may not be tax-efficient to our shareholders
and warrant holders. As a result of our business combination, our tax obligations may be more complex, burdensome and/or uncertain.

 For additional risks relating
to our operations, other than as set forth above, see the section titled "Risk Factors" contained in our IPO Registration
Statement. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition.
Additional risks could arise that may also affect our business or ability to consummate an initial business combination. We may disclose
changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

 Item 1B. Unresolved Staff Comments.

 Not applicable.

 Item 1C. Cybersecurity.

 Although, as a blank check
company, we do not have any operations, we are nonetheless subject to the risk of cybersecurity incidents. Among other things, the investments
in our Trust Account and bank deposits may be vulnerable to such incidents, and we may depend on the digital technologies of third parties.
We and third parties may be subject to cybersecurity attacks or security breaches. To the extent that we rely on the technologies of third
parties, we depend upon the personnel and the processes of such third parties to protect against cybersecurity incidents, and we have
no personnel or processes of our own for this purpose. In the event of a cybersecurity incident impacting us, our management team will
 report to the Board of Directors and provide updates on the management team's incident response plan for addressing and mitigating
any risks associated with such an incident. As an early stage company without significant investments in data security protection, we
may not be sufficiently protected against such occurrences. We also lack sufficient resources to adequately protect against, or to investigate
and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have
material adverse consequences on our business and lead to financial loss. We have not encountered any cybersecurity incidents since our
Initial Public Offering. In addition to our own cybersecurity risks, any proposed Business combination target may have been subject to,
or may in the future be subject to, cybersecurity incidents.

 Item 2. Properties.

 Our executive offices are located at 100 First
Stamford Place, Suite 330 Stamford, CT 06902 and our telephone number is (203) 930-2200. Our executive offices are provided to us by our
Sponsor. Commencing on the date our securities were first listed on NASDAQ, we have agreed to pay an affiliate of our Sponsor a total
of $15,000 per month for office space, utilities and secretarial and administrative support. We consider our current office space adequate
for our current operations. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly
fees.

 Item 3. Legal Proceedings.

 To the knowledge of our management
team, there is no material litigation currently pending or contemplated against us, any of our subsidiaries, any of our officers or directors
in their capacity as such or against any of our property.

 Item 4. Mine Safety Disclosures.

 Not applicable.

 Item 5. Market for Registrant's Common
Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities.

 (a) Market Information

 Our Units, Public Shares and
Public Warrants are each traded on the NASDAQ Stock Exchange under the symbols "HONDU," "HOND" and "HONDW,"
respectively. Our Units commenced public trading on August 16, 2024 and our Public Shares and Public Warrants commenced separate public
trading on October 10, 2024.

 (b) Holders

 On March 31, 2025 there was
one (1) holder of record of our Units, one (1) holder of record of our separately traded Class A Ordinary Shares, four (4) holders of
record of our Class B Ordinary Shares and three (3) holders of record of our Public Warrants.

 (c) Dividends

 We have not paid any cash
dividends on our Ordinary Shares to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our
initial Business combination will be within the discretion of our Board of Directors at such time. In addition, our Board of Directors
is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any
indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

 (d) Securities Authorized for Issuance
Under Equity Compensation Plans

 None.

 (e) Performance Graph

 As a smaller reporting company,
we are not required to provide the information required by Regulation S-K Item 201(e).

 (f) Recent Sales of Unregistered
Securities

 None.

 (g) Use of Proceeds from the Initial
Public Offering

 For a description of the use
of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 2 of our Quarterly Report for the quarter
ended September 30, 2024, as filed with the SEC on November 13, 2024. There has been no material change in the planned use of proceeds
from our Initial Public Offering and Private Placement as described in the IPO Registration Statement. The specific investments in our
Trust Account may change from time to time.

 (h) Purchases of Equity Securities
by the Issuer and Affiliated Purchasers

 None.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations.

 Overview

 We are a blank check company
incorporated in the Cayman Islands on April 4, 2024 formed for the purpose of effecting a merger, amalgamation, share exchange, asset
acquisition, share purchase, reorganization or other similar business combination with one or more businesses. We intend to effectuate
our business combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Private Placement Warrants,
our shares, debt or a combination of cash, shares and debt.

 We expect to continue to incur
significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a business combination will
be successful.

 Recent Developments

 On March 26, 2025, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified
from time to time in accordance with its terms, the "Business Combination Agreement") by and among the Company, Terrestrial
Energy Inc., a Delaware corporation ("Terrestrial Energy"), and HCM II Merger Sub Inc., a Delaware corporation and a direct
wholly owned subsidiary of Company ("Merger Sub"), pursuant to which, among other things and subject to the terms and conditions
contained therein, Merger Sub will merge with and into Terrestrial Energy (the "Merger"), with Terrestrial Energy continuing
as the surviving entity (the "Surviving Company"). The transactions contemplated by the Business Combination Agreement are
referred to herein as the "Business Combination." The combined company's business will continue to operate through Terrestrial
Energy and its subsidiaries.

 The Business Combination Agreement and the Business Combination were unanimously approved by the board of
directors of the Company and the board of directors of Terrestrial Energy.

 The Business Combination is expected to close in the fourth
quarter of 2025, subject to the receipt of the required approvals by Company's shareholders and the fulfilment of other customary
closing conditions.

 In addition to the Merger, the Company will, subject to obtaining the required shareholder approvals and at least one
(1) day prior to the date of the closing of the Business Combination (the "Closing"), change its jurisdiction of incorporation
by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of
the State of Delaware (the "Domestication"). The Company will provide its public shareholders the opportunity to elect, at
least two (2) business days prior to the Company shareholder's meeting, to redeem their shares on the terms and conditions set forth
in the Business Combination Agreement and the Company's governing documents (the "Redemption"). Subject to the receipt
of approval from shareholders of the Company, and at least one (1) day prior to the Domestication, the Company will carry out the Redemption.

 By
virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, including
approval of the Company's shareholders: (i) immediately prior to the Domestication, each of the then issued and outstanding Class
B Ordinary Shares of the Company will convert automatically, on a one-for-one basis, into one (1) Class A Ordinary Share, par value of
$0.0001 per share, of the Company (the "Sponsor Share Conversion"); and (ii) immediately following the Sponsor Share Conversion,
in connection with the Domestication, (x) each then issued and outstanding Class A Ordinary Share (other than any Class A Ordinary Share
included in the Cayman Purchaser Units (as defined in the Business Combination Agreement)) will convert automatically, on a one-for-one
basis, into one (1) share of common stock, par value $0.0001 per share, of the Company (after the Domestication) (the "Domesticated
Common Stock"); (y) each of the then issued and outstanding warrants (other than any Cayman Purchaser Public Warrants (as defined
in the Business Combination Agreement) included in the Cayman Purchaser Units) representing the right to purchase one (1) Class A Ordinary
Share will convert automatically into a warrant to acquire one (1) share of Domesticated Common Stock (each a "Domesticated Warrant");
and (z) each of the then issued and outstanding Cayman Purchaser Units will be cancelled and each holder thereof will be entitled to one
(1) share of Domesticated Common Stock and one-half (1/2) of one (1) Domesticated Warrant.

 The Company has also entered into subscription
agreements (collectively, the "PIPE Subscription Agreements"), each dated as of March 26, 2025, with certain investors (collectively,
the "PIPE Investors"), pursuant to which, among other things, the Company has agreed to issue and sell, in private placements
to close immediately prior to or substantially concurrently with the Closing, an aggregate of 5,000,000 shares of Domesticated Common
Stock for a purchase price of $10.00 per share (the "PIPE Financing"). The PIPE Investors are permitted, under the PIPE Subscription
Agreements, to satisfy their commitments thereunder if they hold shares of Domesticated Common Stock that qualify as Non-Redeemed Shares
(as defined in the PIPE Subscription Agreements), subject to certain conditions and restrictions set forth in the PIPE Subscription Agreements.

 Results of Operations

 We have neither engaged in
any operations nor generated any revenues to date. Our only activities from April 4, 2024 (inception) through December 31, 2024 were organizational
activities, those necessary to prepare for the Initial Public Offering, described below, and, after our Initial Public Offering, identifying
a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business
combination. We generate non-operating income in the form of interest income on marketable securities held in the trust account. We incur
expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due
diligence expenses.

 For the period from April
4, 2024 (inception) through December 31, 2024, cash used in operating activities was $318,768. Net income of $3,408,788 was affected by
operating costs paid by Sponsor in exchange for issuance of Class B founder shares of $12,463, payment of operation costs through promissory
note of $45,200 and interest earned on marketable securities held in the trust account of $4,043,585. Changes in operating assets and
liabilities was affected by $258,366 of cash provided for operating activities.

 Factors That May Adversely Affect our Results
of Operations

 Our results of operations
and our ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty
and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things,
downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply
chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the
military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events, their
duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business combination.

 Liquidity and Capital Resources

 Until the consummation of
the Initial Public Offering, our only source of liquidity was an initial purchase of shares of Class B Ordinary Shares, par value $0.0001
per share, by the Sponsor and loans from the Sponsor.

 On August 19, 2024, we consummated
the Initial Public Offering of 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in
the amount of 3,000,000 Units generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public Offering,
we consummated the sale of an aggregate of 6,850,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, in
a private placement to the Sponsor and Cantor Fitzgerald & Co., generating gross proceeds of $6,850,000.

 We intend to use substantially
all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes
payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration
to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the
operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

 We intend to use the funds
held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target
businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners,
review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business
Combination.

 For the period from April
4, 2024 (inception) through December 31, 2024, cash used in operating activities was $323,234. Net income of $3,408,788 was affected by
operating costs paid by Sponsor in exchange for issuance of Class B founder shares of $12,463, payment of operation costs through promissory
note of $45,200 and interest earned on marketable securities held in the trust account of $4,043,585. Changes in operating assets and
liabilities was affected by $253,900 of cash provided for operating activities.

 As of December 31,2024, we
had marketable securities held in the trust account of $235,193,585. We intend to use substantially all of the funds held in the Trust
Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business
Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination,
the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,
make other acquisitions and pursue our growth strategies.

 As of December 31,2024, we
had cash held outside of the trust account of $672,555 available for working capital needs. We intend to use the funds held outside the
Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel
to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

 We have until August 19, 2026
to consummate the initial Business Combination (assume no extensions). If we do not complete a Business Combination, we will trigger an
automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association.
Notwithstanding management's belief that we would have sufficient funds to execute its business strategy, there is a possibility
that business combination might not happen within the 24-month period from the date of the auditors' report.

 In connection with our assessment of going concern considerations in accordance with ASC 205-40, Going Concern, as of December 31, 2024,
we may need to raise additional capital through loans or additional investments from Sponsor, stockholders, officers, directors, or third
parties. Our officers, directors and Sponsor may, but are not obligated to, loan us funds, from time to time or at any time, in whatever
amount they deem reasonable in their sole discretion, to meet our working capital needs. Accordingly, we may not be able to obtain additional
financing. If we are unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could
include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead
expenses. We cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all.

 Management plans to
address this uncertainty through a Business Combination. If a Business Combination is not consummated by the end of the Combination
Period, currently August 19, 2026, there will be mandatory liquidation and subsequent dissolution of the Company. Management has
determined that the liquidity condition raises substantial doubt about our ability to continue as a going concern. No adjustments
have been made to the carrying amounts of assets or liabilities should be required to liquidate after the Combination Period. We
intend to complete the initial Business Combination before the end of the Combination Period. However, there can be no assurance
that we will be able to consummate any Business Combination by the end of the Combination Period.

 Off-Balance Sheet Financing Arrangements

 We have no obligations, assets
or liabilities, which would be considered off-balance sheet arrangements as of December 31, 2024. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance
sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased
any non-financial assets.

 Contractual Obligations

 We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay the Sponsor a total
of $15,000 per month for office space, utilities and secretarial and administrative support services.

 The underwriter will be entitled
to a deferred underwriting discount of 4.40% of the gross proceeds of the Initial Public Offering held in the Trust Account other than
those sold pursuant to the underwriters' over-allotment option and 6.40% of the gross proceeds sold pursuant to the underwriter's
over-allotment option, $10,720,000 in the aggregate, payable upon the completion of the Company's initial Business Combination subject
to the terms of the underwriting agreement

 Critical Accounting Estimates

 The preparation of financial
statement and related disclosures in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
and liabilities at the date of the financial statement, and income and expenses during the periods reported. Making estimates requires
management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation
or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from
those estimates. As of December 31, 2024, we did not have any critical accounting estimates to be disclosed.

 Recent Accounting Pronouncements

 In November 2023, the FASB
issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments
in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided
to the chief operating officer decision maker ("CODM"), as well as the aggregate amount of other segment items included in
the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the
CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding
how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in
interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments
in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after
December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

 Management does not believe
that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's
financial statement.

 Item 7A. Quantitative and Qualitative Disclosures
about Market Risk.

 We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

 Item 8. Financial Statement and Supplementary
Data.

 Reference is made to pages
F-1 through F-18 comprising a portion of this Report, which are incorporated herein by reference.

 Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure.

 None.

 Item 9A. Controls and Procedures.

 Evaluation of Disclosure Controls and Procedures

 Disclosure controls and procedures
are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to
be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief
Executive Officer and Chief Financial Officer (together, the "Certifying Officers"), or persons performing similar functions,
as appropriate, to allow timely decisions regarding required disclosure.

 Under the supervision and
with the participation of our Management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the
design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based
on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of the fiscal
year ended December 31, 2024. Accordingly, Management believes that the financial statement contained elsewhere in this Report present
fairly in all material respects our financial position, results of operations and cash flows for the period presented.

 We do not expect that our
disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how
well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures
are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the
benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no
evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and
instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions.

 Management's Annual Report on Internal
Controls over Financial Reporting

 This Report does not include
an attestation report of our internal controls from our independent registered public accounting firm due to our status as an emerging
growth company under the JOBS Act.

 Changes in Internal Control over Financial
Reporting

 Not applicable.

 Item 9B. Other Information.

 Trading Arrangements

 During the quarterly period
ended December 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or
 terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is
defined in Item 408 (a) of Regulation S-K.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections.

 Not applicable.

 Item 10. Directors, Executive Officers and
Corporate Governance.

 Directors and Executive Officers

 As of the date of this Report,
our directors and officers are as follows:

 Age

 Position

 Chief Executive Officer and Chairman of the Board of Directors

 Chief Financial Officer, President and Director

 Andrew Brenner

 Michael J. Connor

 Jacob Loveless

 The experience of our directors
and executive officers is as follows:

has served as our Chairman of the Board and Chief Executive Officer since our inception. Mr. Matthews is a financial services expert and
entrepreneur with more than 30 years of management experience in public and private corporations. Since January 2019, Mr. Matthews founded
and has served as the Chief Investment Officer of Hondius Capital Management, an alternative investment firm. In such capacity, he is
responsible for the overall success of Hondius Capital Management with a particular focus on managing all firm investments. From March
2009 until December 2018, Mr. Matthews served as Chief Executive Officer of Cantor Fitzgerald & Co., a leading financial services
firm, where he was responsible for Cantor Fitzgerald's risk taking businesses and strategic growth. Mr. Matthews also served as
a member of the Executive Committee of the Cantor Fitzgerald & Co. from March 2009 until December 2018. During his tenure at Cantor
Fitzgerald, Mr. Matthews played a significant role of the growth of the company, with significant revenue and earnings growth during his
tenure. In addition, while serving as the Chief Executive Officer of Cantor Fitzgerald, Mr. Matthews founded and oversaw their sizeable
SPAC business. Mr. Matthews also served on the Board of Directors of Securities Industry and Financial Markets Association (SIFMA) from
January, 2011 through December, 2013. On January 20, 2022, HCM Acquisition Corp (Nasdaq: HCMA), raised $287 million in its initial public
offering, led by Mr. Matthews as Chairman and CEO. On March 20, 2024, HCM closed its $690 million business combination with Murano Global
Investments, Ltd., a Mexican development company with extensive experience in the structuring, development and assessment of industrial,
residential, corporate office, and hotel projects in Mexico with a vision to create competitive and leading investment vehicles for the
acquisition, consolidation, operation, and development of real estate assets. Mr. Matthews received his Bachelor of Science in Finance
and Economics from the Fairfield University Dolan School of Business and MBA from Hofstra University.

 Steven Bischoff,
has served as our President and Chief Financial Officer since our inception and has served on our board of directors since August 2024.
Mr. Bischoff is an Executive Vice President with Atlantic Home Loans, where he is responsible for the company's strategic planning
and operations. From 2010 through 2020, Mr. Bischoff was a Partner at NatAlliance Securities LLC., a broker dealer where he oversaw investment
banking and asset management. He also served on the board of directors, which was responsible for oversight and the strategic direction
of the business. Prior to these roles, his career included several senior management positions across trading, risk management, and operations.
From 2003 through 2007, Mr. Bischoff was employed with Cantor Fitzgerald, where he was hired as the Head of Fixed Income Trading and subsequently
promoted to co-COO of Capital Markets. From 1999 through 2003, Mr. Bischoff was employed with GMAC RFC, where he ran all capital markets
trading and risk management. From 1992 through 1999, Mr. Bischoff was employed with Amherst Securities, where he was co-Founder and Head
of Trading and Risk Management. Mr. Bischoff served as a director of HCM Acquisition Corp from the date of its initial public offering
on January 20, 2022 until its successful business combination with Murano Global Investments, Ltd. on March 20, 2024. We believe that
Mr. Bischoff's extensive experience in the financial services industry and his leadership skillset will be extremely additive as
a member of our board of directors.

 Andrew Brenner has
served as a director of HCM II Acquisition Corp since August 2024. From 2012, Mr. Brenner has served as Director and Head of International
Fixed Income at Natalliance Securities, a boutique investment firm established in 1997. During his time at Natalliance Securities, Mr.
Brenner has concurrently held positions of Chairman for the Childrens Cancer Fund from 2004 to 2015 and Patriot Capital from 2008-2018;
Director for Maine Children's Cancer Fund from 1998 to 2003 and Penn Basketball Board from 2014 to present day; as well as Treasurer
for the Maine Jewish Museum since 2018. Prior to these positions, Mr. Brenner received a Bachelor of Arts in International Economics from
the University of Pennsylvania, and a Master of Business Administration from The Wharton School. Mr. Brenner is CPA certified.

 Michael J. Connor has
served as a director of HCM II Acquisition Corp since August 2024. In 2016, Mr. Connor founded ThayerMahan, Inc. and has since served
as the Chairman and Chief Executive Officer. Mr. Connor has also held the role of Advisor to the Woods Hole Oceanographic Institution
since 2015. Prior to these roles, Mr. Connor served in the United States Navy for over 35 years, rising to the rank of Vice Admiral. During
his time with the United States Navy, Mr. Connor served as the Director of the Navy Budget Office's Ops Division from 2006 to 2008,
Director of the Submarine Warfare Division from 2010 to 2011, and Director of the Warfare Integration's Navy Staff from 2011 to
2012. Mr. Connor also served as the Commander of: Submarine Squadron 8 from 2003 to 2004, Submarine Squadron 7 from 2008 to 2010, and
the Submarine Forces from 2012 to 2015. He received a Bachelor of Arts from Bowdoin College in 1980, and his Master of Arts in 2001 from
the United States Naval War College.

 Jacob Loveless has
served as a director of HCM II Acquisition Corp since August 2024. Mr. Loveless is Chief Executive Officer of Edgemesh Corporation,
a privately held technology firm he co-founded in 2016. Additionally, from 2016 to 2019, Mr. Loveless served as a board director for Perseus
Telecom Ltd., a financial services-focused telecommunications company. As a board member, Mr. Loveless had an active role in the company's
restructuring, growth, and eventual acquisition of the parent company by GTT Communications (NYSE: GTT) in 2017. From 2013 to 2016, Mr.
Loveless was the Chief Executive Officer of Lucera Financial Services LLC., a financial services technology firm providing exchange technology
and private global network services to some of Wall Streets' largest firms. While at Lucera, Mr. Loveless led the initial design,
development, and launch of an innovative distributed matching engine (U.S. Patent 2,0140,172,644). The global financial services firm
BGC Partners (NASDAQ: BGCP) acquired Lucera in 2017. From 2003 to 2013, Mr. Loveless served in various technology-focused roles at the
financial services firm, Cantor Fitzgerald L.P., where he was a Partner. From 2002 to 2003, Mr. Loveless was the Chief Technology Officer
and co-founder of Data Scientific Corporation, whose customers included the U.S. Department of Defense. Data Scientific was acquired by
Serena Software (NYSE: MFGP) in 2006. From 2001 to 2002, Mr. Loveless served as the Director of Technology at Appian Corporation (NASDAQ:
APPN), where he worked on large-scale projects for the Department of Defense, including the Army Knowledge Online. Mr. Loveless served
as a director of HCM Acquisition Corp from the date of its initial public offering on January 20, 2022 until its successful business combination
with Murano Global Investments, Ltd. On March 20, 2024. Given his extensive experience in the financial services and financial services
technology industries combined with a long history of developing and managing large-scale and cutting-edge technology ventures, we believe
Mr. Loveless serves as a valuable addition to the board of directors.

 Our management team has a
deep understanding of the complexities of financial services companies as well as the technological requirements to be successful in the
future. They have in depth knowledge of market structure and operational constraints of current mainstream financial services firms. This
knowledge and understanding will be a key asset when identifying a target that might benefit significantly in the future of financial
services. FinTech businesses require this intimate understanding of how businesses and markets work and how they could be augmented with
technology in order to innovate or make the businesses more efficient.

 Family and Close Personal Relationships

 No family or close personal
relationships exist between any of our directors or executive officers.

 Involvement in Certain Legal Proceedings

 Other than as described
above, there are no material proceedings to which any director or executive officer, or any associate of any such director or officer
is a party adverse to our Company, or has a material interest adverse to our Company.

 Number and Terms of Office of Officers and
Directors

 Our board of directors consists
of five (5) members and is divided into three classes with only one class of directors being appointed in each year, and with each class
(except for those directors appointed prior to our first annual general meeting) serving a three-year term. Prior to the closing of our
initial business combination, only holders of our Class B Ordinary Shares will be entitled to vote on the appointment and removal of directors
or continuing the company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional
documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a
jurisdiction outside the Cayman Islands). Holders of our Public Shares will not be entitled to vote on such matters during such time.
These provisions of our amended and restated memorandum and articles of association relating to these rights of holders of Class B Ordinary
Shares may be amended by a special resolution passed by the affirmative vote of the holders of at least 90% (or, where such amendment
is proposed in respect of the consummation of our initial business combination, two-thirds) of the ordinary shares, who, being entitled
to do so, vote in person or by proxy at a general meeting of the company. In accordance with Nasdaq corporate governance requirements,
we are not required to hold an annual general meeting until one year after our first fiscal year end following our listing on Nasdaq.
The term of office of the first class of directors, which consists of Messrs. Brenner and Connor will expire at our first annual general
meeting. The term of office of the second class of directors, which consists of Mr. Bischoff and Loveless, will expire at the second annual
general meeting. The term of office of the third class of directors, which consists of Mr. Matthews will expire at the third annual general
meeting.

 Our officers are appointed by the board of directors
and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized
to appoint officers as it deems appropriate pursuant to our amended and restated memorandum and articles of association.

 Director Independence

 Nasdaq rules require that
a majority of our board of directors be independent within one year of our Initial Public Offering. An "independent director"
is defined generally as a person who, in the opinion of the company's board of directors, has no material relationship with the
listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company).
We have three "independent directors" as defined in Nasdaq rules and applicable SEC rules prior to completion of the Initial
Public Offering. Our board of directors has determined that Messrs. Brenner, Connor and Loveless are "independent directors"
as defined in Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings at which
only independent directors are present.

 Committees of the Board of Directors

 Our board of directors has
established two standing committees: an audit committee and a compensation committee. Subject to phase-in rules, the rules of Nasdaq and
Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Each
committee operates under a charter that has been approved by our board and has the composition and responsibilities described below.

 Audit Committee

 Our board of directors has
established an audit committee of the board of directors. Messrs. Brenner and Connor and Loveless serve as the members of our audit committee.
Under the Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee, all of whom
must be independent. Messrs. Brenner and Connor and Loveless are each independent.

 Mr. Brenner serves as the
chairman of the audit committee. Each member of the audit committee is financially literate and our board of directors has determined
that Mr. Brenner qualifies as an "audit committee financial expert" as defined in applicable SEC rules.

 We have adopted an audit
committee charter, which details the principal functions of the audit committee, including:

 assisting board oversight of (1) the integrity of our financial statement, (2) our compliance with legal
and regulatory requirements, (3) our independent registered public accounting firm's qualifications and independence, and (4) the
performance of our internal audit function and independent registered public accounting firm; the appointment, compensation, retention,
replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged
by us;

 pre-approving all audit and non-audit services to be provided by the independent registered public accounting
firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; reviewing and
discussing with the independent registered public accounting firm all relationships the independent registered public accounting firm
have with us in order to evaluate their continued independence;

 setting clear policies for audit partner rotation in compliance with applicable laws and regulations;
obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent
registered public accounting firm's internal quality-control procedures and (2) any material issues raised by the most recent internal
quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental
or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any
steps taken to deal with such issues;

 meeting to review and discuss our annual audited financial statement and quarterly financial statement
with management and the independent registered public accounting firm, including reviewing our specific disclosures under "Management's
Discussion and Analysis of Financial Condition and Results of Operations";

 reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of
Regulation S-K promulgated by the SEC prior to us entering into such transaction; and

 reviewing with management, the independent registered public accounting firm, and our legal advisors,
as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any
employee complaints or published reports that raise material issues regarding our financial statement or accounting policies and any significant
changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

 Compensation Committee

 Our board of directors has
established a compensation committee of our board of directors. The members of our compensation committee are Messrs. Brenner, Connor
and Loveless. Mr. Connor serves as chair of the compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we
are required to have a compensation committee of at least two members, all of whom must be independent. Messrs. Brenner, Connor, and Loveless
are each independent. We have adopted a compensation committee charter, which details the principal functions of the compensation committee,
including:

 reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive
officer's compensation, evaluating our chief executive officer's performance in light of such goals and objectives and determining
and approving the remuneration (if any) of our chief executive officer's based on such evaluation

 reviewing and making recommendations to our board of directors with respect to the compensation, and any
incentive compensation and equity based plans that are subject to board approval of all of our other officers;

 reviewing our executive compensation policies and plans;

 implementing and administering our incentive compensation equity-based remuneration plans;

 assisting management in complying with our proxy statement and annual report disclosure requirements;

 approving all special perquisites, special cash payments and other special compensation and benefit arrangements
for our executive officers and employees;

 producing a report on executive compensation to be included in our annual proxy statement; and

 reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

 The charter also provides
that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or
other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However,
before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee
will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

 We have not formally established
any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying
and evaluating nominees for director, our Board of Directors considers educational background, diversity of professional experience, knowledge
of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders.
Prior to our initial business combination, holders of our Public Shares do not have the right to recommend director candidates for nomination
to our Board of Directors.

 Code of Ethics

 We have adopted a code of
ethics applicable to our directors, officers and employees (the "Code of Ethics"). We have filed a copy of our Code of Ethics
and our Audit Committee and Compensation Committee charters as exhibits to this Report. Our shareholders are also able to review these
documents by accessing our public filings at the SEC's website at www.sec.gov. In addition, a copy of the Code of Ethics
will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our
Code of Ethics in a Current Report on Form 8-K.

 Conflicts of Interest

 Under Cayman Islands law,
directors and officers owe the following fiduciary duties: duty to act in good faith in what the director or officer believes to be in
the best interests of the company as a whole;

 duty to exercise powers for the purposes for which those powers were conferred and not for a collateral
purpose

 duty to not improperly fetter the exercise of future discretion;

 duty to exercise authority for the purpose for which it is conferred and a duty to exercise powers fairly
as between different sections of shareholders;

 duty not to put themselves in a position in which there is a conflict between their duty to the company
and their personal interests; and

 duty to exercise independent judgment.

 In addition to the above,
directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably
diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same
functions as are carried out by that director in relation to the company and the general knowledge, skill and experience of that director.

 Below is a table summarizing
the entities to which our executive officers and directors currently have fiduciary duties or contractual obligations:

 Individual

 Entity

 Entity's Business

 Affiliation

 Hondius Capital Management, LP

 Investment Management

 Chief Investment Officer

 Murano Global Investments PLC

 Hospitality and Real Estate

 Atlantic Home Loans

 Investment Management

 Executive Vice President

 Andrew Brenner

 National Alliance Securities

 Investment Management

 Managing Director

 Michael J. Connor

 ThayerMahan, Inc.

 Technology and Infrastructure

 Chief Executive Officer

 Jacob Loveless

 Edgemesh Corporation

 Technology and Infrastructure

 Chief Executive Officer

 As set out above, directors
have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit
as a result of their position at the expense of the company. However, in some instances what would otherwise be a breach of this duty
can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be
done by way of permission granted in the memorandum and articles of association or alternatively by shareholder approval at general meetings.
Each of our officers and directors presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations
or duties to one or more other entities pursuant to which such officer or director is or will be required to present a business combination
opportunity to such entities. Accordingly, if any of our officers or directors becomes aware of a business combination opportunity which
is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she will honor his or her fiduciary
or contractual obligations to present such business combination opportunity to such other entity, subject to their fiduciary duties under
Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by law:
(i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to
refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us, and (ii) we renounce
any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may
be a corporate opportunity for any director or officer, on the one hand, and us, on the other or (b) the presentation of which would breach
an existing legal obligation of a director or officer to any other entity. We do not believe, however, that the fiduciary duties or contractual
obligations of our officers or directors will materially affect our ability to complete our initial business combination.

 In addition, our Sponsor and
our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business
or investment ventures during the period in which we are seeking an initial business combination. As a result, our Sponsor, officers and
directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other
special purpose acquisition company with which they may become involved. Any such companies, businesses or investments may present additional
conflicts of interest in pursuing an initial business combination target. However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.

 Potential investors should also be aware of the following other potential
conflicts of interest:

 Our officers and directors are not required to, and will not, commit their full time to our affairs, which may result in a conflict
of interest in allocating their time between our operations and our search for a business combination and their other businesses. We do
not intend to have any full-time employees prior to the completion of our initial business combination. Each of our officers is engaged
in several other business endeavors for which he may be entitled to substantial compensation, and our officers are not obligated to contribute
any specific number of hours per week to our affairs.

 Our Initial Shareholders purchased Class B Ordinary Shares prior to the date of the prospectus dated August 15, 2024 and have purchased
Private Placement Warrants in a transaction that closed simultaneously with the closing of that offering. Our Sponsor, officers and directors
have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their
Class B Ordinary Shares and Public Shares in connection with the completion of our initial business combination. Additionally, our Sponsor,
officers and directors have agreed to waive their rights to liquidating distributions from the trust account with respect to their Class
B Ordinary Shares if we fail to complete our initial business combination within the prescribed time frame, although they will be entitled
to liquidating distributions from assets outside the trust account. If we do not complete our initial business combination within the
prescribed time frame, the Private Placement Warrants will expire worthless. Furthermore, our Sponsor, officers and directors have agreed
not to transfer, assign or sell any of their Class B Ordinary Shares and any Class A Ordinary Shares issuable upon conversion thereof
until the earlier to occur of: (i) one year after the completion of our initial business combination or (ii) the date following the completion
of our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results
in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding
the foregoing, if the closing price of our Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, the Class B Ordinary Shares will be released from the lockup. The Private Placement
Warrants (including the Class A Ordinary Shares issuable upon exercise of the Private Placement Warrants) will not be transferable until
30 days following the completion of our initial business combination. Because each of our officers and directors will own ordinary shares
or warrants directly or indirectly, they may have a conflict of interest in determining whether a particular target business is an appropriate
business with which to effectuate our initial business combination.

 Our officers and directors may have a conflict of interest with respect to evaluating a particular business
combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any
agreement with respect to our initial business combination.

 We are not prohibited from
pursuing an initial business combination with a company that is affiliated with our Sponsor, officers or directors, non-managing sponsor
investors, or completing the business combination through a joint venture or other form of shared ownership with our Sponsor, officers
or directors, or non-managing sponsor investors. In the event we seek to complete our initial business combination with a company that
is affiliated (as defined in our amended and restated memorandum and articles of association) with our Sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm or another independent
entity that commonly renders valuation opinions, stating that the consideration to be paid by us in such an initial business combination
is fair to our company from a financial point of view. We are not required to obtain such an opinion in any other context.

 Prior to or in connection
with the completion of our initial business combination, there may be payment by the company to our Sponsor, officers or directors, or
our or their affiliates, of a finder's fee, advisory fee, consulting fee or success fee for any services they render in order to
effectuate the completion of our initial business, which, if made prior to the completion of our initial business combination, will be
paid from funds held outside the trust account.

 We cannot assure you that
any of the above mentioned conflicts will be resolved in our favor.

 In the event that we submit
our initial business combination to our public shareholders for a vote, our Sponsor, officers and directors have agreed to vote their
Class B Ordinary Shares, and they and the other members of our management team have agreed to vote their Class B Ordinary Shares and any
shares purchased during or after the offering in favor of our initial business combination, aside from shares they may purchase in compliance
with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the business combination transaction.
The non-managing sponsor investors are not required to (i) hold any units, Class A Ordinary Shares or Public Warrants they may purchase
in the Initial Public Offering or thereafter for any amount of time, (ii) vote any Class A Ordinary Shares they may own at the applicable
time in favor of our initial business combination or (iii) refrain from exercising their right to redeem their Public Shares at the time
of our initial business combination. The non-managing sponsor investors will have the same rights to the funds held in the trust account
with respect to the Class A Ordinary Shares underlying the units they may purchase in the Initial Public Offering as the rights afforded
to our other public shareholders. However, if the non-managing sponsor investors purchase all of the units for which they have expressed
to us an interest in purchasing or otherwise hold a substantial number of our units, then the non-managing sponsor investors will potentially
have different interests than our other public shareholders in approving our initial business combination and otherwise exercising their
rights as public shareholders because of their indirect ownership of Class B Ordinary Shares as further discussed in this Report.

 Limitation on Liability and Indemnification of Officers and Directors

 Cayman Islands law does not
limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors,
except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against willful default, willful neglect, actual fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will provide that our officers and directors will be indemnified by us to the fullest extent permitted by
law, as it now exists or may in the future be amended, including for any liability incurred in their capacities as such, except through
their own actual fraud, willful default or willful neglect. We expect to purchase a policy of directors' and officers' liability
insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances
and insures us against our obligations to indemnify our officers and directors.

 Our officers and directors
have agreed, and any persons who may become officers or directors prior to the initial business combination will agree, to waive any right,
title, interest or claim of any kind in or to any monies in the trust account, and to waive any right, title, interest or claim of any
kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the
trust account for any reason whatsoever. Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have
sufficient funds outside of the trust account or (ii) we consummate an initial business combination.

 Our indemnification obligations
may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action,
if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

 We believe that these provisions,
the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

 Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.

 Trading Policies

 On March 31, 2025, we
 adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of our securities by
directors, officers and employees, which are reasonably designed to promote compliance with insider trading laws, rules and
regulations, and applicable stock exchange listing standards (the "Insider Trading Policy").

 The foregoing description
of the Insider Trading Policy does not purport to be complete and is qualified in its entirety by the terms and conditions of the Insider
Trading Policy, a copy of which is attached hereto as Exhibit 19 and is incorporated herein by reference.

 Compensation Recovery and Clawback Policy

 Under the Sarbanes-Oxley Act,
in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we can
recoup those improper payments from our executive officers. The SEC has also recently adopted rules that direct national stock exchanges
to require listed companies to implement policies intended to recoup bonuses paid to executives if the company is found to have misstated
its financial results.

 On March 31, 2025, our
Board of Directors approved the adoption of the Executive Compensation Clawback Policy (the "Clawback Policy"), in order
to comply with the final Clawback rules adopted by the SEC under Rule 10D-1 under the Exchange Act (the "Rule"), and the
listing standards, as set forth in Rule 5608 of the Nasdaq Listing Rules (the "Final Clawback Rules").

 The Clawback Policy provides
for the mandatory recovery of erroneously awarded incentive-based compensation from our current and former executive officers as defined
in the Rule ("Covered Officers") in the event that we are required to prepare an accounting restatement, in accordance with
the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise
caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy, our Board of Directors may recoup from
the Covered Officers erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years
preceding the date on which we are required to prepare an accounting restatement.

 Item 11. Executive Compensation.

 None of our executive officers
or directors have received any cash compensation for services rendered to us. We are not prohibited from paying any fees (including advisory
fees), reimbursements or cash payments to our sponsor, officers or directors, or our or their affiliates, for services rendered to us
prior to or in connection with the completion of our initial business combination, including the following payments, all of which, if
made prior to the completion of our initial business combination, will be paid from funds held outside the trust account:

 Repayment of up to an aggregate of $300,000 in loans made to us by our Sponsor to cover offering-related
and organizational expenses;

 reimbursement for office space, utilities and secretarial and administrative support made available to
us by our Sponsor or an affiliate thereof, in an amount equal to $15,000 per month;

 Payment of consulting, success or finder fees to our independent directors, advisors, or their respective
affiliates in connection with the consummation of our initial business combination;

 We may engage our Sponsor or an affiliate of our Sponsor as an advisor or otherwise in connection with
our initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes
a market standard for comparable transactions;

 Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing
an initial business combination; and

 Repayment of loans which may be made by our Sponsor or an affiliate of our Sponsor or certain of our officers
and directors to finance transaction costs in connection with an intended initial business combination. Up to $1,500,000 of such loans
may be convertible into Private Placement Warrants of the post-business combination entity at a price of $1.00 per warrant at the option
of the applicable lender. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such
loans, if any, have not been determined and no written agreements exist with respect to such loans.

 After the completion of our
initial business combination, directors or members of our management team who remain with us may be paid consulting or management fees
from the combined company. All of these fees will be fully disclosed to shareholders, to the extent then known, in the proxy solicitation
materials or tender offer materials furnished to our shareholders in connection with a proposed initial business combination. We have
not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management.
It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because the directors
of the post-combination business will be responsible for determining executive officer and director compensation.

 Any compensation to be paid
to our executive officers will be determined, or recommended to the board of directors for determination, either by a compensation committee
constituted solely by independent directors or by a majority of the independent directors on our board of directors.

 We do not intend to take any
action to ensure that members of our management team maintain their positions with us after the consummation of our initial business combination,
although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain with
us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions
with us may influence our management's motivation in identifying or selecting a target business but we do not believe that the ability
of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision
to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for
benefits upon termination of employment.

 Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.

 The following table sets forth
information available to us at March 31, 2025 with respect to our ordinary shares held
by:

 each person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary
shares;

 each of our officers and directors; and

 all our officers and directors as a group.

 In the table below, percentage
ownership is based on 28,750,000 shares of our Ordinary Shares, consisting of (i) 23,000,000 Class A Ordinary Shares and (ii) 5,750,000
Class B Ordinary Shares, issued and outstanding as of March 10, 2025. On all matters to be voted upon, except for (i) the election of
directors of the Board and (ii) a vote to continue our Company in a jurisdiction outside the Cayman Islands, holders of the Class A Ordinary
Shares and Class B Ordinary Shares vote together as a single class, unless otherwise required by applicable law. Only holders of Class
B Ordinary Shares will have the right to vote on the appointment of directors prior to the completion of our initial Business Combination
and on a vote to continue our Company in a jurisdiction outside of the Cayman Islands. Currently, all of the Class B Ordinary Shares
are convertible into Class A Ordinary Shares on a one-for-one basis.

 Unless otherwise indicated,
we believe that all persons named in the table have shared or sole voting and investment power with respect to all ordinary shares beneficially
owned by them. The following table does not reflect record or beneficial ownership of the Private Placement Warrants.

 Current Ownership

 Name and Address of Beneficial Owner(1)

 Number of

Shares

Beneficially

Owned(2)

 Approximate

Percentage of

Outstanding

Ordinary

Shares

 HCM Investor Holdings, LLC(3)

 5,675,000

 %

 Shawn Matthews(3)

 5,675,000

 %

 -

 -

 Jacob Loveless(4)

 25,000

 *

 Andrew Brenner(4)

 25,000

 *

 Michael J. Connor (4)

 25,000

 *

 All executive officers and directors as a group (5 individuals)

 5,750,000

 %

 *

 Less than 1%

 (1)

 Unless otherwise noted, the business address of each of the following is c/o HCM II Acquisition Corp., 100 First Stamford Place, Suite 330, Stamford, CT 06902.

 (2)

 Interests shown consist solely of Class B Ordinary Shares, classified as Class B Ordinary Shares. Such shares will automatically convert into Class A Ordinary Shares concurrently with or immediately following the consummation of our initial business combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment.

 (3)

 HCM Investor Holdings II, LLC, our Sponsor, is the record holder of such shares. Mr. Matthews the sole managing member of HCM Investor Holdings II, LLC and holds voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. Mr. Matthews disclaims any beneficial ownership of the securities held by HCM Investor Holdings II, LLC other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

 (4)

 Our Sponsor transferred 25,000 founder shares to each of our independent directors at the closing of the Public Offering.

 Our Initial Shareholders beneficially
own approximately 20.0% of the issued and outstanding Ordinary Shares. Prior to the closing of our initial business combination, only
holders of our Class B Ordinary Shares will be entitled to vote on the appointment and removal of directors or continuing the company
in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt
new constitutional documents, in each case, as a result of our approving a transfer by way of continuation to a jurisdiction outside the
Cayman Islands). Because of this ownership block, our Initial Shareholders may be able to effectively influence the outcome of all other
matters requiring approval by our shareholders, including the appointment of directors or continuing the company in a jurisdiction outside
the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents,
in each case, as a result of our approving a transfer by way of continuation to a jurisdiction outside the Cayman Islands), and approval
of significant corporate transactions including our initial business combination.

 Our Sponsor and Cantor Fitzgerald
& Co., the representative of the underwriters, have purchased an aggregate of 6,850,000 Private Placement Warrants, each exercisable
to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per warrant, or $6,850,000 in the aggregate, in a private
placement that occurred simultaneously with the closing of the Initial Public Offering. Of those 6,850,000 Private Placement Warrants,
our Sponsor has purchased 4,275,000 warrants and Cantor Fitzgerald & Co. has purchased 2,575,000 warrants.

 The non-managing sponsor investors
have indirectly purchased, through the purchase of non-managing sponsor membership interests, an aggregate of 3,500,000 of the 6,850,000
Private Placement Warrants at a price of $1.00 per warrant ($3,500,000 in the aggregate) in a private placement that closed simultaneously
with the closing of the Initial Public Offering. Such non-managing sponsor investors hold a total of 81.9% of the sponsor's 4,275,000
Private Placement Warrants. The sponsor has issued membership interests at a nominal purchase price to the non-managing sponsor investors
reflecting interests in an aggregate of 48.7% of the Class B Ordinary Shares held by the sponsor (or 2,800,000 Class B Ordinary Shares
assuming that the underwriters' over-allotment option is exercised in full). The Private Placement Warrants held by the sponsor,
including the Private Placement Warrants represented by the non-managing sponsor investors' membership interests, are subject to
a lock-up as described in "Principal Shareholders-Restrictions on Transfers of Class B Ordinary Shares and Private Placement Warrants";
however, the non-managing sponsor investors will not be subject to transfer restrictions or a lock-up agreement on any units (or underlying
Class A Ordinary Shares or warrants) that have purchased in the Initial Public Offering or in the open market.

 The Private Placement Warrants
are be identical to the warrants sold in the Initial Public Offering except that, so long as they are held by our Sponsor or its permitted
transferees, the Private Placement Warrants (i) may not (including the Class A Ordinary Shares issuable upon exercise of these warrants),
subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of our initial
business combination, (ii) are entitled to registration rights and (iii) with respect to Private Placement Warrants held by Cantor Fitzgerald
& Co. and/or its designees, are not exercisable more than five years from the commencement of sales in the Initial Public Offering
in accordance with FINRA Rule 5110(g)(8). A portion of the purchase price of the Private Placement Warrants have been added to the proceeds
from the Initial Public Offering held in the trust account such that at the time of closing of the Initial Public Offering $231,150,000
is held in the trust account. If we do not complete our initial business combination within the Completion Window, the Private Placement
Warrants will expire worthless. The Private Placement Warrants are subject to the transfer restrictions described below.

 HCM Investor Holdings II,
LLC, our Sponsor, and our officers and directors are deemed to be our "promoters" as such term is defined under the federal
securities laws.

 Securities Authorized for Issuance under Equity
Compensation Plans

 None.

 Changes in Control

 None.

 Item 13. Certain Relationships and Related
Transactions, and Director Independence.

 Founder Shares

 On April 8, 2024, the Sponsor
made a capital contribution of $25,000, or approximately $0.004 per share, to cover certain of the Company's expenses, for which
the Company issued 5,750,000 founders shares to the Sponsor. Up to 750,000 of the founder shares were subject to forfeiture by the Sponsor
for no consideration depending on the extent to which the underwriters' over-allotment was exercised. On August 19, 2024, the underwriters
exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 750,000 founder shares
are no longer subject to forfeiture.

 On August 19, 2024, our Sponsor transferred 25,000
founder shares to each of our three independent directors at their original purchase price. At December 31, 2024, our Sponsor held 5,675,000
founder shares.

 The Company's Initial
Shareholders have agreed not to transfer, assign or sell any of their founder shares and any Class A Ordinary Shares issued upon conversion
thereof until the earlier to occur of (i) one year after the completion of the initial business combination or (ii) the date on which
the Company completes a liquidation, merger, share exchange or other similar transaction after the initial business combination that results
in all of the Company's shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property.
Any permitted transferees will be subject to the same restrictions and other agreements of the Company's Initial Shareholders with
respect to any founder shares (the "Lock-up"). Notwithstanding the foregoing, if (1) the closing price of the Class A Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for share subdivision, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial business combination
or (2) if the Company consummates a transaction after the initial business combination which results in the Company's shareholders
having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the Lock-up.

 Private Placement Warrants

 Our sponsor and Cantor Fitzgerald & Co., the
representative of the underwriters in the Company's IPO, have purchased an aggregate of 6,850,000 private placement warrants, each
exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.00 per warrant, or $6,850,000 in the aggregate,
in a private placement simultaneously with the closing of the IPO. Of those 6,850,000 private placement warrants, our sponsor purchased
4,275,000 warrants and Cantor Fitzgerald & Co. purchased 2,575,000 warrants. The private placement warrants are identical to the warrants
sold in the IPO except that, so long as they are held by our sponsor or its permitted transferees, the private placement warrants (i)
may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred,
assigned or sold by the holders until 30 days after the completion of our initial business combination, (ii) will be entitled to registration
rights and (iii) with respect to private placement warrants held by Cantor Fitzgerald & Co. and/or its designees, will not be exercisable
more than five years from the commencement of sales in this offering in accordance with FINRA Rule 5110(g)(8).

 The non-managing sponsor investors indirectly purchased,
through the purchase of non-managing sponsor membership interests, an aggregate of 3,500,000 of the 6,850,000 private placement warrants
at a price of $1.00 per warrant ($3,500,000 in the aggregate) in a private placement simultaneously with the closing of the IPO. Such
non-managing sponsor investors hold a total of 81.9% of the sponsor's 4,275,000 private placement warrants. The sponsor has issued
membership interests at a nominal purchase price to the non-managing sponsor investors reflecting interests in an aggregate of 48.7% of
the Class B ordinary shares held by the sponsor or 2,800,000 Class B ordinary shares. The private placement warrants held by the sponsor,
including the private placement warrants represented by the non-managing sponsor investors' membership interests, are subject to
a lock-up as described in above however, the non-managing sponsor investors will not be subject to transfer restrictions or a lock-up
agreement on any units (or underlying Class A ordinary shares or warrants) that they may have purchased in the IPO or in the open market.

 Promissory Note-Related Party

 The Sponsor has agreed to
loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan is non-interest
bearing, unsecured and due at the earlier of December 31, 2024 or the closing of the Initial Public Offering. The Company repaid all the
outstanding balance of the note at the closing of the Initial Public Offering on August 19, 2024. Borrowings under the note are no longer
available.

 Administrative Services Agreement

 The Company entered into an
agreement, commencing on August 15, 2024, through the earlier of consummation of the initial business combination and the liquidation,
to pay the Sponsor $15,000 per month for office space, utilities and secretarial and administrative support services. For the period from
April 4, 2024 (inception) through September 30, 2024, the Company incurred $17,500 for these services.

 Related Party Loans

 In order to finance transaction
costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor or certain of the Company's officers
and directors may, but are not obligated to, loan the Company funds as may be required (the "Working Capital Loans"). If the
Company completes a business combination, the Company would repay the Working Capital Loans. In the event that a business combination
does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans
but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans
may be convertible into Private Placement Warrants of the post business combination entity at a price of $1.00 per warrant at the option
of the lender. The warrants would be identical to the Private Placement Warrants. As of September 30, 2024, no such Working Capital Loans
were outstanding.

 Policy for Approval of Related Party Transactions

 The audit committee of our
board of directors will adopt a policy setting forth the policies and procedures for its review and approval or ratification of "related
party transactions." A "related party transaction" is any consummated or proposed transaction or series of transactions:
(i) in which the company was or is to be a participant; (ii) the amount of which exceeds (or is reasonably expected to exceed) the lesser
of $120,000 or 1% of the average of the company's total assets at year end for the prior two completed fiscal years in the aggregate
over the duration of the transaction (without regard to profit or loss); and (iii) in which a "related party" had, has or
will have a direct or indirect material interest. "Related parties" under this policy will include: (i) our directors or officers
or any person who has served in such roles since the beginning of the most recent fiscal year, even if he or she does not currently serve
in that role; (ii) any record or beneficial owner of more than 5% of any class of our voting securities; (iii) any immediate family member
of any of the foregoing if the foregoing person is a natural person; and (iv) any other person who maybe a "related person"
pursuant to Item 404 of Regulation S-K under the Exchange Act. Pursuant to the policy, the audit committee will consider (i) the relevant
facts and circumstances of each related party transaction, including if the transaction is on terms comparable to those that could be
obtained in arm's-length dealings with an unrelated third party, (ii) the extent of the related party's interest in the transaction,
(iii) whether the transaction contravenes our code of ethics or other policies, (iv) whether the audit committee believes the relationship
underlying the transaction to be in the best interests of the company and its shareholders and (v) if the related party is a director
or an immediate family member of a director, the effect that the transaction may have on a director's status as an independent member
of the board and on his or her eligibility to serve on the board's committees. Management will present to the audit committee each
proposed related party transaction, including all relevant facts and circumstances relating thereto. Under the policy, we may consummate
related party transactions only if our audit committee approves or ratifies the transaction in accordance with the guidelines set forth
in the policy. The policy will not permit any director or officer to participate in the discussion of, or decision concerning, a related
person transaction in which he or she is the related party.

 We are not prohibited from
paying any fees (including advisory fees), reimbursements or cash payments to our Sponsor, officers or directors, or our or their affiliates,
for services rendered to us prior to or in connection with the completion of our initial business combination, including the following
payments, all of which, if made prior to the completion of our initial business combination, will be paid from funds held outside the
trust account:

 Repayment of up to an aggregate of $300,000 in loans made to us by our Sponsor to cover offering-related
and organizational expenses;

 reimbursement for office space, utilities and secretarial and administrative support made available to
us by our Sponsor or an affiliate thereof, in an amount equal to $15,000 per month;

 Payment of consulting, success or finder fees to our independent directors, advisors, or their respective
affiliates in connection with the consummation of our initial business combination;

 We may engage our Sponsor or an affiliate of our Sponsor as an advisor or otherwise in connection with
our initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes
a market standard for comparable transactions;

 Reimbursement for any out-of-pocket expenses related to identifying, investigating, negotiating and completing
an initial business combination; and

 Repayment of loans which may be made by our Sponsor or an affiliate of our Sponsor or certain of our officers
and directors to finance transaction costs in connection with an intended initial business combination. Up to $1,500,000 of such loans
may be convertible into Private Placement Warrants of the post-business combination entity at a price of $1.00 per warrant at the option
of the applicable lender. Such warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such
loans, if any, have not been determined and no written agreements exist with respect to such loans.

 Item 14. Principal Accountant Fees and Services.

 The following is a summary
of fees paid or to be paid to Withum for services rendered.

 Audit Fees

 Audit fees consist of fees
for professional services rendered for the audit of our year-end financial statement and services that are normally provided by Withum
in connection with regulatory filings. During the period from April 4, 2024 (inception) through December 31, 2024, fees for our independent
registered public accounting firm were approximately $124,800, for the services Withum performed in connection with our Initial Public
Offering, quarterly reviews and the audit of our December 31, 2024 financial statement included in this Report.

 Audit-Related Fees

 Audit-related fees consist
of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statement
and are not reported under "Audit Fees." These services include attest services that are not required by statute or regulation
and consultations concerning financial accounting and reporting standards. During the period from April 4, 2024 (inception) through December
31, 2024, our independent registered public accounting firm did not render assurance and related services related to the performance of
the audit or review of financial statement and thus, we did not pay Withum for any audit-related fees for the period from April 4, 2024
(inception) through December 31, 2024.

 Tax Fees

 Tax fees consist of fees billed
for professional services relating to tax compliance, tax planning and tax advice. During the period from April 4, 2024 (inception) through
December 31, 2024, our independent registered public accounting firm did not render services to us for tax compliance, tax advice and
tax planning and thus, we did not pay Withum for any tax fees for the period from September 27, 2023 (inception) through December 31,
2024.

 All Other Fees

 All other fees consist of
fees billed for all other services. During the period from April 4, 2024 (inception) through December 31, 2024, there were no fees billed
for products and services provided by our independent registered public accounting firm other than those set forth above and thus, we
did not pay Withum for any other services for the period from April 4, 2024 (inception) through December 31, 2024.

 Pre-Approval Policy

 Our Audit Committee was formed
upon the consummation of our Initial Public Offering. As a result, the Audit Committee did not pre-approve all of the foregoing services,
although any services rendered prior to the formation of our Audit Committee were approved by our Board of Directors. Since the formation
of our Audit Committee, and on a going-forward basis, the Audit Committee has and will pre-approve all auditing services and permitted
non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions
for non-audit services described in the Exchange Act which are approved by the Audit Committee prior to the completion of the audit).

 Item 15. Exhibit and Financial Statement Schedules.

 (a) The following documents are filed as part
of this Report:

 (1) Financial Statements

 Page

 Report of Independent Registered Public Accounting Firm

 Balance Sheet as of December 31, 2024

 Statement of Operations for the Period from April 4, 2024 (Inception) Through December 31, 2024

 Statement of Changes in Shareholders' Deficit for the Period from April 4, 2024 (Inception) through December 31, 2024

 Statement of Cash Flows

 Notes to Financial Statement

 F-6 to F-18

 (2) Financial Statement Schedules

 All financial statement schedules
are omitted because they are not applicable or the amounts are immaterial and not required, or the required information is presented in
the financial statement and notes thereto beginning on page F-1 of this Report.

 (3) Exhibits

 We hereby file as part of
this Report the exhibits listed in the attached Exhibit Index. Exhibits that are incorporated herein by reference can be inspected on
the SEC website at www.sec.gov.

 Item 16. Form 10-K Summary.

 Omitted at our Company's
option.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Shareholders and the Board of Directors
of

 HCM II Acquisition Corp.

 Opinion on the Financial Statement

 We have audited the accompanying balance sheet
of HCM II Acquisition Corp. (the "Company") as of December 31, 2024, the related statement of operations, statement of changes
in shareholders' equity (deficit) and statement of cash flows for the period from April 4, 2024 (inception) through December 31,
2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement
presents fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations
and its cash flows for the period from April 4, 2024 (inception) through December 31, 2024, in conformity with accounting principles generally
accepted in the United States of America.

 Going Concern

 The accompanying financial statement has been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, if the Company
is unable to raise additional funds to alleviate liquidity needs and complete a business combination by August 19, 2026, then the Company
will cease all operations except for the purpose of liquidating. The liquidity condition raises substantial doubt about the Company's
ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.

 Basis for Opinion

 This financial statement is the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of
internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statement. We believe that our audits provide a reasonable basis for our opinion.

 /s/ WithumSmith+Brown, PC

 We have served as the Company's auditor
since 2024.

 New York, New York

 PCAOB ID Number 100

 F- 1

 BALANCE SHEET

 DECEMBER 31, 2024

 Assets

 Current assets

 Cash

 $
 668,089

 Other receivable

 41,250

 Due from Sponsor

 4,466

 Short-term prepaid insurance

 90,250

 Prepaid expenses

 16,112

 Total current assets

 820,167

 Long-term prepaid insurance

 52,646

 Marketable securities held in Trust Account

 Total Assets

 $
 236,066,398

 Liabilities and Shareholders' Deficit

 Current Liabilities

 Accrued expenses

 $
 458,624

 Total current liabilities

 458,624

 Deferred underwriting fee

 10,720,000

 Total Liabilities

 11,178,624

 Commitments and Contingencies (Note 6)

 Class A ordinary shares subject to possible redemption, 23,000,000 shares at redemption value of $ 10.23 per share

 Shareholders' Deficit

 Preference shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued or outstanding

 —

 Class A ordinary shares, $ 0.0001 par value; 200,000,000 shares authorized; none issued or outstanding (excluding 23,000,000 shares subject to possible redemption)

 —

 Class B ordinary shares, $ 0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding

 Additional paid-in capital

 —

 Accumulated deficit

 ( 10,306,386
)

 Total Shareholders' Deficit

 ( 10,305,811
)

 Total Liabilities and Shareholders' Deficit

 $
 236,066,398

 The accompanying notes are an integral part of
the financial statement.

 F- 2

 STATEMENT OF OPERATIONS

 FOR THE PERIOD FROM APRIL 4, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 General and administrative costs

 $
 634,797

 Loss from operations

 ( 634,797
)

 Other income:

 Interest earned on marketable securities held in Trust Account

 4,043,585

 Total other income

 4,043,585

 Net income

 $

 Weighted average shares outstanding of Class A ordinary shares

 11,372,694

 Basic and diluted net income per ordinary share, Class A ordinary shares

 $
 0.20

 Weighted average shares outstanding, Class B ordinary shares

 5,297,048

 Basic and diluted net income per ordinary share, Class B ordinary shares

 $
 0.20

 The accompanying notes are an integral part of
the financial statement.

 F- 3

 STATEMENT OF CHANGES IN SHAREHOLDERS'
DEFICIT

 FOR THE PERIOD FROM APRIL 4, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 Class A
 Ordinary Shares

 Class B
 Ordinary Shares

 Additional
 Paid-in

 Accumulated

 Total
 Shareholders'

 Shares

 Amount

 Shares

 Amount

 Capital

 Deficit

 Deficit

 Balance – April 4, 2024 (inception)

 —

 $
 —

 —

 $
 —

 $
 —

 $
 —

 $
 —

 Issuance of Class B ordinary shares to Sponsor (1)

 —

 —

 5,750,000

 24,425

 —

 25,000

 Accretion for Class A ordinary shares to redemption amount

 —

 —

 —

 —

 ( 7,348,508
)

 ( 13,715,174
)

 ( 21,063,682
)

 Sale of 6,850,000 Private Placement Warrants

 —

 —

 —

 —

 6,850,000

 —

 6,850,000

 Fair value of Public Warrants at issuance

 —

 —

 —

 —

 529,000

 —

 529,000

 Allocated value of transaction costs

 —

 —

 —

 —

 ( 54,917
)

 —

 ( 54,917
)

 Net income

 —

 —

 —

 —

 —

 Balance – December 31, 2024

 —

 $
 —

 5,750,000

 $

 $
 —

 $
 ( 10,306,386
)

 $
 ( 10,305,811
)

 (1)
 Included up to 750,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (Note 7). On August 19, 2024, the Company consummated its IPO and sold 23,000,000 Units, including 3,000,000 Units sold pursuant to the full exercise of the underwriters' option to purchase additional units to cover the over-allotment, hence the 750,000 shares of Class B ordinary shares were no longer subject to forfeiture.

 The accompanying notes are an integral part of
the financial statement.

 F- 4

 STATEMENT OF CASH FLOWS

 FOR THE PERIOD FROM APRIL 4, 2024 (INCEPTION)
THROUGH DECEMBER 31, 2024

 Cash Flows from Operating Activities:

 Net income:

 $

 Adjustments to reconcile net income to net cash used in operating activities:

 Operating costs paid by Sponsor in exchange for issuance of Class B founder shares

 12,463

 Payment of operation costs through promissory note

 45,200

 Interest earned on marketable securities held in Trust Account

 ( 4,043,585
)

 Changes in operating assets and liabilities:

 Other receivable

 ( 41,250
)

 Prepaid expenses

 ( 16,112
)

 Due from Sponsor

 ( 4,466
)

 Short term prepaid insurance

 ( 90,250
)

 Long term prepaid insurance

 ( 52,646
)

 Accrued expenses

 458,624

 Net cash used in operating activities

 ( 323,234
)

 Cash Flows from Investing Activities:

 Investment of cash into Trust Account

 ( 231,150,000
)

 Net cash used in investing activities

 ( 231,150,000
)

 Cash Flows from Financing Activities:

 Proceeds from sale of Units, net of underwriting discounts paid

 226,000,000

 Proceeds from sale of Private Placements Warrants

 6,850,000

 Repayment of promissory note - related party

 ( 233,127
)

 Payment of offering costs

 ( 475,550
)

 Net cash provided by financing activities

 232,141,323

 Net Change in Cash

 668,089

 Cash – Beginning of period

 —

 Cash – End of period

 $
 668,089

 Noncash financing activities:

 Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares

 $
 12,537

 Deferred offering costs paid through promissory note – related party

 $
 187,927

 Deferred underwriting fee payable

 $
 10,720,000

 Accretion of Class A ordinary shares to redemption value

 $
 21,063,682

 The accompanying notes are an integral part of
the financial statement.

 F- 5

 NOTES TO THE FINANCIAL STATEMENTS

 DECEMBER 31, 2024

 NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS

 HCM II Acquisition Corp. (the "Company")
is a blank check company incorporated as a Cayman Islands exempted corporation on April 4, 2024. The Company was incorporated for the
purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination
with one or more businesses (the "Business Combination"). As of December 31, 2024, the Company has not selected any specific
Business Combination target, and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or
indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

 As of December 31, 2024, the Company had not commenced
any operations. All activity for the period from April 4, 2024 (inception) through December 31, 2024 relates to the Company's formation
and the initial public offering ("Initial Public Offering"), which is described below. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in
the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal
year end.

 The registration statement for the Company's
Initial Public Offering was declared effective on August 15, 2024. On August 19, 2024, the Company consummated the Initial Public Offering
of 23,000,000 units (the "Units" and, with respect to the shares of Class A ordinary shares included in the Units being offered,
the "Public Shares"), which includes the full exercise by the underwriters of their over-allotment option in the amount of
 3,000,000 Units, at $ 10.00 per Unit, generating gross proceeds of $ 230,000,000, which is described in Note 3.

 Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of an aggregate of 6,850,000 warrants (the "Private Placement Warrants")
at a price of $ 1.00 per Private Placement Warrant, in a private placement to the Company's sponsor, HCM Investor Holdings II, LLC
(the "Sponsor"), and Cantor Fitzgerald & Co., the representative of the underwriters of the initial Public Offering, generating
gross proceeds of $ 6,850,000, which is described in Note 4.

 Transaction costs amounted to $ 15,396,014, consisting
of $ 4,000,000 of cash underwriting fee, $ 10,720,000 of deferred underwriting fee (see additional discussion in Note 6), and $ 676,014 of
other offering costs.

 The Company's management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement Warrants, although
substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination (less deferred underwriting
commissions).

 The Company's Business Combination must
be with one or more target businesses that together have a fair market value equal to at least 80 % of the net balance in the Trust Account
(as defined below) (excluding the amount of deferred underwriting discounts held and taxes payable on the income earned on the Trust Account)
at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination
if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company will be able to successfully
effect a Business Combination.

 Following the closing of the Initial Public Offering,
on August 19, 2024, an amount of $ 231,150,000 ($ 10.05 per Unit) from the net proceeds of the sale of the Units and the sale of the Private
Placement Warrants was placed in the trust account (the "Trust Account"), with Continental Stock Transfer & Trust Company
acting as trustee and will be invested in U.S. government treasury obligations with a maturity of 185 days or less or in money market
funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury
obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended
business combination. To mitigate the risk that might be deemed to be an investment company for purposes of the Investment Company Act,
which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time (based on management
team's ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee
to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing
demand deposit account at a bank. Nevertheless, the Company may be considered to be operating as an investment company and if the Company
is deemed as such compliance with additional regulatory burdens would require additional expenses for which the Company has not allotted
funds and would severely hinder the Company's ability to compete a business combination. Except with respect to interest earned
on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the Initial Public
Offering and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion
of the Company's initial Business Combination, (ii) the redemption of the Company's public shares if the Company is unable
to complete the initial Business Combination within 24 months from the closing of the Initial Public Offering or by such earlier liquidation
date as the board of directors may approve (the "Completion Window"), subject to applicable law, or (iii) the redemption of
the Company's public shares properly submitted in connection with a shareholder vote to amend the Company's amended and restated
memorandum and articles of association to (A) modify the substance or timing of the Company's obligation to allow redemption in
connection with the initial Business Combination or to redeem 100 % of the Company's public shares if the Company has not consummated
an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders'
rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of
the Company's creditors, if any, which could have priority over the claims of the Company's public shareholders.

 F- 6

 The Company will provide the Company's public
shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination
either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote
by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination
or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their
shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two
business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust
Account (less taxes payable), divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust
Account is initially anticipated to be $ 10.05 per public share.

 The ordinary shares subject to redemption were
recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with
Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 480, "Distinguishing
Liabilities from Equity." In such case, if the Company seeks shareholder approval, a majority of the issued and outstanding shares
voted are voted in favor of the Business Combination.

 The Company will have only the duration of the
Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination
within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem
the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account (less taxes payable and up to $ 100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will constitute full and complete payment for the public shares
and completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation or other
distributions, if any), subject to the Company's obligations under Cayman Islands law to provide for claims of creditors and subject
to the other requirements of applicable law.

 The Sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their
founder shares and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights
with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to the Company's
amended and restated memorandum and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account
with respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although
they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails
to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the trust
account; and (iv) vote any founder shares held by them and any public shares purchased during or after the Initial Public Offering (including
in open market and privately negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule
14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business
Combination.

 The Company's Sponsor has agreed that it
will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company,
or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar
agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $ 10.05 per public
share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if
less than $ 10.05 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not
apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in
the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the
underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the "Securities Act"). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor
has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes
that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able
to satisfy those obligations.

 Liquidity and Going Concern

 As of December 31, 2024, the Company had $ 668,089
in its operating bank account and working capital of $ 361,543.

 The Company initially has until August 19, 2026
to consummate the initial Business Combination (assume no extensions). If the Company does not complete a Business Combination, the Company
will trigger an automatic winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles
of Association. Notwithstanding management's belief that the Company would have sufficient funds to execute its business strategy,
there is a possibility that business combination might not happen within the 24-month period from the date of the auditors' report.

 F- 7

 In connection with the Company's assessment
of going concern considerations in accordance with ASC 205-40, "Going Concern", as of December 31, 2024, the Company may need
to raise additional capital through loans or additional investments from its Sponsor, stockholders, officers, directors, or third parties.
The Company's officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any
time, in whatever amount they deem reasonable in their sole discretion, to meet the Company's working capital needs. Accordingly,
the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to
take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending
the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will
be available to it on commercially acceptable terms, if at all.

 Management plans to address this uncertainty through
a Business Combination. If a Business Combination is not consummated by the end of the Combination Period, currently August 19, 2026,
there will be mandatory liquidation and subsequent dissolution of the Company. Management has determined that the liquidity condition raises substantial doubt about the Company's
ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company
be required to liquidate after the Combination Period. The Company intends to complete the initial Business Combination before the end
of the Combination Period. However, there can be no assurance that the Company will be able to consummate any Business Combination by
the end of the Combination Period.

 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of Presentation

 The accompanying financial statement is presented
in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.
GAAP") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "SEC").

 Emerging Growth Company

 The Company is an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the "JOBS Act"),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved.

 Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company
can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but
any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that
when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison
of the Company's financial statement with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.

 Use of Estimates

 The preparation of financial statement in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting
period. Actual results could differ from those estimates.

 Cash and Cash Equivalents

 The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had $ 668,089 in cash as of December
31, 2024.

 F- 8

 Marketable Securities held in Trust Account

 As of December 31, 2024, the assets held in the
Trust Account, amounting to $ 235,193,585, were held in a Money Market Mutual Fund.

 Offering Costs

 The Company complies with the requirements of
the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, "Expenses of Offering." Deferred offering costs consist principally
of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, "Debt with Conversion and
Other Options," addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components.
The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants,
using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class
A ordinary shares. Offering costs allocated to the Class A ordinary shares were charged to temporary equity and offering costs allocated
to the Public and Private Placement Warrants were charged to shareholders' equity as Public and Private Placement Warrants after
management's evaluation were accounted for under equity treatment.

 Fair Value of Financial Instruments

 The fair value of the Company's assets and
liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value Measurements and Disclosures," approximates
the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

 Concentration of Credit Risk

 Financial instruments that potentially subject
the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $ 250,000. Any loss incurred or a lack of access to such funds could have a significant
adverse impact on the Company's financial condition, results of operations, and cash flows.

 Income Taxes

 The Company accounts for income taxes under ASC
Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income
taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets
and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods
in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the
financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to
be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company's
management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and
penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2024, there were no unrecognized tax benefits
and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in
significant payments, accruals or material deviation from its position.

 The Company is considered to be an exempted Cayman
Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing
requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.

 F- 9

 Net Income per Ordinary Share

 The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, "Earnings Per Share." Net income per ordinary share is computed by dividing net income
by the weighted average number of shares of ordinary shares outstanding for the period. The Company has two classes of ordinary shares,
which are referred to as redeemable Class A Ordinary Shares and non-redeemable Class B ordinary shares. Accretion associated
with the redeemable shares of Class A Ordinary Shares is excluded from income per ordinary share as the redemption value approximates
fair value.

 The following tables reflect the calculation of
basic and diluted net income per ordinary share (in dollars, except per share amounts):

 For the Period from April 4, 2024
 (Inception) Through
 December 31,

 2024

 Class A

 Class B

 Basic and diluted net income per ordinary share

 Numerator:

 Allocation of net income

 $
 2,325,597

 $
 1,083,191

 Denominator:

 Basic weighted average shares outstanding

 11,372,694

 5,297,048

 Basic net income per ordinary share

 $
 0.20

 $
 0.20

 Warrant Instruments

 The Company accounted for the 11,500,000 Public
and 6,850,000 Private Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the
guidance contained in FASB ASC Topic 815, "Derivatives and Hedging". Accordingly, the Company evaluated and classified the
warrant instruments under equity treatment at their assigned values. Such guidance provides that the warrants described above were not
precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent
changes in fair value are not recognized as long as the contracts continue to be classified in equity in accordance with ASC 480 and ASC
815.

 Class A Redeemable Share Classification

 The public shares contain a redemption feature
which allows for the redemption of such public shares in connection with the Company's liquidation, or if there is a shareholder
vote or tender offer in connection with the Company's initial Business Combination. In accordance with ASC 480-10-S99, the Company
classifies public shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control
of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable
shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering,
the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable
shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of
December 31, 2024, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside
of the shareholders' deficit section of the Company's balance sheet. As of December 31, 2024, the Class A ordinary shares
subject to redemption reflected in the balance sheet are reconciled in the following table:

 Gross proceeds

 $
 230,000,000

 Less:

 Proceeds allocated to Public Warrants

 ( 529,000
)

 Class A ordinary shares issuance costs

 ( 15,341,097
)

 Plus:

 Accretion of carrying value to redemption value

 21,063,682

 Class A ordinary shares subject to possible redemption, December 31, 2024

 $

 F- 10

 Recent Accounting Pronouncements

 In November 2023, the FASB issued ASU 2023-07, "Segment
Reporting" (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures,
on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating officer decision maker
("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.
The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the
reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities
will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single
reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures
in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024, with early adoption permitted.

 Management does not believe that any recently
other issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial
statement.

 NOTE 3. INITIAL PUBLIC OFFERING

 Pursuant to the Initial Public Offering, on August
19, 2024 the Company sold 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the
amount of 3,000,000 Units, at a price of $ 10.00 per Unit. Each Unit consists of one Class A ordinary share and one-half of one redeemable
Public Warrant. Each Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject
to adjustment (see Note 4). Each warrant will become exercisable 30 days after the completion of the initial Business Combination and
will expire five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation.

 Warrants— As of December 31, 2024,
there were 18,350,000 warrants outstanding, including 11,500,000 Public Warrants and 6,850,000 Private Placement Warrants. Each whole
warrant entitles the holder to purchase one Class A ordinary share at a price of $ 11.50 per share, subject to adjustment as
discussed herein. The warrants cannot be exercised until 30 days after the completion of the initial Business Combination,
and will expire at 5:00 p.m., New York City time, five years after the completion of the initial Business Combination or earlier
upon redemption or liquidation.

 On October 10, 2024, the Company announced that,
commencing on October 10, 2024, the holders of units issued in its Initial Public Offering may elect to separately trade shares of Class
A ordinary shares and warrants included in the Units. No fractional warrants will be issued upon separation of the Units and only whole
warrants will trade. The Units not separated will continue to trade on the Nasdaq under the symbol "HONDU." Shares of Class
A ordinary shares and the warrants are expected to trade on the Nasdaq under the symbols "HOND" and "HONDW," respectively.

 The Company will not be obligated to deliver any
Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon
exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to
be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled
to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be required to net cash
settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

 Under the terms of the warrant agreement, the
Company has agreed that, as soon as practicable, but in no event later than 20 business days, after the closing of its Business Combination,
it will use commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for the Initial
Public Offering or a new registration statement covering the registration under the Securities Act of the Class A ordinary shares issuable
upon exercise of the warrants and thereafter will use its commercially reasonable efforts to cause the same to become effective within
60 business days following the Company's initial Business Combination and to maintain a current prospectus relating to the Class
A ordinary shares issuable upon exercise of the warrants until the expiration of the warrants in accordance with the provisions of the
warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective
by the sixtieth 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there
is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement,
exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding
the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such
that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at
its option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in
effect a registration statement, and in the event the Company does not so elect, the Company will use its commercially reasonable efforts
to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

 F- 11

 If the holders exercise their public warrants
on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares
equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the excess of the "fair market value" of the Class A ordinary shares over the exercise price of the warrants by (y) the
fair market value. The "fair market value" is the average reported closing price of the Class A ordinary shares for the 10
trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on
which the notice of redemption is sent to the holders of warrants, as applicable.

 Redemption of Warrants When the Price per Class
A Ordinary Share Equals or Exceeds $ 18.00: The Company may redeem the outstanding warrants:

 Once the warrants become exercisable, the Company
may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

 in whole and not in part;

 at a price of $ 0.01 per warrant;

 upon a minimum of 30 days' prior written notice of redemption (the "30-day redemption period"); and

 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $ 18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30 -trading day period commencing at least 30 days after completion of the initial business combination and ending three business days before we send the notice of redemption to the warrant holders.

 Additionally, if the number of outstanding Class
A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision of ordinary shares or
other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Class A ordinary
shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights
offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price
less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i)
the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such
rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x) the price per Class
A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is for securities
convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) fair market value means the volume weighted average price of Class A ordinary shares as reported during the ten (10) trading
day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or
in the applicable market, regular way, without the right to receive such rights.

 NOTE 4. PRIVATE PLACEMENT

 Simultaneously with the closing of the Initial
Public Offering, the Sponsor and Cantor Fitzgerald & Co. purchased an aggregate of 6,850,000 warrants, each exercisable to purchase
 one Class A ordinary share at $ 11.50 per share, at a price of $ 1.00 per warrant, or $ 6,850,000 in the aggregate, in a private placement.
Of those 6,850,000 Private Placement Warrants, the Sponsor purchased 4,275,000 Private Placement Warrants and Cantor Fitzgerald &
Co. purchased 2,575,000 Private Placement Warrants. Each whole warrant entitles the registered holder to purchase one Class A ordinary
share at a price of $ 11.50 per share, subject to adjustment.

 The Private Placement Warrants were identical
to the Public Warrants sold in the Initial Public Offering except that, so long as they are held by the Sponsor, Cantor Fitzgerald &
Co. or their permitted transferees, the Private Placement Warrants (i) may not (including the Class A ordinary shares issuable upon exercise
of these Private Placement Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30
days after the completion of the initial Business Combination, (ii) will be entitled to registration rights and (iii) with respect to
private placement warrants held by Cantor Fitzgerald & Co. and/or its designees, will not be exercisable more than five years from
the commencement of sales in this offering in accordance with Financial Industry Regulatory Authority ("FINRA") Rule 5110(g)(8).

 F- 12

 The Sponsor, officers and directors have entered
into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their
founder shares and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights
with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to the Company's
amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company's obligation to
allow redemption in connection with the initial Business Combination or to redeem 100 % of the public shares if the Company has not consummated
an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders'
rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the Trust Account with
respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although
they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails
to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the trust
account; and (iv) vote any founder shares held by them and any public shares purchased during or after the Initial Public Offering (including
in open market and privately negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule
14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business
Combination.

 NOTE 5. RELATED PARTY TRANSACTIONS

 Founder Shares

 On April 8, 2024, the Sponsor made a capital contribution
of $ 25,000, or approximately $ 0.004 per share, to cover certain of the Company's expenses, for which the Company issued 5,750,000
founders shares to the Sponsor. Up to 750,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on
the extent to which the underwriters' over-allotment is exercised. On August 19, 2024, the underwriters exercised their over-allotment
option in full as part of the closing of the Initial Public Offering. As such, the 750,000 founder shares are no longer subject to forfeiture.

 The Company's initial shareholders have
agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof until
the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes
a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company's
shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees
will be subject to the same restrictions and other agreements of the Company's initial shareholders with respect to any founder
shares (the "Lock-up"). Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds
$ 12.00 per share (as adjusted for share subdivision, share capitalizations, reorganizations, recapitalizations and the like) for any 20
trading days within any 30 -trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company
consummates a transaction after the initial Business Combination which results in the Company's shareholders having the right to
exchange their shares for cash, securities or other property, the founder shares will be released from the Lock-up.

 Promissory Note—Related Party

 The Sponsor has agreed to loan the Company an
aggregate of up to $ 300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan is non-interest bearing,
unsecured and due at the earlier of December 31, 2024 or the closing of the Initial Public Offering. The Company repaid all the outstanding
balance of the note at the closing of the Initial Public Offering on August 19, 2024. Borrowings under the note are no longer available.

 Administrative Services Agreement

 The Company entered into an agreement, commencing
on August 15, 2024, through the earlier of consummation of the initial Business Combination and the liquidation, to pay the Sponsor $ 15,000
per month for office space, utilities and secretarial and administrative support services. For the period from April 4, 2024 (inception)
through December 31, 2024, the Company incurred $ 62,500 for these services.

 Related Party Loans

 In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company's officers and directors may,
but are not obligated to, loan the Company funds as may be required (the "Working Capital Loans"). If the Company completes
a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the
Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from
the Trust Account would be used to repay the Working Capital Loans. Up to $ 1,500,000 of such Working Capital Loans may be convertible
into private placement warrants of the post Business Combination entity at a price of $ 1.00 per warrant at the option of the lender. The
warrants would be identical to the Private Placement Warrants. As of December 31, 2024, no such Working Capital Loans were outstanding.

 F- 13

 Underwriter's Agreement

 The Company engaged an underwriter for its Initial
Public Offering, which is considered a related party transaction. At December 31, 2024, the Company recorded a deferred underwriting fee
payable of $ 10,720,000 in the accompanying balance sheet. (See Note 6 for details on underwriter's agreement).

 NOTE 6. COMMITMENTS AND CONTINGENCIES

 Risks and Uncertainties

 The United States and global markets are experiencing
volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation
of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("NATO")
deployed additional military forces to Eastern Europe, and the United States, the United Kingdom, the European Union and other countries
have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal
of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain
countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and
to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas
conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom,
the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting
impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could
lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain
interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global
economy and financial markets and lead to instability and lack of liquidity in capital markets.

 Any of the above-mentioned factors, or any other
negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine,
the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company's search
for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

 Registration Rights

 The holders of the founder shares, Private Placement
Warrants and the Class A ordinary shares underlying such Private Placement Warrants and Private Placement Warrants and warrants that may
be issued upon conversion of the Working Capital Loans will have registration rights to require the Company to register a sale of any
of the Company's securities held by them and any other securities of the Company acquired by them prior to the consummation of the
initial Business Combination pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial
Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company
registers such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements
filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.

 Underwriter's Agreement

 The underwriters have a 45 -day option from the
date of the Initial Public Offering to purchase up to an additional 3,000,000 units to cover over-allotments, if any. On August 19,
2024, simultaneously with the closing of the Initial Public Offering, the underwriters elected to fully exercise the over-allotment option
to purchase the additional 3,000,000 Units at a price of $ 10.00 per Unit.

 The underwriters were entitled to a cash underwriting
discount of $ 4,000,000 ( 2.0 % of the gross proceeds of the units offered in the Initial Public Offering, excluding any proceeds from units
sold pursuant to the underwriters' over-allotment option). Additionally, the underwriters are entitled to a deferred underwriting
discount of 4.40 % of the gross proceeds of the Initial Public Offering held in the Trust Account other than those sold pursuant to the
underwriters over-allotment option and 6.40 % of the gross proceeds sold pursuant to the underwriter's over-allotment option, $ 10,720,000
in the aggregate, payable upon the completion of the Company's initial Business Combination subject to the terms of the underwriting
agreement. At December 31, 2024, the balance of the deferred underwriting fee payable was $ 10,720,000.

 F- 14

 NOTE 7. SHAREHOLDER'S DEFICIT

 Preference Shares —The Company
is authorized to issue a total of 1,000,000 preference shares at par value of $ 0.0001 each. As of December 31, 2024,
there were no shares of preference shares issued or outstanding.

 Class A Ordinary Shares —The
Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $ 0.0001 each. As of December
31, 2024, there were no shares of Class A ordinary shares issued or outstanding, excluding 23,000,000 Class A ordinary shares subject
to possible redemption.

 Class B Ordinary Shares —The
Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $ 0.0001 each. On April
8, 2024, the Company issued 5,750,000 Class B ordinary shares to the Sponsor for $ 25,000, or approximately $ 0.004 per share. As of December
31, 2024, there were 5,750,000 Class B ordinary shares issued and outstanding.

 The founder shares will automatically convert
into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier
at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares,
or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in this offering and related to or in
connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary
shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with
respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B
ordinary shares will equal, in the aggregate, 20 % of the sum of (i) the total number of all Class A ordinary shares outstanding upon the
completion of this offering (including any Class A ordinary shares issued pursuant to the underwriters' over-allotment option and
excluding the Class A ordinary shares underlying the private placement warrants issued to the sponsor), plus (ii) all Class A ordinary
shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding
any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent
warrants issued to the Sponsor or any of its affiliates or to the Company's officers or directors upon conversion of working capital
loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination;
provided that such conversion of founder shares will never occur on a less than one-for-one basis.

 Holders of record of the Company's Class
A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders.
Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange
rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires
the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by
shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below) requires
the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where
proxies are allowed, by proxy at the applicable general meeting, and pursuant to the amended and restated memorandum and articles of association,
such actions include amending the amended and restated memorandum and articles of association and approving a statutory merger or consolidation
with another the company. There is no cumulative voting with respect to the appointment of directors, meaning, following the initial Business
Combination, the holders of more than 50 % of the ordinary shares voted for the appointment of directors can elect all of the directors.
Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to
vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the company in a jurisdiction outside the
Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents,
in each case, as a result of the approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of
the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the amended and restated
memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least
 90 % (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes
cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general
meeting of the Company.

 F- 15

 NOTE 8. FAIR VALUE MEASUREMENTS

 The fair value of the Company's financial
assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities
based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

 Level 1:

 Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

 Level 2:

 Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

 Level 3:

 Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

 The following table presents information about
the Company's assets that are measured at fair value on December 31, 2024, and indicates the fair value hierarchy of the valuation
inputs the Company utilized to determine such fair value:

 Level

 December 31,
 2024

 Assets:

 Money market mutual fund held in Trust Account

 $

 The following table presents information about
the Company's assets that are measured at fair value on August 19, 2024, and indicates the fair value hierarchy of the valuation
inputs the Company utilized to determine such fair value:

 Level

 August 19,
 2024

 Equity:

 Fair value of Public Warrants for Class A ordinary shares subject to redemption allocation

 $
 529,000

 The fair value of Public Warrants was determined
using Monte Carlo Simulation Model. The Public Warrants have been classified within shareholders' deficit and will not require remeasurement
after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public
Warrants:

 August 19,
 2024

 Underlying share price

 $
 9.98

 Exercise price

 $
 11.50

 Term (years)

 7.0

 Risk-free rate

 3.78
 %

 Volatility

 9.0
 %

 The Company accounted for warrants issued at the
IPO under equity treatment, as such, no subsequent re-measurement is required.

 F- 16

 NOTE 9. SEGMENT INFORMATION

 ASC Topic 280, "Segment Reporting,"
establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic
areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from
which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated
by the Company's chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

 The Company's chief operating decision maker
("CODM") has been identified as the Chief Financial Officer, who reviews the assets, operating results, and financial metrics
for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has
determined that there is only one reportable segment

 The CODM assesses performance for the single segment
and decides how to allocate resources based on net income that also is reported on the statement of operations as net income. The measure
of segment assets is reported on the balance sheet as total assets. When evaluating the Company's performance and making key decisions
regarding resource allocation, the CODM reviews several key metrics included in net income and total assets, which include the following:

 December 31,

2024

 Trust Account

 $

 Cash

 $
 668,089

 December 31,

2024

 Net income (loss)

 $

 General and administrative expenses

 $
 634,797

 Interest earned on marketable securities held in Trust Account

 $
 4,043,585

 The CODM reviews interest earned on the Trust
Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds
while maintaining compliance with the Trust Agreement.

 Net income (loss) and general and administrative
expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business
combination or similar transaction within the business combination period. The CODM also reviews general and administrative costs to
manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative
costs, as reported on the statement of operations, are the significant segment expenses provided to the CODM on a regular basis. The
accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant
accounting policies.

 F- 17

 NOTE 10 — SUBSEQUENT EVENTS

 The Company evaluated
subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were
issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have
required adjustment or disclosure in the accompanying financial statements.

 On March 26, 2025, the Company
entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time in accordance
with its terms, the "Business Combination Agreement") by and among the Company, Terrestrial Energy Inc., a Delaware corporation
("Terrestrial Energy"), and HCM II Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of Company
("Merger Sub"), pursuant to which, among other things and subject to the terms and conditions contained therein, Merger Sub
will merge with and into Terrestrial Energy (the "Merger"), with Terrestrial Energy continuing as the surviving entity (the
"Surviving Company"). The transactions contemplated by the Business Combination Agreement are referred to herein as the "Business
Combination." The combined company's business will continue to operate through Terrestrial Energy and its subsidiaries.

 The Business Combination Agreement
and the Business Combination were unanimously approved by the board of directors of the Company and the board of directors of Terrestrial
Energy.

 The Business Combination is
expected to close in the fourth quarter of 2025, subject to the receipt of the required approvals by Company's shareholders and
the fulfilment of other customary closing conditions.

 In
addition to the Merger, the Company will, subject to obtaining the required shareholder approvals and at least one (1) day prior to the
date of the closing of the Business Combination (the "Closing"), change its jurisdiction of incorporation by deregistering
as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware
(the "Domestication"). The Company will provide its public shareholders the opportunity to elect, at least two (2) business
days prior to the Company shareholder's meeting, to redeem their shares on the terms and conditions set forth in the Business Combination
Agreement and the Company's governing documents (the "Redemption"). Subject to the receipt of approval from shareholders
of the Company, and at least one (1) day prior to the Domestication, the Company will carry out the Redemption.

 By
virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, including
approval of the Company's shareholders: (i) immediately prior to the Domestication, each of the then issued and outstanding Class
B Ordinary Shares of the Company will convert automatically, on a one-for-one basis, into one (1) Class A Ordinary Share, par value of
$ 0.0001 per share, of the Company (the "Sponsor Share Conversion"); and (ii) immediately following the Sponsor Share Conversion,
in connection with the Domestication, (x) each then issued and outstanding Class A Ordinary Share (other than any Class A Ordinary Share
included in the Cayman Purchaser Units (as defined in the Business Combination Agreement)) will convert automatically, on a one-for-one
basis, into one (1) share of common stock, par value $ 0.0001 per share, of the Company (after the Domestication) (the "Domesticated
Common Stock"); (y) each of the then issued and outstanding warrants (other than any Cayman Purchaser Public Warrants (as defined
in the Business Combination Agreement) included in the Cayman Purchaser Units) representing the right to purchase one (1) Class A Ordinary
Share will convert automatically into a warrant to acquire one (1) share of Domesticated Common Stock (each a "Domesticated Warrant");
and (z) each of the then issued and outstanding Cayman Purchaser Units will be cancelled and each holder thereof will be entitled to one
(1) share of Domesticated Common Stock and one-half (1/2) of one (1) Domesticated Warrant.

 The Company has also entered
into subscription agreements (collectively, the "PIPE Subscription Agreements"), each dated as of March 26, 2025, with certain
investors (collectively, the "PIPE Investors"), pursuant to which, among other things, the Company has agreed to issue and
sell, in private placements to close immediately prior to or substantially concurrently with the Closing, an aggregate of 5,000,000 shares
of Domesticated Common Stock for a purchase price of $ 10.00 per share (the "PIPE Financing"). The PIPE Investors are permitted,
under the PIPE Subscription Agreements, to satisfy their commitments thereunder if they hold shares of Domesticated Common Stock that
qualify as Non-Redeemed Shares (as defined in the PIPE Subscription Agreements), subject to certain conditions and restrictions set forth
in the PIPE Subscription Agreements.

 F- 18

 EXHIBIT INDEX

 Exhibit No.

 Description

 1.1

 Underwriting Agreement, dated August 15, 2024, by and between the Company and Cantor Fitzgerald & Co. (3)

 2.1

 Business Combination Agreement, dated March 26, 2025, by and among HCM II Acquisition Corp, HCM Merger Sub Inc. and Terrestrial Energy Inc. (4)

 3.1

 Amended
 and Restated Memorandum and Articles of Association. (3)

 4.1

 Specimen Unit Certificate. (2)

 4.2

 Specimen Ordinary Share Certificate. (2)

 4.3

 Specimen Warrant Certificate (included as an exhibit to Exhibit 4.4).

 4.4

 Warrant Agreement, dated August 15, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent. (3)

 4.5*

 Description of Registered Securities

 10.1

 Promissory Note, dated April 4, 2024, issued to HCM Investor Holdings II, LLC. (1)

 10.2

 Securities Subscription Agreement, dated April 4, 2024, between HCM Investor Holdings II, LLC and the Registrant. (1)

 10.3

 Investment Management Trust Agreement, dated August 15, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee. (3)

 10.4

 Registration Rights Agreement, dated August 15, 2024, by and among the Company, the Sponsor and the Underwriter. (3)

 10.5(a)

 Private Placement Warrants Purchase Agreement, dated August 15, 2024, by and between the Company and the Sponsor. (3)

 10.5(b)

 Private Placement Warrants Purchase Agreement, dated August 15, 2024, by and between the Company and the Underwriter. (3)

 10.6

 Letter Agreement, dated August 15, 2024, by
 and among the Company, its officers, its directors and the Sponsor. (3)

 10.7

 Administrative Support Agreement, dated August 15, 2024, between the Company and the Sponsor. (3)

 10.8

 Form of Indemnity Agreement. (2)

 10.9

 Sponsor Support Agreement, dated March 26, 2025, by and among HCM Investor Holdings II, LLC, HCM II Acquisition Corp., and Terrestrial Energy Inc. (4)

 10.10

 Form of Subscription Agreement (4)

 14.1

 Form of Code of Ethics. (2)

 19.1*

 Insider Trading Policy

 23.1

 Consent of Withum Smith+Brown, PC. (1)

 24.1

 Power of Attorney (included on the signature page of the initial filing).

 31.1*

 Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2*

 Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1

 Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2

 Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 97.1*

 Policy Related to Recovery of Erroneously Awarded Compensation, adopted March 31, 2025.

 99.1

 Audit Committee Charter. (2)

 99.2

 Compensation Committee Charter. (2)

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *

 Filed herewith.

 Furnished herewith.

 (1)
 Incorporated by reference to the Company's Registration
Statement on Form S-1 (File No. 333-280283) filed with the SEC on June 18, 2024.

 (2)
 Incorporated by reference to Amendment No. 1 to the Company's
Registration Statement on Form S-1/A (File No. 333-280283), filed with the SEC on July 5, 2024.

 (3)
 Incorporated by reference to the Company's Current Report
on Form 8-K, filed with the SEC on August 20, 2024.

 (4)
 Incorporated by reference to the Company's Current Report
on Form 8-K, filed with the SEC on March 26, 2025.

 SIGNATURES

 Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned, thereunto duly authorized.

 Date: March 31, 2025

 By:

 /s/ Shawn Matthews

 Name:

 Title:

 Chief Executive Officer

 (Principal Executive Officer)

 Date: March 31, 2025

 By:

 /s/ Steven Bischoff

 Name:

 Title:

 Chief Financial Officer

 (Principal Financial and Accounting Officer)

 Pursuant to the requirements
of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in
the capacities and on the dates indicated.

 Name

 Position

 Date

 /s/ Shawn Matthews

 Chief Executive Officer and

 Chairman of the Board of Directors

 (Principal Executive Officer)

 /s/ Steven Bischoff

 Chief Financial Officer and President

 (Principal Financial and Accounting Officer)

 /s/ Andrew Brenner

 Andrew Brenner

 /s/ Michael
 J. Connor

 Michael J. Connor

 /s/ Jacob Loveless

 Jacob Loveless

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