Mercator Acquisition, the fifth blank check company formed by Hondius Capital Management, lowered the proposed deal size for its upcoming IPO on Thursday.
The Norwalk, CT-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 25 million units at $10. Each unit now contains one share of common stock and one-half of one warrant, exercisable at $11.50. At the revised deal size, Mercator Acquisition will raise 40% less in proceeds than previously anticipated.
Mercator Acquisition is led by CEO and Chairman Shawn Matthews, the founder and CIO of alternative investment firm Hondius Capital Management. The SPAC plans to target technology and software infrastructure companies whose products and services target financial services, real estate, and asset management companies.
Management's previous SPACs include HCM IV Acquisition (HACQU) which went public this past February; HCM III Acquisition (HCMAU), which went public last August; HCM II Acquisition, which completed its combination with nuclear reactor developer Terrestrial Energy (IMSR; -32% from $10 offer price) last October; and HCM Acquisition, which completed its combination with real estate company Murano Global Investments (MRNO; -98%) in March 2024.
Mercator Acquisition was founded in 2025. It plans to list on the Nasdaq under the symbol MRCOU. Clear Street is the sole bookrunner on the deal.
