HCM III ACQUISITION CORP. (HCMA) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 33.33% of current shares
Recent Dilution: 200.0% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
25M
Potential Supply
8.4M
Additional shares possible
Splits
None
Past 2 years

Summary

HCMA currently has 25.3M outstanding shares. with moderate dilution risk from 8.43M authorized shares representing 33.3% potential dilution. The company has significantly diluted shareholders by 200.0% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 25.3M shares outstanding

25M 8.4M
Nov 14, 2025

10-Q filing | 25.3M shares outstanding

25M 8.4M
Aug 19, 2025

8-K filing: HCM III Acquisition Corp. consummated its initial public offering of 25,300,000 units at $10.00 per unit and completed a private placement of 4,266,667 warrants to HCM Investor Holdings III, LLC and Cantor Fitzgerald & Co. at $1.50 per warrant. ($259.4M proceeds)

8.4M 8.4M
Jul 30, 2025

S-1/A filing: This S-1/A filing details the registration of securities, including founder shares and Class B ordinary shares, issued in connection with the company's organization. It also outlines expenses related to the offering and discusses indemnification of directors and officers.

8.4M 8.4M
Jul 23, 2025

S-1/A filing: HCM III Acquisition Corp. is offering 22,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of one redeemable warrant.

8.4M 26M
Jul 11, 2025

S-1/A filing: This S-1/A filing registers the offering of 22,000,000 units at $10.00 per unit, with each unit consisting of one Class A ordinary share and one-third of a warrant, along with the simultaneous private placement of warrants to the sponsor and Cantor Fitzgerald & Co.

8.4M 26M
Jun 06, 2025

S-1 filing: HCM III Acquisition Corp. is offering 22,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of one redeemable warrant, in an initial public offering.

8.4M 26M
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