HCM Acquisition in an 8-K included a presentation highlighting its proposed business combination with Murano, a Mexico-based luxury resort developer.
Proceeds include $10 million cash in trust plus a $40 million convertible note, as well as Murano’s rollover of $691 million.
The deal has a pro forma equity value of $829 million.
Murano develops properties in North and Central America, with a portfolio and range of completed projects that include marinas, hotels, condominiums, and apartment complexes. Murano has three luxury resort venues in development in Cancun, with more than 3,000 keys. Operations are scheduled to commence in phases, with the first phase to open in the third quarter of 2023 and full operation expected in 2027.
HCM Acquisition raised $287.5 million in a January 2022 IPO with plans at that time to target fintech companies. Read more.
