What is the projected market capitalization of HVMC once the warrants are exercised and the shares are fully diluted?

Projected fully‑diluted market cap

The IPO issued 23 million units, each containing one Class A share and half a warrant.

- Shares from the units: 23 million

- Total warrants = 23 million × 0.5 = 11.5 million whole warrants (each can be exercised for one additional share).

If every warrant is exercised, the share count becomes:

[
23 \text{M (original)} + 11.5 \text{M (exercised)} = 34.5 \text{M shares (fully diluted)}.
]

Using the IPO price of $10.00 per share as a baseline, the projected market‑cap is:

[
34.5 \text{M} \times \$10.00 \approx \$345 million.
]

If the market adjusts to the warrant‑exercise price of $11.50, the cap would be roughly:

[
34.5 \text{M} \times \$11.50 \approx \$397 million.

Trading implications

• Valuation ceiling: The $345 M–$397 M range sets a near‑term ceiling for HVMC’s market cap, assuming no major price shift post‑exercise. Any price appreciation above $10–$11.50 will push the cap higher, but it also raises the breakeven for warrant holders.
• Dilution pressure: The 50% increase in share count will exert downward pressure on EPS and per‑share metrics. Investors should monitor post‑exercise price action for signs of the market absorbing the extra supply.
• Actionable view: In the short run, the stock may trade near the $10‑$11.50 band as the market prices the pending dilution. A bullish stance could be justified if the company’s pipeline or SPAC target justifies a premium above this range; a bearish stance is appropriate if the dilution risk outweighs growth prospects. Position sizing should reflect the potential swing between the $345 M and $397 M cap benchmarks.