Vault-13

HCM III ACQUISITION CORP HCMA

ORD SHS CL A · Common Stock · CUSIP G4365E103

55 institutional holders +1 vs Q1 2026
22,656,12122.7m shares reported held*
$232.8mreported value*
2 new 8 added 10 reduced 2 sold out net sold ≈ $2.9m (-279.1k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $10.28.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q3 25: 37Q4 25: 55Q1 26: 54Q2 26: 5555Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q3 202537
Q4 202555
Q1 202654
Q2 202655

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 25: 30 bought or addedQ4 25: 11 cut or sold outQ4 25Q1 26: 14 bought or addedQ1 26: 13 cut or sold outQ1 26Q2 26: 10 bought or addedQ2 26: 12 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q4 20253011
Q1 20261413
Q2 20261012

Biggest buyers

Polar Asset Management Partners Inc. New +500,000+500.0k
MIZUHO SECURITIES USA LLC Added +250,000+250.0k
MILLENNIUM MANAGEMENT LLC Added +120,600+120.6k
GLAZER CAPITAL, LLC Added +112,104+112.1k
Jain Global LLC New +98,791+98.8k
Verition Fund Management LLC Added +79,934+79.9k
K2 PRINCIPAL FUND, L.P. Added +53,936+53.9k
ARISTEIA CAPITAL, L.L.C. Added +20,047+20.0k
PenderFund Capital Management Ltd. Added +12,400+12.4k
Rangeley Capital, LLC Added +1,516+1.5k

Biggest sellers

Meteora Capital, LLC Reduced -403,454-403.5k
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Reduced -300,000-300.0k
TORONTO DOMINION BANK Sold out -215,000-215.0k
Saba Capital Management, L.P. Reduced -200,000-200.0k
Shaolin Capital Management LLC Reduced -111,527-111.5k
Virtu Financial LLC Reduced -93,352-93.4k
UBS Group AG Sold out -71,590-71.6k
Clear Street Group Inc. Reduced -70,926-70.9k
WOLVERINE ASSET MANAGEMENT LLC Reduced -55,002-55.0k
FNY Investment Advisers, LLC Reduced -7,000-7.0k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
HCM INVESTOR HOLDINGS III, LLC 13G · exempt (held before listing) new · filed 2025-11-14 25.0% new 8.4m≈ $86.7m 2025-11-14
Saba Capital Management, L.P. 13G · passive investor new · filed 2025-08-05 12.8% new 3.2m 2025-08-05
METEORA CAPITAL, LLC 13G · institution -1.6 pts · filed 2026-08-14 6.6% -1.6 pts 1.7m≈ $17.2m 2026-08-14
RP Investment Advisors LP 13G · passive investor new · filed 2026-06-24 6.1% new 1.6m≈ $15.9m 2026-06-24

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Meteora Capital, LLC 1.43% of their portfolio Boca Raton, FL 1,673,6211.7m $17.2m $17.2m 1.43% Reduced -403.5k -403,454
2 Linden Advisors LP 0.06% of their portfolio New York, NY 1,200,0001.2m $12.3m $12.3m 0.06% Unchanged
3 LMR Partners LLP 0.08% of their portfolio LONDON, X0 1,050,0001.1m $10.8m $10.8m 0.08% Unchanged
4 Verition Fund Management LLC 0.07% of their portfolio GREENWICH, CT 1,021,6611.0m $10.5m $10.5m 0.07% Added +79.9k +79,934
5 Governors Lane LP 1.04% of their portfolio NEW YORK, NY 1,009,0551.0m $10.4m $10.4m 1.04% Unchanged
6 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.35% of their portfolio NEW YORK, NY 1,000,0001.0m $10.3m $10.3m 0.35% Unchanged
7 MMCAP International Inc. SPC 0.87% of their portfolio GRAND CAYMAN, E9 1,000,0001.0m $10.3m $10.3m 0.87% Unchanged
8 TENOR CAPITAL MANAGEMENT Co., L.P. 0.14% of their portfolio NEW YORK, NY 1,000,0001.0m $10.3m $10.3m 0.14% Unchanged
9 Magnetar Financial LLC 0.09% of their portfolio EVANSTON, IL 999,9901,000.0k $10.3m $10.3m 0.09% Unchanged
10 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 797,500797.5k $8.2m $8.2m 0.01% Unchanged
11 Mint Tower Capital Management B.V. 0.91% of their portfolio AMSTERDAM, P7 750,000750.0k $7.7m $7.7m 0.91% Unchanged
12 Saba Capital Management, L.P. 0.24% of their portfolio NEW YORK, NY 749,650749.6k $7.7m $7.7m 0.24% Reduced -200.0k -200,000
13 Radcliffe Capital Management, L.P. 0.55% of their portfolio BALA CYNWYD, PA 703,404703.4k $7.2m $7.2m 0.55% Unchanged
14 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio TORONTO, A6 699,999700.0k $7.2m $7.2m 0.01% Reduced -300.0k -300,000
15 HGC Investment Management Inc. 1.22% of their portfolio TORONTO, A6 600,000600.0k $6.2m $6.2m 1.22% Unchanged
16 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 561,350561.4k $5.8m $5.8m 0.00% Added +120.6k +120,600
17 MIZUHO SECURITIES USA LLC 0.05% of their portfolio NEW YORK, NY 550,000550.0k $5.6m $5.6m 0.05% Added +250.0k +250,000
18 Alberta Investment Management Corp 0.03% of their portfolio EDMONTON, A0 550,000550.0k $5.7m $5.7m 0.03% Unchanged
19 GLAZER CAPITAL, LLC 0.13% of their portfolio New York, NY 522,510522.5k $5.4m $5.4m 0.13% Added +112.1k +112,104
20 Context Capital Management, LLC 0.10% of their portfolio LAJOLLA, CA 500,000500.0k $5.1m $5.1m 0.10% Unchanged
21 Polar Asset Management Partners Inc. 0.09% of their portfolio TORONTO, A6 500,000500.0k $5.1m $5.1m 0.09% New
22 PEAK6 LLC 0.12% of their portfolio AUSTIN, TX 499,999500.0k $5.1m $5.1m 0.12% Unchanged
23 PICTON MAHONEY ASSET MANAGEMENT 0.05% of their portfolio Toronto, A6 499,995500.0k $5.1m $5.1m 0.05% Unchanged
24 Periscope Capital Inc. 0.74% of their portfolio Toronto, A6 450,000450.0k $4.6m $4.6m 0.74% Unchanged
25 BERKLEY W R CORP 0.20% of their portfolio Greenwich, CT 388,407388.4k $4.0m $4.0m 0.20% Unchanged
26 AQR Arbitrage LLC 0.06% of their portfolio Greenwich, CT 379,387379.4k $3.9m $3.9m 0.06% Unchanged
27 BlueCrest Capital Management Ltd 0.15% of their portfolio ST HELIER, Y9 350,000350.0k $3.6m $3.6m 0.15% Unchanged
28 BOOTHBAY FUND MANAGEMENT, LLC 0.06% of their portfolio NEW YORK, NY 297,375297.4k $3.1m $3.1m 0.06% Reduced -584 -584
29 K2 PRINCIPAL FUND, L.P. 0.24% of their portfolio TORONTO, A6 253,936253.9k $2.6m $2.6m 0.24% Added +53.9k +53,936
30 DLD Asset Management, LP 0.21% of their portfolio NEW YORK, NY 250,000250.0k $2.6m $2.6m 0.21% Unchanged
31 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.01% of their portfolio HARRISBURG, PA 199,998200.0k $2.1m $2.1m 0.01% Unchanged
32 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.10% of their portfolio WEST PALM BEACH, FL 199,996200.0k $2.1m $2.1m 0.10% Unchanged
33 Clear Street Group Inc. 0.01% of their portfolio NEW YORK, NY 175,000175.0k $1.8m $1.8m 0.01% Reduced -70.9k -70,926
34 Shaolin Capital Management LLC 0.08% of their portfolio Miami, FL 138,473138.5k $1.4m $1.4m 0.08% Reduced -111.5k -111,527
35 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 120,600120.6k $1.2m $1.2m 0.00% Unchanged
36 HBK INVESTMENTS L P 0.01% of their portfolio DALLAS, TX 100,002100.0k $1.0m $1.0m 0.01% Unchanged
37 WHITEBOX ADVISORS LLC 0.02% of their portfolio MINNEAPOLIS, MN 100,000100.0k $1.0m $1.0m 0.02% Unchanged
38 MOORE CAPITAL MANAGEMENT, LP 0.02% of their portfolio NEW YORK, NY 100,000100.0k $1.0m $1.0m 0.02% Unchanged
39 Galaxy Digital Inc. 0.16% of their portfolio NEW YORK, NY 100,000100.0k $1.0m $1.0m 0.16% Unchanged
40 O'Connor Alternative Investments LLC 0.08% of their portfolio NEW YORK, NY 100,000100.0k $1.0m $1.0m 0.08% Not comparable
41 Jain Global LLC 0.01% of their portfolio NEW YORK, NY 98,79198.8k $1.0m $1.0m 0.01% New
42 WOLVERINE ASSET MANAGEMENT LLC 0.01% of their portfolio CHICAGO, IL 76,50576.5k $786.5k $786.5k 0.01% Reduced -55.0k -55,002
43 READYSTATE ASSET MANAGEMENT LP 0.02% of their portfolio CHICAGO, IL 53,60353.6k $551.0k $551.0k 0.02% Unchanged
44 Hudson Bay Capital Management LP 0.00% of their portfolio STAMFORD, CT 50,00050.0k $514.0k $514.0k 0.00% Unchanged
45 GRITSTONE ASSET MANAGEMENT LLC 0.49% of their portfolio Bethesda, MD 50,00050.0k $514.0k $514.0k 0.49% Unchanged
46 ARISTEIA CAPITAL, L.L.C. 0.01% of their portfolio GREENWICH, CT 45,04745.0k $463.1k $463.1k 0.01% Added +20.0k +20,047
47 Davidson Kempner Capital Management LP 0.00% of their portfolio New York, NY 25,00025.0k $257.0k $257.0k 0.00% Unchanged
48 Ghisallo Capital Management LLC 0.01% of their portfolio BOSTON, MA 25,00025.0k $257.0k $257.0k 0.01% Unchanged
49 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 24,81324.8k $255.1k $255.1k 0.00% Unchanged
50 ABC ARBITRAGE SA 0.02% of their portfolio PARIS, I0 20,00020.0k $205.6k $205.6k 0.02% Unchanged
51 PenderFund Capital Management Ltd. 0.03% of their portfolio VANCOUVER, A1 19,60019.6k $201.5k $201.5k 0.03% Added +12.4k +12,400
52 Rangeley Capital, LLC 0.13% of their portfolio NEW CANAAN, CT 14,04614.0k $144.4k $144.4k 0.13% Added +1.5k +1,516
53 Virtu Financial LLC 0.00% of their portfolio New York, NY 10,76310.8k $111.0k $111.0k 0.00% Reduced -93.4k -93,352
54 FNY Investment Advisers, LLC 0.00% of their portfolio NEW YORK, NY 1,0001.0k $10.0k $10.0k 0.00% Reduced -7.0k -7,000
55 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4545 $463 $463 0.00% Reduced -23 -23