New York, May 27, 2026, 13:07 (EDT)
Hall Chadwick Acquisition Corp. shares were little changed in thin Nasdaq trade on Wednesday after a quarterly filing showed first-quarter profit came from interest on cash raised in its IPO, not from an operating business.
The Class A shares, ticker HCAC, were quoted at $10.01, up 1 cent from the previous close, with a $10.06 intraday high and $10.01 low in the latest available market data. The stock’s calm move fits the usual pattern for a special purpose acquisition company, or SPAC, before a merger closes: investors tend to trade it close to the cash it holds, unless a deal changes the risk.
The timing matters because Hall Chadwick filed its March-quarter 10-Q on May 26, giving investors fresh figures on the cash shell while its proposed REEcycle Holdings transaction remains only a letter of intent. A SPAC is a blank-check company that raises money in a public listing to merge with a private company and bring it to market.
Hall Chadwick reported net income of $1.65 million for the three months ended March 31. The filing showed $1.84 million of interest earned on cash and investments in its trust account, a restricted account holding IPO proceeds for a deal or investor redemptions, offset by $183,126 in formation, general and administrative costs.
The company said it had not generated operating revenue and did not expect to do so until after completing a business combination. It held $463,036 of cash outside the trust account at March 31 and $209.6 million of cash and investments inside the trust account.
Hall Chadwick completed a $207 million IPO in November 2025 and placed $207 million in the trust account. Its Class A shares and rights began separate trading in January under HCAC and HCACR, while unseparated units continued to trade as HCACU.
The main catalyst is still REEcycle. Hall Chadwick and REEcycle announced on April 1 a non-binding letter of intent for a proposed de-SPAC merger, meaning a transaction that would take the private company public through the SPAC. The proposed deal valued REEcycle at about $600 million, assuming no redemptions by public shareholders, and contemplated at least $50 million of PIPE financing, or private investment in public equity.
REEcycle Executive Chairman Mick McMullen said the company was addressing a “critical U.S. supply gap.” Hall Chadwick Chief Executive Alex Bono called REEcycle aligned with “U.S. critical minerals strategy,” according to the April announcement. Nasdaq
The peer tape was also quiet. Miluna Acquisition Corp. was quoted at $10.07, FG Merger II Corp. at $10.33 and Perceptive Capital Solutions Corp. at $11.16, underscoring how listed acquisition vehicles often trade more on trust value and deal optionality than on earnings before they own operating assets.
But the risk is plain. The REEcycle letter of intent is not a binding merger agreement, and the parties still need due diligence, definitive documents, approvals and closing conditions. Hall Chadwick also said in its filing that it expected to keep incurring costs while pursuing an acquisition and could not assure investors that a business combination would be completed.
Redemptions are another swing factor. If many public shareholders choose to redeem, meaning take cash back rather than remain invested at the deal vote, Hall Chadwick may need added financing or could issue more securities or debt to complete a transaction.
The next test is documentation. Without a definitive business-combination agreement or a registration statement tied to the proposed REEcycle merger, HCAC may remain a low-volume, trust-linked stock rather than a company trading on operating forecasts.
