As high school graduation looms, Peter visits Spencer Smythe to reclaim his lost Spider-Man costume. While he’s there, Smythe’s business partner Mark Raxton arrives and argues over the liquid metal alloy they produced. In the resulting clash, Raxton is doused in the alloy, becoming the metal-coated Molten Man. He quickly begins to test his might by performing crimes. Spider- Man pursues and captures him after a hard battle. Peter goes on to graduation and learns that he and Flash have each won a scholarship to Empire State University. J. J. Jonah Jameson gives a smarmy commencement speech. After the ceremony Peter tries to see Liz, but Liz, thinking he is more interested in Betty or Mary Jane, rebuffs him.