Line a 9×13-inch pan with parchment paper and spray the parchment lightly with cooking spray; set the pan aside.

In a high-sided medium stockpot, combine 1 cup granulated sugar, ½ cup dark corn syrup, ½ cup honey, and 1 tablespoon water. Heat over medium, stirring occasionally until the sugar dissolves and the mixture is uniform.

Clip a candy thermometer to the side of the pot with the bulb submerged in the syrup but not touching the bottom. Stop stirring, do not move the pot, and continue heating until the mixture reaches 300°F (hard‑crack stage). This will take about 20 minutes.

Remove the pot from the heat. Have 2 ½ teaspoons sifted baking soda measured and ready; immediately add the baking soda to the hot mixture and stir quickly just until incorporated. The mixture will foam and expand—use caution.

Immediately pour the foamy mixture into the prepared pan and tilt the pan to spread it evenly. Allow the candy to cool and set at room temperature, about 1 hour.

When the candy has set, lift it from the pan using the parchment and break it into pieces or cut with a knife; pieces will be irregular.

Place 2 cups milk chocolate melting wafers in a microwave-safe bowl and melt according to the package directions (or heat in short intervals, stirring until smooth).

Dip each piece of sponge candy into the melted chocolate to coat, letting excess chocolate drip back into the bowl. Use a fork or dipping tool and place coated pieces on a sheet of parchment.

Let the chocolate coating set at room temperature until firm, about 1 hour.

Store the finished candy in an airtight container at room temperature for at least 2 weeks. Do not refrigerate or freeze.