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Hennessy Capital Investment Corp. VI (HCVI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, reporting a net loss of $9,972,000 for the three months ended September 30, 2024, compared to a net income of $250,000 in the same quarter of the previous year.
General and administrative expenses for the quarter were $1,310,000, with additional costs of $6,670,000 related to the estimated fair value of Founder Shares provided in Non-Redemption Agreements.
The company reported interest income of $639,000 from the Trust Account, a decrease from $4,510,000 in the same quarter of the previous year due to significant redemptions.
The company has extended the deadline for completing a Business Combination to March 31, 2025, with the option to extend to June 30, 2025, subject to board approval.
Redemptions of Class A common stock were conducted during the quarter, with 1,992,461 shares redeemed for approximately $21,400,000.
Hennessy Capital Investment Corp. VI is currently pursuing a business combination with Greenstone Corporation, a gold producer and explorer, with the transaction expected to close after meeting certain conditions.
The company received a delisting notice from Nasdaq (NDAQ-1.24%) due to not completing a business combination within three years of its IPO registration statement. A hearing has been requested to appeal this determination.
The company has entered into subscription agreements with Polar Multi-Strategy Master Fund for working capital, totaling $2,650,000, with repayment contingent on completing a business combination.
Hennessy Capital Investment Corp. VI had approximately $890,000 in cash and $17,625,000 in negative working capital as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hennessy Capital Investment Corp. VI quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.