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Hennessy Capital Investment Corp. VI (HCVI) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the company is an early-stage blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The company has not commenced any operations and will not generate any operating revenues until after the completion of its initial business combination. It generates non-operating income in the form of interest income from the proceeds derived from its initial public offering.
Hennessy Capital Investment Corp. VI reported a net loss of $20,749,000 for the year ended December 31, 2024, compared to a net income of $6,399,000 for the year ended December 31, 2023.
The company had approximately $889,000 in cash and approximately $20,736,000 of negative working capital at December 31, 2024. It is incurring significant costs in the pursuit of an initial business combination.
Hennessy Capital Investment Corp. VI has until April 30, 2025, to complete its initial business combination. If it does not complete a business combination within this period, it will cease all operations except for the purpose of winding up.
The company received a delisting notice from Nasdaq on October 1, 2024, for failing to complete a business combination within 36 months of its IPO registration statement. The company has requested a hearing to appeal this determination.
On June 17, 2024, the company entered into a business combination agreement with Greenstone Corporation, a gold producer with operations in Zimbabwe. The closing of the proposed business combination is anticipated in the second quarter of 2025.
The filing also details various financial agreements, including extensions of time to complete the business combination and related redemptions of shares of Class A common stock.
The company has recorded an excise tax liability of approximately $3,229,000 related to redemptions of Class A common stock in 2023 and 2024.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.