Hennessy Capital Investment Corp. VI (HCVI): History, Ownership, Mission, How It Works & Makes Money

As a seasoned financial analyst, I have to ask: what does the journey of a Special Purpose Acquisition Company (SPAC) like Hennessy Capital Investment Corp. VI (HCVI) tell us about the current state of industrial technology and resource deals?

The company, which was incorporated to find a target in the industrial technology sector, pivoted sharply, culminating in a reverse merger with Greenstone Corporation, a gold producer, developer, and explorer, a move that is expected to result in the new entity, Namib Minerals, with a market capitalization recently noted around $166.90 million and a Q1 2025 net loss of $(3.532) million.

This transition, which involved navigating a Nasdaq delisting and amending the deal to remove a $25 million minimum cash condition, is a defintely compelling case study in SPAC risk and opportunity, even with a March 31, 2025, Trust Account balance of approximately $35.7 million.

You need to understand the mechanics of this deal-the ownership, mission, and how the new entity plans to make money-to assess if the risk is worth the potential return.

Hennessy Capital Investment Corp. VI (HCVI) History

Given Company's Founding Timeline

Hennessy Capital Investment Corp. VI (HCVI) was established as a Special Purpose Acquisition Company (SPAC), essentially a blank-check company, to acquire and merge with a private operating business. This structure is a non-traditional route to public markets, and its history is short but intense.

Year established

The company was incorporated in 2021, with its formation led by Daniel J. Hennessy in January of that year.

Original location

HCVI is based in Zephyr Cove, Nevada, operating from 195 US Hwy 50.

Founding team members

The core founding team, which has deep experience in SPACs and private equity, includes:

• Daniel J. Hennessy: Chairman and Chief Executive Officer.
• Gregory D. Ethridge: President, Chief Operating Officer, and Director.
• Nicholas Boris Geeza: Executive Vice President, Chief Financial Officer, and Secretary.

Initial capital/funding

The company closed its Initial Public Offering (IPO) in September 2021, raising $300 million in gross proceeds, which were placed into a trust account for the eventual business combination.

Given Company's Evolution Milestones

As a SPAC, HCVI's evolution is defined by its race against a deadline to find and close a merger target. That clock ran down, but the team defintely pushed for the finish.

Given Company's Transformative Moments

The most transformative period for HCVI occurred between late 2024 and mid-2025, marked by capital challenges and a final push to close the deal.

• The Capital Drain from Redemptions: The company faced significant shareholder redemptions, a common SPAC risk, which substantially reduced the cash available for the merger. For example, redemptions removed $86.1 million in September 2023, another $215.3 million in January 2024, and $21.4 million in September 2024 from the trust account. This forced the management to secure non-redemption agreements and other financing to keep the deal viable.
• The Nasdaq Delisting and OTC Transition: The failure to complete the combination by the initial deadline led to a delisting notice from Nasdaq. The company's securities were expected to trade over-the-counter (OTC) after March 31, 2025, until the merger closed, a temporary but significant loss of market visibility.
• The Final Merger into Namib Minerals: The ultimate transformation was the closing of the business combination on June 5, 2025, with Namib Minerals, a gold and green minerals company. This move shifts the entity from a shell company (HCVI) to a publicly traded operating company (Namib Minerals) focused on African mining, trading under the ticker 'NAMM' starting June 6, 2025. This event marks the successful culmination of the SPAC's mission.

To fully understand the strategic rationale behind this final merger, you should review the Mission Statement, Vision, & Core Values of Hennessy Capital Investment Corp. VI (HCVI).

Hennessy Capital Investment Corp. VI (HCVI) Ownership Structure

The ownership structure of Hennessy Capital Investment Corp. VI (HCVI) is no longer that of a blank-check company; it completed its business combination in 2025, resulting in the publicly traded entity, Namib Minerals (NAMM). This transition shifted control from the original SPAC sponsor and public shareholders to the pre-merger operating company's management and affiliates, a common outcome following high redemption rates in SPAC transactions.

Given Company's Current Status

Hennessy Capital Investment Corp. VI officially ceased its operations as a Special Purpose Acquisition Company (SPAC) on June 5, 2025, when it was acquired by Greenstone Corporation in a reverse merger transaction. The combined entity is now known as Namib Minerals, a gold producer with operations in Zimbabwe, and its shares trade on the Nasdaq Global Market under the ticker symbol NAMM. The original SPAC structure, including its former leadership, has been dissolved into this new operating company.

Given Company's Ownership Breakdown

The final ownership breakdown of Namib Minerals (NAMM) as of November 2025 reflects a highly concentrated structure, largely due to the high redemption rates of the original HCVI public shareholders and the equity contribution of the Greenstone/Namib founders. This concentration means the public float is exceedingly small, which can lead to high stock price volatility.

Here's the quick math: Insiders and Institutions account for 99.42% of the company. That's a tight float. For a deeper look at who is holding those few public shares, check out Exploring Hennessy Capital Investment Corp. VI (HCVI) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The leadership team of the newly formed Namib Minerals is comprised of executives from the pre-merger operating company, Greenstone Corporation, and new independent directors appointed upon closing in June 2025. This team is now responsible for executing the company's gold production and expansion strategy, which includes a preliminary capital expenditure estimate of $300 million to $400 million for mine restarts and upgrades in 2025.

• Ibrahima Sory Tall: Chief Executive Officer and Director. He brings over 24 years of mining operations experience across West and South Africa.
• Tulani Sikwila: Chief Financial Officer and Director. Mr. Sikwila has over 20 years of operational, accounting, and finance expertise, having been with the predecessor companies for over 19 years.
• Sphesihle Mchunu: General Counsel and Director (appointed June 2025).
• Molly P. Zhang: Board Chair and Director (appointed June 2025). Ms. Zhang has served in senior executive and board roles across the chemical, industrial, and mining sectors.

The board's composition is a mix of operational expertise from the gold sector and new independent oversight, which is defintely critical for a newly public company.

Hennessy Capital Investment Corp. VI (HCVI) Mission and Values

As a Special Purpose Acquisition Company (SPAC), Hennessy Capital Investment Corp. VI (HCVI)'s mission was singular: to identify and merge with a strong private company, a process culminating in the $609 million combination with Namib Minerals in 2025. Its cultural DNA is rooted in the core values of its sponsor, Hennessy Capital Group, which prioritizes a disciplined, partner-centric approach to public market transitions.

Given Company's Core Purpose

HCVI's core purpose was not to operate a business but to serve as a vehicle for a private company to access the public markets, specifically targeting the industrial sector. The ultimate purpose was realized on June 5, 2025, when the business combination with Namib Minerals, an established African gold producer, officially closed. Here's the quick math: the initial IPO raised approximately $340.9 million in gross proceeds, but the final, post-merger enterprise value was a much larger $609 million.

Official mission statement

Since HCVI was a blank check company, its formal mission was defined by its acquisition target's long-term goals. Post-merger, the mission is embodied by the newly public entity, Namib Minerals, which focuses on sustainable resource development. Honestly, the SPAC's mission is simply to execute a value-accretive deal.

• Execute a business combination with a competitive, high-growth industrial sector company.
• Create safe, sustainable, and profitable mining operations (the mission of the de-SPAC target, Namib Minerals).
• Deliver outsized growth to investors through efficient access to capital.

Vision statement

The vision for Hennessy Capital Investment Corp. VI was to be the catalyst that transformed a promising private company into a publicly traded leader, a process known as a de-SPAC transaction. The sponsor group's broader vision is to build enduring businesses that make positive and meaningful contributions to the world.

• Transition a private company to a public entity with a pro forma enterprise value of approximately $609 million.
• Adhere to a partner-centric model built on core values:
  • Stewardship
  • Transparency
  • Integrity
  • Accountability

You can see the full details of this strategic alignment here: Mission Statement, Vision, & Core Values of Hennessy Capital Investment Corp. VI (HCVI).

Given Company slogan/tagline

While HCVI itself didn't use a consumer-facing tagline, its sponsor, Hennessy Capital Group, operates under a clear, trend-aware theme that maps to its investment thesis. They defintely focus on long-term value creation.

• Sustainable Growth (The sponsor's overarching theme).
• Pioneers in SPAC Sponsorship (Reflecting their history of raising 16 SPACs).

Hennessy Capital Investment Corp. VI (HCVI) How It Works

Hennessy Capital Investment Corp. VI (HCVI), a Special Purpose Acquisition Company (SPAC), completed its mission by merging with Namib Minerals on June 5, 2025, to create a publicly traded African gold and green minerals producer now trading under the ticker NAMM. The company now operates by extracting and processing high-grade gold from its established Zimbabwe-based mine while simultaneously developing new gold and critical mineral assets to drive future growth.

The post-merger entity, Namib Minerals, is focused on maximizing cash flow from its anchor gold asset and using the capital to restart two historically prolific mines. This dual strategy is designed to increase its overall gold production capacity and provide exposure to the high-demand battery metals market, a defintely smart move.

Namib Minerals' Product/Service Portfolio

The core business is the production and sale of gold bullion, complemented by a strategic pipeline of development and exploration assets. For the 2025 fiscal year, the company expects to produce between 24,000 and 25,000 ounces of gold.

Namib Minerals' Operational Framework

The company's operational framework centers on leveraging existing, proven infrastructure to rapidly scale production. The anchor asset, How Mine, runs a conventional underground mining operation that ensures consistent cash flow. Here's the quick math: with a 2024 revenue of approximately $86 million from 36.6 thousand ounces, that cash generation funds the development work at the other sites.

The operational process is built on three pillars:

• Sustain and Optimize: Maintain low-cost, high-grade gold production at How Mine through grade consolidation and throughput-capacity improvements.
• Resource Maximization: Execute a new strategic partnership with BW Mining to begin testing for retreatment of surface sands at How Mine, which hold an inferred 213,000 ounces of gold.
• Restart and Expand: Advance enabling works at Mazowe Mine and Redwing Mine; dewatering at Redwing is expected to start this fiscal year to prepare for a production restart.

This approach minimizes capital risk by funding growth internally while setting up a multi-asset gold platform. If you want a deeper dive, check out Breaking Down Hennessy Capital Investment Corp. VI (HCVI) Financial Health: Key Insights for Investors.

Namib Minerals' Strategic Advantages

Namib Minerals' market success hinges on a combination of low operational costs and a diversified, multi-jurisdictional asset base. This is a crucial distinction from single-mine producers.

• Industry-Leading Cost Profile: The How Mine's historical production cost profile is one of the lowest among its publicly reporting peers, with an estimated AISC of $700 per ounce, which provides a substantial margin against current gold prices.
• Multi-Asset Growth Runway: The company has a total mineral endowment of 4.0 million ounces of gold across its three main assets, giving it a clear, identified pathway to become a multi-asset producer and significantly expand its output.
• Critical Minerals Exposure: The 13 exploration permits in the DRC for copper and cobalt position the company to capitalize on the global energy transition, diversifying revenue beyond just gold.
• Management Alignment: A $300 million earn-out component of the original SPAC merger is tied directly to achieving operational milestones at the restart mines, ensuring management incentives are aligned with shareholder returns.

Hennessy Capital Investment Corp. VI (HCVI) How It Makes Money

Hennessy Capital Investment Corp. VI is a Special Purpose Acquisition Company (SPAC), which means it generates no operating revenue from a core business; it makes money almost entirely from the interest earned on the cash held in its trust account while it searches for a target company to merge with. The company's financial engine is a temporary, non-operating one, focused on preserving and growing its initial public offering (IPO) capital until a business combination is completed or the company liquidates.

As of the 2025 fiscal year filings, the company has not completed its proposed merger with Greenstone Corporation, a gold producer, so its operating revenue remains $0. Its total income is derived from the interest on the trust assets, which are typically invested in short-term U.S. government treasury bills or money market funds (Rule 2a-7 funds), which is a defintely low-risk strategy. The company's primary expense is the cost of being a public company and the search for a target.

Hennessy Capital Investment Corp. VI's Revenue Breakdown

Since Hennessy Capital Investment Corp. VI is a pre-merger SPAC, its revenue table reflects non-operating income. The company's actual revenue from operations is $0. The total income is the interest earned on the capital raised during its IPO, which is held in a trust for the benefit of shareholders.

Here's the quick math: For the fiscal year ending December 31, 2024 (as reported in March 2025), the company's non-operating Interest Income was approximately $2.573 million. This figure represents 100% of the company's non-operating revenue base. This interest income has been on an increasing trend due to the higher interest rate environment in 2024 and 2025, making the yield on the trust assets more substantial than in prior years.

Business Economics

The economic fundamentals of a SPAC like Hennessy Capital Investment Corp. VI are simple but carry a clear deadline: find a target or liquidate. The company's primary economic function is to act as a holding vehicle for capital. You can read more about the players involved in Exploring Hennessy Capital Investment Corp. VI (HCVI) Investor Profile: Who's Buying and Why?

• Trust Account Yield: The trust holds the IPO proceeds, which initially totaled approximately $340.9 million but were significantly reduced due to shareholder redemptions during extension votes. The remaining funds earn interest, which covers operating costs and is ultimately returned to shareholders if the SPAC liquidates.
• Sponsor Economics: The sponsor, Hennessy Capital, holds founder shares (often 20% of the post-IPO equity) and warrants, which are their primary financial incentive. These are essentially free or low-cost shares that generate massive returns if a successful merger (de-SPAC) is completed and the stock performs well.
• Cost of Being Public: The company incurs significant costs-legal, accounting, and administrative-in the pursuit of a business combination. These costs are paid from the interest income and a small amount of capital held outside the trust.
• Redemption Risk: The core economic risk is redemptions, where shareholders choose to redeem their shares for cash (plus accrued interest) rather than vote for a deal or an extension. Significant redemptions have reduced the cash available for a potential merger; for example, redemptions removed $86.1 million, $215.3 million, and $21.4 million from the trust account in September 2023, January 2024, and September 2024, respectively.

Hennessy Capital Investment Corp. VI's Financial Performance

The company's financial performance as of the 2025 fiscal year is characterized by a net loss, typical for a pre-merger SPAC, due to high operating and transaction-related expenses outweighing the non-operating interest income.

• Net Loss: For the first quarter of the 2025 fiscal year (Q1 2025), Hennessy Capital Investment Corp. VI reported a Net Loss of approximately $3.532 million. This loss is primarily driven by the costs associated with being a public company and the expenses incurred while trying to complete the business combination.
• Operating Income/Loss: The company's operating income for the fiscal year ended December 31, 2024 (reported in 2025), was a Loss of approximately $14.831 million. This loss was largely due to the estimated fair value of founder shares provided as compensation for non-redemption agreements and other public company costs.
• Total Assets: As of the second quarter of 2025 (June 5, 2025), the company's total assets were reported at $36.64 million. This is a critical figure, as it represents the remaining capital available for the merger or for liquidation, after the substantial redemptions.
• Current Ratio: The company's financial health is weak, with a concerning current ratio of 0.04 as of April 2025. This low ratio indicates that current liabilities significantly exceed current assets, raising substantial doubt about the company's ability to continue as a going concern without additional financing or a successful merger.

The company's focus remains on completing the business combination to transition from a shell company with non-operating income to an operating entity with a real revenue stream.

Hennessy Capital Investment Corp. VI (HCVI) Market Position & Future Outlook

You need a clear picture of what Hennessy Capital Investment Corp. VI (HCVI) is now, post-merger, and where it's headed. The short answer is that HCVI is no longer a blank-check company (SPAC); it is now Namib Minerals, a gold and green minerals producer focused on sub-Saharan Africa. The company's current position is that of a small-cap gold producer with a massive, high-risk growth profile.

The core business, anchored by the How Mine, is expected to deliver 2025 production guidance of up to 25,000 ounces of gold, targeting an Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of up to US$26 million. That's a strong cash flow base, but the real story is the pivot from a single-asset operator to a multi-asset growth play, which requires substantial capital. You should view this as a high-leverage, commodity-driven investment. It's a classic mining story: big risk, bigger potential reward.

Competitive Landscape

To be fair, Namib Minerals is a minnow swimming with whales in the African gold sector. At a market capitalization of approximately $80.52 million as of November 2025, the company is an emerging producer, not a Tier 1 major [cite: 7 (from search 2)]. Its competitive edge isn't scale; it's the high-grade, low-cost nature of its core asset and the massive resource potential of its restart projects.

Here's the quick math: Namib Minerals' projected 25,000 ounces of gold production for 2025 is a fraction of the output from giants like AngloGold Ashanti, which boasts a market cap over $41 billion [cite: 14 (from search 2)]. This means Namib Minerals is a price-taker, completely exposed to the gold and green minerals market cycles, but it can grow much faster off a smaller base.

Opportunities & Challenges

The company's future performance hinges on its ability to successfully execute a multi-asset restart plan in a geopolitically complex region. The opportunities are clear, but the risks are defintely material.

Industry Position

Namib Minerals is positioned as an emerging, high-beta play within the gold and energy transition metals sector. The company's strategy is to transform from a single-asset producer to a multi-asset operator by restarting its historical mines, Redwing and Mazowe [cite: 4, 8 (from search 2)].

• Growth Driver: The Redwing and Mazowe mine restarts, which require a preliminary CAPEX of up to $400 million, are the primary value catalysts [cite: 4, 7 (from search 2)].
• Financial Foundation: The flagship How Mine provides stable, positive cash flow, underpinning the expansion strategy [cite: 6 (from search 2)].
• Green Pivot: The exploration permits in the DRC for copper and cobalt offer a long-term hedge against pure gold price volatility, aligning the company with the global energy transition theme [cite: 14 (from search 1)].

What this estimate hides is the execution risk inherent in restarting dormant mines in emerging markets. If you want a deeper dive into the company's current liquidity and cash position, check out Breaking Down Hennessy Capital Investment Corp. VI (HCVI) Financial Health: Key Insights for Investors. You should monitor the progress of the Redwing dewatering, which is expected to take about eight months, as a key operational milestone.