Hennessy Capital Investment Corp. VI (HCVI) Bundle
A Brief History of Hennessy Capital Investment Corp. VI
Hennessy Capital Investment Corp. VI (HCVI) was formed as a special purpose acquisition company (SPAC) with the goal of merging with a target company to facilitate its public listing. The company was incorporated in 2021 and began trading on the Nasdaq Global Market on September 29, 2021.
Initial Public Offering (IPO)
HCVI raised approximately $340.9 million through its IPO, with 34,092,954 units sold at a price of $10.00 per unit. The total offering costs amounted to approximately $19 million, including underwriting commissions.
Financial Performance Overview
As of September 30, 2024, HCVI reported a net loss of $19.39 million for the nine months ended September 30, 2024, compared to a net income of $3.41 million in the same period of the previous year. The following table summarizes HCVI's financial performance for the nine months ended September 30, 2024:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Income (Loss) | $(19,387,000) | $3,407,000 |
| Weighted Average Shares (Class A) | 5,946,000 | 34,032,000 |
| Net Income (Loss) per Share (Class A) | $(1.12) | $0.08 |
| General and Administrative Expenses | $5,634,000 | $4,153,000 |
| Estimated Fair Value of Founder Shares | $8,170,000 | $1,825,000 |
Stockholder Redemptions
On September 29, 2023, HCVI experienced significant stockholder redemptions, with 8,295,189 shares redeemed for approximately $86.17 million. In January 2024, further redemptions occurred, with 20,528,851 shares redeemed for approximately $215.34 million. As of September 30, 2024, an additional 1,992,461 shares were redeemed for approximately $21.4 million.
Current Financial Position
As of September 30, 2024, HCVI reported total liabilities of approximately $57.72 million, with a stockholders' deficit of approximately $18.93 million. The Class A common stock subject to possible redemption stood at approximately $35.17 million.
| Balance Sheet Item | Amount (September 30, 2024) |
|---|---|
| Total Liabilities | $57,719,000 |
| Stockholders’ Deficit | $(18,925,000) |
| Class A Common Stock Subject to Redemption | $35,166,000 |
Recent Developments
HCVI has entered into multiple subscription agreements to bolster its capital. Notably, in January 2024, the company secured a capital contribution of $1.75 million, which was funded on April 1, 2024. Additionally, the company has been actively negotiating potential business combinations to utilize its capital effectively and fulfill its mission as a SPAC.
A Who Owns Hennessy Capital Investment Corp. VI (HCVI)
Ownership Structure
Hennessy Capital Investment Corp. VI (HCVI) is primarily owned by its sponsor, Hennessy Capital Partners VI LLC. As of September 30, 2024, the company had the following outstanding shares:
| Type of Stock | Shares Outstanding | Ownership Percentage |
|---|---|---|
| Class A Common Stock | 3,276,453 | 29.0% |
| Class B Common Stock | 11,364,318 | 71.0% |
| Total | 14,640,771 | 100% |
Financial Overview
As of September 30, 2024, HCVI reported the following financial data:
| Financial Metric | Amount (USD) |
|---|---|
| Total Assets | 57,719,000 |
| Total Liabilities | 41,478,000 |
| Stockholders' Deficit | (18,925,000) |
| Cash Held in Trust Account | 35,409,000 |
| Redemptions Payable to Class A Common Stockholders | 21,400,000 |
Recent Redemptions
In recent months, HCVI has seen significant redemptions of its Class A common stock:
| Redemption Date | Shares Redeemed | Amount Redeemed (USD) | Price per Share (USD) |
|---|---|---|---|
| October 2023 | 8,295,189 | 86,171,000 | 10.39 |
| January 2024 | 20,528,851 | 215,340,000 | 10.49 |
| October 2024 | 1,992,461 | 21,400,000 | 10.74 |
Founders Shares and Non-Redemption Agreements
HCVI has engaged in various non-redemption agreements to maintain liquidity in the Trust Account:
| Agreement Type | Shares Involved | Estimated Fair Value (USD) |
|---|---|---|
| 2023 Non-Redemption Agreements | 25,688,054 | 1,825,000 |
| 2024 Non-Redemption Agreements | 5,112,264 | 1,500,000 |
Management and Operational Details
As of September 30, 2024, HCVI had the following key management positions:
| Position | Name | Monthly Compensation (USD) |
|---|---|---|
| President & COO | [Name] | 29,000 |
| Chief Financial Officer | [Name] | 29,000 |
| Vice President | [Name] | 25,000 |
HCVI has incurred significant operational costs, with general and administrative expenses totaling approximately 5,634,000 for the nine months ended September 30, 2024.
As of September 30, 2024, HCVI had a cash balance of $890,000 and a negative working capital of approximately $17,625,000, indicating liquidity challenges that may affect future operations.
Hennessy Capital Investment Corp. VI (HCVI) Mission Statement
Company Overview
Hennessy Capital Investment Corp. VI (HCVI) was incorporated in Delaware on January 22, 2021. The company aims to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Mission Statement
HCVI's mission is to leverage its financial resources and expertise to identify and execute a successful business combination that enhances shareholder value while adhering to the highest standards of corporate governance and ethical conduct.
Financial Highlights
| Financial Metric | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Assets | $57,719,000 | $271,456,000 |
| Total Liabilities | $41,478,000 | $7,258,000 |
| Total Stockholders’ Deficit | ($18,925,000) | ($6,034,000) |
| Cash | $890,000 | $462,000 |
| Cash Held in Trust Account | $35,409,000 | $270,953,000 |
| Net Income (Loss) | ($19,387,000) | $3,407,000 |
Shareholder Information
As of November 8, 2024, the company had:
- 3,276,453 shares of Class A common stock outstanding
- 11,364,318 shares of Class B common stock outstanding
Recent Developments
In connection with the 2024 Extension Meeting, stockholders holding 1,992,461 shares of Class A common stock exercised their redemption rights, leading to redemptions totaling approximately $21,400,000 at a price of approximately $10.74 per share.
Non-Redemption Agreements
In January 2024, HCVI entered into agreements with investors, where they agreed not to redeem an aggregate of 5,112,264 shares of the Company’s Class A common stock in exchange for the transfer of 1,022,453 Founder Shares, valued at approximately $1,500,000.
Operational Costs
General and administrative expenses for the nine months ended September 30, 2024, were approximately $5,634,000, compared to $4,153,000 for the same period in 2023.
Trust Account Management
The Trust Account holds approximately $35,409,000 as of September 30, 2024, which is anticipated to be used for the initial business combination.
Future Outlook
The company is currently evaluating potential business combinations and continues to incur costs associated with these efforts. As of September 30, 2024, HCVI has a working capital deficit of approximately $17,626,000, excluding taxes payable.
How Hennessy Capital Investment Corp. VI (HCVI) Works
Company Overview
Hennessy Capital Investment Corp. VI (HCVI) is a special purpose acquisition company (SPAC) incorporated in Delaware on January 22, 2021. The company was established to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Financial Performance
As of September 30, 2024, HCVI reported the following financial data:
| Item | Value (2024) | Value (2023) |
|---|---|---|
| Net Income (Loss) | $(19,387,000) | $3,407,000 |
| General and Administrative Expenses | $5,634,000 | $4,153,000 |
| Loss from Operations | $(13,804,000) | $(5,978,000) |
| Interest Income on Trust Account | $2,202,000 | $12,309,000 |
| Net Cash Used in Operating Activities | $(2,328,000) | $(2,664,000) |
Balance Sheet Highlights
As of September 30, 2024, HCVI's balance sheet reflects the following:
| Item | Value (September 30, 2024) | Value (December 31, 2023) |
|---|---|---|
| Total Assets | $57,719,000 | $271,456,000 |
| Total Liabilities | $41,478,000 | $7,258,000 |
| Stockholders' Deficit | $(18,925,000) | $(6,034,000) |
| Class A Common Stock Subject to Possible Redemption | $35,166,000 | $270,232,000 |
Trust Account Management
The funds held in the Trust Account amounted to approximately $35,409,000 as of September 30, 2024. The Trust Account is primarily used to fund potential business combinations and is invested only in U.S. government treasury bills and money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940.
Redemption Activity
HCVI has experienced significant redemption activity as follows:
- October 2023: Redeemed 8,295,189 shares for approximately $86,171,000 ($10.39 per share).
- January 2024: Redeemed 20,528,851 shares for approximately $215,340,000 ($10.49 per share).
- September 2024: Redeemed 1,992,461 shares for approximately $21,400,000 ($10.74 per share).
Future Business Combination Plans
HCVI aims to complete a business combination where the target business must have a fair market value of at least 80% of the balance in the Trust Account at the time of signing a definitive agreement. No assurance can be provided that a suitable business combination will be completed.
Recent Developments
As of September 30, 2024, HCVI has not commenced any operations and continues to identify potential business combinations. The company has recorded estimated fair values of founder shares provided under non-redemption agreements as part of its capital structure, impacting both the operational costs and accumulated deficits.
| Item | Estimated Fair Value (2024) | Estimated Fair Value (2023) |
|---|---|---|
| Founder Shares in Non-Redemption Agreements | $8,170,000 | $1,825,000 |
| Change in Fair Value of Derivative Liabilities | $186,000 | $371,000 |
| Change in Fair Value of Extension Notes Payable | $7,138,000 | $0 |
How Hennessy Capital Investment Corp. VI (HCVI) Makes Money
Overview of Revenue Generation
Hennessy Capital Investment Corp. VI (HCVI) primarily generates income through non-operating activities, particularly interest income from its Trust Account where the proceeds from its Public Offering are held.
Financial Performance
As of September 30, 2024, HCVI reported the following financial metrics:
| Metric | Value |
|---|---|
| Net Loss (9 months ended September 30, 2024) | $(19,387,000) |
| Net Loss (9 months ended September 30, 2023) | $3,407,000 |
| Net Income per Class A common stock (basic and diluted) | $(1.12) |
| Net Income per Class B common stock (basic and diluted) | $(1.12) |
| Interest Income from Trust Account (9 months ended September 30, 2024) | $2,202,000 |
| Interest Income from Trust Account (9 months ended September 30, 2023) | $12,309,000 |
Trust Account and Investment Strategy
HCVI's Trust Account holds approximately $35,409,000 as of September 30, 2024, down from $270,953,000 at December 31, 2023, due to stockholder redemptions.
| Account Type | Amount |
|---|---|
| Cash in Trust Account (September 30, 2024) | $35,409,000 |
| Cash in Trust Account (December 31, 2023) | $270,953,000 |
| Redemptions Payable (September 30, 2024) | $21,400,000 |
Operating Expenses
HCVI reported significant operating expenses, primarily attributed to administrative costs and the estimated fair value of Founder Shares provided in Non-Redemption Agreements.
| Expense Type | Amount (9 months ended September 30, 2024) |
|---|---|
| General and Administrative Expenses | $5,634,000 |
| Estimated Fair Value of Founder Shares | $8,170,000 |
| Loss from Operations | $(13,804,000) |
Changes in Fair Value
Changes in the fair value of derivative liabilities, including extension notes payable, have also impacted HCVI's financial results.
| Item | Amount |
|---|---|
| Change in Fair Value of Extension Notes Payable (9 months ended September 30, 2024) | $(7,138,000) |
| Change in Fair Value of Derivative Liabilities (9 months ended September 30, 2024) | $186,000 |
Liquidity and Capital Resources
As of September 30, 2024, HCVI reported total assets of $57,719,000 and total liabilities of $41,478,000.
| Category | Amount |
|---|---|
| Total Assets | $57,719,000 |
| Total Liabilities | $41,478,000 |
| Stockholders' Deficit | $(18,925,000) |
Future Prospects
HCVI's future revenue potential is contingent on successfully completing a business combination, which will allow it to start generating operational revenues.
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Resources:
- Hennessy Capital Investment Corp. VI (HCVI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Hennessy Capital Investment Corp. VI (HCVI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Hennessy Capital Investment Corp. VI (HCVI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.