Hennessy Capital Investment Corp. VI Reports $20.7 Million Net Loss and Seeks Business Combination with Greenstone Corporation

Hennessy Capital Investment Corp. VI reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company, which is a special purpose acquisition company (SPAC), recorded a net loss of approximately $20.7 million, a substantial increase from a net income of $6.4 million in the previous year. This shift is attributed primarily to increased general and administrative expenses, including an estimated fair value of founder shares provided in non-redemption agreements, which amounted to $8.2 million. The total revenue for the year was negligible, as the company has not yet completed any business combination.

The company experienced notable changes in its financial position compared to the previous fiscal year. As of December 31, 2024, Hennessy Capital had approximately $889,000 in cash and a negative working capital of about $20.7 million. The trust account, which is critical for funding future business combinations, held approximately $35.5 million, a significant decrease from $270.9 million at the end of 2023, primarily due to stockholder redemptions. In total, stockholders redeemed approximately $236.7 million in shares during the year, reflecting a trend of increasing redemptions as the company extended its completion window for business combinations.

Strategically, Hennessy Capital is pursuing a business combination with Greenstone Corporation, a gold producer with operations in Zimbabwe. The business combination agreement was signed on June 17, 2024, and the closing is anticipated in the second quarter of 2025, pending the satisfaction of various conditions, including stockholder approval. The company has extended its completion window multiple times, with the latest extension allowing until April 30, 2025, or potentially June 30, 2025, if further extensions are approved by the board.

Operationally, the company has faced challenges, including a delisting notice from Nasdaq due to its failure to complete a business combination within the required timeframe. Hennessy Capital has requested a hearing to appeal this decision, which has temporarily stayed any delisting action. The company’s market value of listed securities has also fallen below the $50 million minimum requirement for continued listing, adding to the urgency of completing a business combination.

Looking ahead, Hennessy Capital's management has expressed substantial doubt about the company's ability to continue as a going concern if it cannot complete a business combination by the extended deadline. The company is actively seeking additional financing and exploring options to ensure it can meet its obligations and successfully execute its business strategy. The financial statements reflect these uncertainties, and management is focused on navigating the challenges ahead while pursuing the proposed business combination with Greenstone.