Hennessy Capital Investment Corp. VI reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, classified as a shell entity, experienced a substantial decrease in total assets, which fell to $57.7 million from $271.5 million at the end of 2023. This decline was primarily attributed to redemptions of Class A common stock, which totaled approximately $215.3 million in January 2024 and $21.4 million in September 2024.

As of September 30, 2024, the company held $21.4 million in cash within its Trust Account, a decrease from $270.9 million at the end of 2023. Current liabilities included redemptions payable to Class A common stockholders of $21.4 million, marking a significant shift from no such liabilities reported previously. The stockholders’ deficit increased to $(18.9 million) from $(6.0 million) at the end of 2023, while the accumulated deficit grew to $(28.9 million) from $(7.9 million).

For the three months ended September 30, 2024, Hennessy reported a net loss of $(9.97 million), compared to a net income of $0.25 million for the same period in 2023. General and administrative expenses rose to $1.31 million from $0.94 million year-over-year, and the estimated fair value of founder shares provided in non-redemption agreements surged to $6.67 million from $1.83 million. The loss from operations for the quarter was $(7.98 million), significantly higher than the $(2.76 million) reported in the prior year.

For the nine months ended September 30, 2024, the company recorded a net loss of $(19.39 million), a stark contrast to the net income of $3.41 million for the same period in 2023. The loss from operations for the nine-month period was $(13.80 million), compared to $(5.98 million) in the previous year.

Strategically, Hennessy has extended its deadline to complete a business combination to March 31, 2025, with the possibility of further extensions. The company entered into a business combination agreement with Greenstone Corporation, a gold producer in Zimbabwe, on June 17, 2024. This merger is contingent upon shareholder approval and other conditions, including maintaining a minimum of $25 million in cash post-redemptions.

Additionally, the company received a delisting notice from Nasdaq on October 1, 2024, due to the failure to complete a business combination within three years of its IPO. Hennessy has requested a hearing to appeal this notice, which has temporarily stayed any suspension or delisting actions. The company continues to seek additional working capital to support its operations and potential business combination efforts.