Hennessy Capital Investment Corp. VI(HCVIU)
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Hennessy Capital Investment Corp. VI(HCVIU) - 2022 Q4 - Annual Report
2023-03-28 20:40
IPO and Fundraising - The company completed its initial public offering on October 1, 2021, raising gross proceeds of $300.0 million from the sale of 30,000,000 units, with offering costs of approximately $16.5 million[15]. - An additional 4,092,954 units were sold under the underwriters' over-allotment option, generating approximately $40.9 million in gross proceeds, bringing total gross proceeds to approximately $340.9 million[18]. - The anchor investors purchased a total of $321.1 million in units during the initial public offering, with a requirement to invest an aggregate of $167.3 million to purchase maximum founder shares[22]. - The company has raised over $850 million in PIPE and backstop capital to support its business combinations[33]. - Hennessy V raised $345 million in gross proceeds from its IPO, which was upsized due to strong investor demand[35]. - The net proceeds from the initial public offering were approximately $343,940,000, with about $340,930,000 deposited into a trust account[171]. Business Strategy and Focus - The company is focusing on acquiring businesses with an aggregate enterprise value of $1 billion or greater, particularly in the industrial technology sectors in the United States[20]. - The company aims to leverage its management's relationships and expertise to generate attractive acquisition opportunities in the industrial technology sector[27]. - The company focuses on large addressable markets within industrial technology sectors for potential acquisitions[42]. - Hennessy Capital aims to acquire businesses with an aggregate enterprise value of $1 billion or greater[41]. - The company seeks to partner with experienced management teams of target businesses to enhance operational capabilities[46]. Management and Board of Directors - The management team has a successful track record, having completed four business combinations with a total enterprise value of $4.4 billion[33]. - The management team has over 30 years of experience in private equity, enhancing the company's ability to identify and acquire suitable business targets[27]. - The board of directors consists of experienced professionals with extensive backgrounds in finance, operations, and capital markets, which strengthens the company's competitive position[28]. - The board of directors consists of six members, with terms divided into three classes, ensuring staggered elections[207]. - The audit committee is chaired by Anna Brunelle and includes independent directors, meeting Nasdaq's requirements[211]. Financial Position and Risks - The company has $332,465,000 available for business combinations as of December 31, 2022, after accounting for deferred underwriting fees[60]. - The amount in the trust account as of December 31, 2022, is approximately $10.10 per public share[79]. - The company has approximately $732,000 of proceeds held outside the trust account as of December 31, 2022, to fund costs associated with its dissolution plan[103]. - The company reported a loss from operations of approximately $2,308,000 for the year ended December 31, 2022, primarily due to public company costs and compensation expenses[168]. - There is substantial doubt about the company's ability to continue as a "going concern" due to the potential need for additional financing and the deadline for liquidating its trust account[149]. Redemption and Shareholder Rights - The company will provide public stockholders with the opportunity to redeem shares at a price equal to the amount in the trust account[79]. - Stockholder approval is required for certain types of transactions, such as a merger of the company with a target[71]. - The company intends to redeem public shares as soon as reasonably possible following October 1, 2023, if the initial business combination is not completed[111]. - The redemption offer will remain open for at least 20 business days, and the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares[84]. - If the initial business combination is not completed by October 1, 2023, the company will redeem public shares at a price equal to the aggregate amount in the trust account divided by the number of outstanding public shares[99]. Challenges and Competition - The company has encountered intense competition from various entities, including private investors and other blank check companies, which may limit its ability to acquire sizable target businesses[120]. - The company may face increased difficulty in completing its initial business combination due to the current economic downturn and increased economic uncertainty in the U.S. and abroad[136]. - Recent volatility in capital markets may affect the company's ability to obtain financing for its initial business combination through sales of common shares or issuance of debt[138]. - Changes in applicable laws or regulations, including proposed SEC rules regarding SPAC transactions, may adversely affect the company's ability to negotiate and complete its initial business combination[145]. Internal Controls and Reporting - Management evaluated the effectiveness of disclosure controls and procedures as of December 31, 2022, concluding they were effective[189]. - Management determined that internal control over financial reporting was effective as of December 31, 2022, based on COSO criteria[193]. - The company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting[191]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected internal controls[194]. Miscellaneous - The company does not intend to comply with certain Delaware law procedures, which may increase stockholder liability for claims[112]. - The company has not paid any cash dividends to date and does not intend to do so prior to completing its initial business combination[158]. - The company may incur significant indebtedness to finance its initial business combination, which could lead to default and foreclosure on assets if operating revenues are insufficient[163]. - The company may experience conflicts of interest in determining appropriate business combination targets due to the financial incentives of its underwriters and sponsors[1].
Hennessy Capital Investment Corp. VI(HCVIU) - 2022 Q3 - Quarterly Report
2022-11-07 23:22
Financial Position - As of September 30, 2022, the company had cash of approximately $1,073,000 and working capital of approximately $592,000[114] - As of September 30, 2022, the company had approximately $1,073,000 in cash and $592,000 in working capital, raising concerns about its ability to continue operations beyond one year without completing a Business Combination[142] - The company has no long-term debt, capital lease obligations, or operating lease obligations as of September 30, 2022[132] Operational Performance - The company reported a loss from operations of approximately $580,000 and $1,736,000 for the three and nine months ended September 30, 2022, respectively[117] - The company has not generated any revenues to date and only incurs non-operating income from interest on cash and cash equivalents[115] - The company incurred approximately $19,741,000 in costs related to its initial public offering, including $18,750,000 in underwriters' discount[150] Business Combination Plans - The company expects to incur significant costs in pursuit of an initial Business Combination, which may increase substantially following the initial public offering[115] - The company plans to use substantially all funds in the Trust Account to complete its initial Business Combination[121] - If the company cannot complete a Business Combination before October 1, 2023, it may be forced to liquidate unless it receives an extension approval from shareholders[125] - The company plans to complete a Business Combination prior to October 1, 2023, to avoid liquidation of its operations[142] - The company has engaged in discussions with potential business combination partners but has not yet entered into a definitive agreement[111] Taxation - The Company recorded an income tax expense of approximately $300,000 for the three months ended September 30, 2022, compared to $0 for the same period in 2021[152] - The effective tax rate for the three and nine months ended September 30, 2022, was approximately 10% and 2%, respectively[152] - As of September 30, 2022, the Company has a deferred tax asset of approximately $440,000, primarily related to start-up costs[152] - Management has determined that a full valuation allowance of the deferred tax asset is appropriate at this time[152] - There were no unrecognized tax benefits as of September 30, 2022, or December 31, 2021[153] - The Company is subject to income tax examinations by major taxing authorities since inception[153] Shareholder and Financing Information - The net proceeds from the initial public offering were approximately $343,940,000, with about $340,930,000 deposited into the Trust Account[120] - The gross proceeds from the Public Offering amounted to $340,930,000, with shares of Class A common stock subject to redemption totaling $342,171,000 as of September 30, 2022[157] - The Company has 34,092,954 public shares that contain a redemption feature, which must not cause net tangible assets to fall below $5,000,001 upon closing a business combination[155] - The company may need to seek additional financing to complete its initial Business Combination if the cash portion of the purchase price exceeds the amount available from the Trust Account[129] Warrant and Stock Information - The estimated fair value of the Public Warrants was $0.26 per warrant as of September 30, 2022, compared to $0.84 per warrant at December 31, 2021[140] - The fair value of the Warrants is estimated using a binomial lattice simulation approach, with changes recognized as a non-cash gain or loss on the statements of operations[159] - The company has not considered the effect of the Warrants sold in its initial public offering in the calculation of diluted income per share, as their inclusion would be anti-dilutive[144] - Changes in the carrying amount of redeemable Class A common stock are affected by adjustments to additional paid-in capital[157] Compensation - The company has agreed to compensate its President and Chief Operating Officer, as well as its Chief Financial Officer, $29,000 per month prior to the consummation of the initial Business Combination[133]
Hennessy Capital Investment Corp. VI(HCVIU) - 2022 Q2 - Quarterly Report
2022-08-10 23:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40846 HENNESSY CAPITAL INVESTMENT CORP. VI (Exact name of registrant as specified in its charter) | Delaware | 86-162693 ...
Hennessy Capital Investment Corp. VI(HCVIU) - 2022 Q1 - Quarterly Report
2022-05-11 20:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40846 HENNESSY CAPITAL INVESTMENT CORP. VI (Exact name of registrant as specified in its charter) | Delaware | 86-16269 ...
Hennessy Capital Investment Corp. VI(HCVIU) - 2021 Q4 - Annual Report
2022-03-28 20:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40846 HENNESSY CAPITAL INVESTMENT CORP. VI (Exact name of registrant as specified in its charter) | Delaware | 86-1626937 | | --- | --- | | (State ...
Hennessy Capital Investment Corp. VI(HCVIU) - 2021 Q3 - Quarterly Report
2021-11-12 22:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Registrant's telephone number, including area code: (307) 201-1903 Not applicable (Former name or former address, if changed since last report) ...