Hennessy Capital Investment Corp. VI(HCVIU) - 2021 Q3 - Quarterly Report

Financial Position - As of September 30, 2021, the company had cash of $26,000 and a working capital deficit of approximately $(882,000)[87]. - The estimated net proceeds from the Public Offering and private placement warrants are expected to be $343,940,000, with approximately $340,930,000 to be deposited into the Trust Account[90]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2021[97][98]. - The company has determined that its current liquidity, including access to funds from the Sponsor, is sufficient to fund working capital needs until the earlier of the consummation of the Public Offering or one year from the issuance of the financial statements[106]. - The company has not experienced losses on cash accounts that may exceed the Federal Depository Insurance Coverage of $250,000, indicating no significant credit risk[109]. Business Operations - The company has not generated any revenues to date and will not generate operating revenues until after the completion of the initial Business Combination[88]. - As of September 30, 2021, the company had not commenced any operations or generated any revenues, with all activity relating to its formation and Public Offering[123]. - The company anticipates significant costs in pursuit of acquisition plans and cannot assure that plans to raise capital or complete the initial Business Combination will be successful[94]. Expenses and Compensation - The company expects to incur approximately $900,000 for legal, accounting, due diligence, and other expenses associated with structuring and negotiating the initial Business Combination[93]. - The company plans to use substantially all funds in the Trust Account to complete the initial Business Combination and will make withdrawals for taxes[91]. - The company has agreed to pay $15,000 per month for office space and administrative support under an Administrative Support Agreement[99]. - The company will compensate its executives $29,000 per month prior to the consummation of the initial Business Combination[101]. - The company may need to seek additional financing if the cash portion of the purchase price exceeds the amount available from the Trust Account[96]. Accounting and Reporting - The company has identified critical accounting policies that require management to make estimates and assumptions affecting reported amounts of assets and liabilities[104]. - The company’s financial statements are prepared in accordance with U.S. GAAP and the SEC regulations, with adjustments for fair presentation included[105]. - There were no unrecognized tax benefits as of September 30, 2021, and the company is not aware of any issues under review that could result in significant payments or accruals[115]. - The company has evaluated subsequent events up to November 12, 2021, concluding that all events requiring adjustment or disclosure have been recognized[122]. - The company is classified as an emerging growth company and has elected not to opt out of the extended transition period for new accounting standards[107]. - The company’s net loss per common share is the same as the basic loss per common share due to the absence of dilutive securities[108]. Shareholder Rights - All 34,929,524 public shares sold in the Public Offering contain a redemption feature, allowing for redemption if a stockholder vote or tender offer occurs[117].