Hennessy Capital Investment VI(HCVI) - 2025 Q1 - Quarterly Report

Financial Position - The Company had approximately $891,000 in cash and approximately$23,982,000 of negative working capital as of March 31, 2025[153]. - As of March 31, 2025, the Company had approximately $891,000 in cash and approximately$23,871,000 of negative working capital, indicating a need for additional working capital[209]. - The Company has received cash contributions of $900,000 and$1,750,000 from Polar to cover working capital expenses, which are to be repaid upon closing of an initial business combination[213][214]. - The Company incurred approximately $505,000 and$475,000 in outstanding working capital loans as of April 28, 2025, and March 31, 2025, respectively[212]. - The Company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[218][219]. Business Combination - On June 17, 2024, the Company entered into a Business Combination Agreement with PubCo and Greenstone, an established gold producer with three high-grade, low-cost gold mines in Zimbabwe[156]. - The Business Combination Agreement was amended on April 14, 2025, to extend the outside date to May 1, 2025, and remove the minimum cash condition[157]. - The Company intends to consummate the Proposed Business Combination as soon as possible, subject to the satisfaction of all closing conditions[163]. - The probability of closing a business combination has increased from 9.7% in October 2023 to 90% by March 31, 2025, impacting the fair value of subscription agreements by approximately $7,913,000 and$820,000 respectively[229]. Stockholder Actions - Stockholders holding 3,251,056 shares of the Company's Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account during the Special Meeting on May 6, 2025[163]. - Stockholders approved the extension of the initial Business Combination deadline from October 1, 2023, to January 10, 2024, at the September 2023 Extension Meeting[165]. - At the January 2024 Extension Meeting, stockholders approved extending the deadline to September 30, 2024[166]. - The September 2024 Extension Meeting resulted in an extension to March 31, 2025, with the possibility of further extensions up to June 30, 2025[167]. Redemptions - In October 2023, the company redeemed 8,295,189 public shares for approximately $86,171,000, or about$10.39 per share[170]. - In January 2024, the company redeemed 20,528,851 public shares for approximately $215,340,000, or about$10.49 per share[171]. - Following the September 2024 Extension Meeting, the company redeemed 1,992,461 public shares for approximately $21,400,000, or about$10.74 per share[172]. - The company recorded a liability of approximately $861,000 related to the October 2023 redemptions, and approximately$3,229,000 and $3,230,000 for the January 2024 and September 2024 redemptions, respectively[173]. - The company recorded a total accrued liability for excise tax of approximately$3,230,000 as of March 31, 2025, related to the 2023 and 2024 redemptions[208]. Expenses and Liabilities - The company incurred increased expenses due to being a public company, which are expected to continue to rise substantially[189]. - The Company is incurring significant costs in the pursuit of an initial business combination and cannot assure that its plans to raise capital will be successful[153]. - The Company has incurred significant costs in pursuing an initial business combination and may need additional financing if costs exceed expectations[217]. - The Company compensates its executives with a total of $29,000 per month, with deferred compensation obligations amounting to approximately$1,186,000 as of March 31, 2025[224]. SEC and Nasdaq Notices - The Company received a delisting notice from Nasdaq on April 2, 2025, due to failure to complete a business combination within 36 months of its initial public offering[154]. - The SEC declared the Registration Statement effective on March 14, 2025, and the post-effective amendment on April 14, 2025[162]. - The Company anticipates that its securities will be delisted following the completion of Nasdaq's applicable procedures[161]. Fair Value of Agreements - The estimated fair value of the Polar Subscription Agreement I was $7,148,000 at December 31, 2024, reflecting an increase of$6,248,000 during the year[185]. - The estimated fair value of the Polar Subscription Agreement II was approximately $2,372,000 at December 31, 2024, an increase of approximately$622,000 during the year[186]. Loss from Operations - For the three months ended March 31, 2025, the company reported a loss from operations of approximately $1,369,000, including costs associated with the business combination of approximately$1,007,000[193]. - For the three months ended March 31, 2024, the company reported a loss from operations of approximately $2,322,000, primarily due to estimated fair value costs of founder shares of approximately$1,500,000[194].