Hennessy Capital Investment Corp. VI Reports $3.5 Million Net Loss, Faces Challenges in Business Combination

Hennessy Capital Investment Corp. VI reported a net loss of approximately $3.5 million for the three months ended March 31, 2025, a decrease from a net loss of about $4.3 million during the same period in 2024. The company's general and administrative expenses rose to $1.37 million, up from $822,000 in the prior year, primarily due to increased costs associated with its business combination efforts. The company’s interest income from its Trust Account also declined significantly, totaling $318,000 compared to $927,000 in the previous year, reflecting reduced balances due to prior redemptions.

The company’s total assets increased slightly to $36.64 million as of March 31, 2025, from $36.38 million at the end of 2024. This increase was primarily driven by cash held in the Trust Account, which rose to $35.75 million from $35.48 million. However, total liabilities also increased to $27.66 million, up from $23.87 million, largely due to higher accrued liabilities and extension notes payable. The stockholders' deficit widened to $26.66 million from $22.93 million, reflecting the ongoing losses and the impact of redemptions.

In terms of strategic developments, Hennessy Capital is in the process of completing a business combination with Greenstone Corporation, a gold producer with operations in Zimbabwe. The company has extended its deadline to finalize this transaction to May 31, 2025, following a series of extensions approved by stockholders. The business combination agreement was amended on April 14, 2025, to remove the minimum cash condition and to ensure that the company does not incur liabilities related to unpaid transaction expenses.

Operationally, the company has faced challenges, including a significant reduction in its public share count due to redemptions. As of March 31, 2025, only 3,276,453 shares of Class A common stock remained outstanding, down from over 34 million at the time of its initial public offering. The company has also recorded a liability of approximately $3.23 million for excise taxes related to these redemptions, which will impact its financial position moving forward.

Looking ahead, Hennessy Capital's management has expressed uncertainty regarding its ability to complete the business combination by the extended deadline. The company has indicated that it may need to secure additional financing to meet its operational needs and complete the transaction. The ongoing market conditions and the recent delisting of its securities from Nasdaq due to failure to complete a business combination within the required timeframe add further complexity to its outlook.