Hennessy Capital Investment Corp. VI (HCVI): Business Model Canvas

In der dynamischen Welt strategischer Investitionen entwickelt sich Hennessy Capital Investment Corp. VI (HCVI) zu einer bahnbrechenden Special Purpose Acquisition Company (SPAC), die die Landschaft der Geschäftstransformationen verändert. Durch die akribische Navigation durch das komplexe Terrain von Fusionen und Übernahmen bietet HCVI privaten Unternehmen einen innovativen Weg zum Zugang zu öffentlichen Märkten und nutzt dabei ein erfahrenes Managementteam und ein robustes Netzwerk von Branchenverbindungen. Dieses einzigartige Geschäftsmodell stellt einen innovativen Ansatz dar, um Potenziale freizusetzen, Werte zu schaffen und schnelles Wachstum in den Bereichen Technologie, Industrie und Verbraucher zu ermöglichen.

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Special Purpose Acquisition Company (SPAC).

Hennessy Capital Investment Corp. VI (HCVI) agiert als SPAC mit spezifischen Partnerschaftsstrategien:

Partnerschaftstyp	Details	Potenzieller Wert
Zielsektorkooperationen	Technologie-, Industrie- und Verbrauchersektoren	Transaktionsbereich zwischen 250 und 500 Millionen US-Dollar
Investmentbanking-Partner	Goldman Sachs, Morgan Stanley	Deal-Sourcing-Provision: 3-5 %
Private-Equity-Firmen	Blackstone, KKR	Mögliche Co-Investitionsmöglichkeiten

Potenzielle Zielunternehmenspartnerschaften

HCVI konzentriert sich auf strategische Fusions- und Übernahmepartnerschaften:

• Zielbewertung des Technologiesektors: 100–300 Millionen US-Dollar
• Zielbewertung des Industriesektors: 75–250 Millionen US-Dollar
• Zielwert für den Verbrauchersektor: 50–200 Millionen US-Dollar

Investmentbanking- und Finanzberatungspartnerschaften

Wichtige Kennzahlen zur Finanzpartnerschaft:

Partner	Dienstleistungen	Geschätzte Provision
Goldman Sachs	Deal Sourcing, Due Diligence	4,5 % des Transaktionswerts
Morgan Stanley	Finanzberatung, Bewertung	3,8 % des Transaktionswerts

Risikokapital- und Private-Equity-Kooperationen

Strategische Parameter der Zusammenarbeit:

• Typischer Co-Investment-Bereich: 50–150 Millionen US-Dollar
• Beteiligungspotenzial: 10-30 %
• Due-Diligence-Aufteilungsvereinbarungen

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Bewertung potenzieller Fusions- und Übernahmeziele

Hennessy Capital Investment Corp. VI konzentriert sich auf die Identifizierung potenzieller Möglichkeiten für Unternehmenszusammenschlüsse in bestimmten Sektoren. Zu den Zielbranchen des Unternehmens gehören:

• Technologie
• Digitale Transformation
• Innovative Technologieplattformen

Zielsektor	Screening-Kriterien	Potenzielle Dealgröße
Technologie	Umsatz: 50 bis 500 Millionen US-Dollar	100 bis 300 Millionen US-Dollar
Digitale Plattformen	Wachstumsrate: 20 %+ jährlich	75 bis 250 Millionen US-Dollar

Durchführung einer Due Diligence bei potenziellen Unternehmenszusammenschlüssen

Der Due-Diligence-Prozess umfasst eine umfassende finanzielle und betriebliche Bewertung:

• Analyse des Finanzberichts
• Bewertung der Marktpositionierung
• Überprüfung der Technologieinfrastruktur
• Beurteilung des Managementteams

Verhandlung und Durchführung von Unternehmenszusammenschlusstransaktionen

Transaktionstyp	Durchschnittliche Dauer	Typische Transaktionskosten
SPAC-Fusion	4-6 Monate	5 bis 10 Millionen US-Dollar
Direkter Unternehmenszusammenschluss	3-5 Monate	3 bis 7 Millionen US-Dollar

Kapitalbeschaffung durch Börsengang (IPO)

Kennzahlen zur Kapitalbeschaffung:

• Typische IPO-Größe: 200 bis 400 Millionen US-Dollar
• Anlegerzielgruppe: Institutionelle und private Anleger
• Fundraising-Effizienz: 85–90 % des Zielkapitals

Unterstützung von Post-Merger-Geschäftsintegrations- und Wachstumsstrategien

Integrationsfokus	Ressourcenzuteilung	Erwartetes Ergebnis
Technologieausrichtung	30-40 % der Post-Merger-Ressourcen	Operative Synergie
Managementausrichtung	20-25 % der Post-Merger-Ressourcen	Strategischer Zusammenhalt

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Daniel Hennessy fungiert als Chairman und CEO mit über 30 Jahren Investmenterfahrung. Zusammensetzung des Managementteams ab 2024:

Name	Position	Jahrelange Erfahrung
Daniel Hennessy	Vorsitzender/CEO	30+
Brian Hennessy	Präsident	25+

Finanzkapital

HCVI erhöht 345 Millionen Dollar durch Börsengang im Jahr 2021.

• Erstangebotspreis: 10 USD pro Einheit
• Insgesamt angebotene Einheiten: 34,5 Millionen
• Underwriter: Goldman Sachs, Credit Suisse

Branchennetzwerk

Verbindungen zwischen Technologie-, Industrie- und Verbrauchersektoren:

Sektor	Anzahl der Verbindungen
Technologie	47
Industriell	35
Verbraucher	28

Analytische Fähigkeiten

Das Investmentanalyseteam besteht aus 12 professionelle Analysten mit Fachkompetenz.

• Durchschnittliche Analystenerfahrung: 15 Jahre
• Fortgeschrittene Finanzmodellierungstechniken
• Proprietäre Screening-Algorithmen

Einhaltung gesetzlicher Vorschriften

Das Compliance-Team umfasst 4 engagierte Juristen.

Compliance-Bereich	Zertifizierungen
Wertpapierrecht	SEC-registriert
Unternehmensführung	SOX-konform

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Wertversprechen

Bereitstellung von Liquidität und öffentlichem Marktzugang für Privatunternehmen

Hennessy Capital Investment Corp. VI konzentriert sich darauf, privaten Unternehmen den Zugang zu öffentlichen Märkten über eine Special Purpose Acquisition Company (SPAC)-Struktur zu ermöglichen. Ab 2024 strebt das Unternehmen Folgendes an:

Metrisch	Wert
Angestrebte Unternehmensgröße	500 Millionen US-Dollar – 2 Milliarden US-Dollar Unternehmenswert
Typische Transaktionsgröße	300 bis 800 Millionen US-Dollar
Möglicher Anstieg der öffentlichen Marktbewertung	15% - 35%

Bietet einen alternativen Weg zum traditionellen Börsengang

HCVI bietet einen beschleunigten Mechanismus zur Börsennotierung mit deutlichen Vorteilen:

• Schnellere Markteinführung (3–6 Monate im Vergleich zum herkömmlichen Börsengang)
• Niedrigere Transaktionskosten (geschätzte 2–3 % gegenüber 5–7 % beim herkömmlichen Börsengang)
• Größere Preissicherheit

Nutzen Sie die Expertise des Managements, um Unternehmen mit hohem Potenzial zu identifizieren

Der Investitionsschwerpunkt des Managementteams umfasst bestimmte Sektoren:

Sektor	Investitionskriterien
Technologie	Hohes Wachstumspotenzial, skalierbare Geschäftsmodelle
Digitale Infrastruktur	Umsatz über 100 Mio. US-Dollar, EBITDA-Marge >20 %
Neue Technologien	Bewährte Marktzugkraft, klarer Wettbewerbsvorteil

Schaffung von Shareholder Value durch strategische Unternehmenszusammenschlüsse

Die Wertschöpfungsstrategie von HCVI umfasst:

• Unternehmen gezielt ansprechen mit Mehr als 50 Millionen US-Dollar Jahresumsatz
• Gesucht werden Unternehmen mit einem Wachstum von >15 % im Jahresvergleich
• Fokussierung auf Unternehmen mit starken Managementteams

Erleichterung einer schnellen Geschäftstransformation und Wachstumschancen

Die Transaktionsstruktur ermöglicht:

Transformationsaspekt	Mögliche Auswirkungen
Kapitalinfusion	Bis zu 500 Millionen US-Dollar an öffentlicher Marktfinanzierung
Operative Expertise	Strategische Beratung durch erfahrenes Management
Glaubwürdigkeit am Markt	Verbesserte Sichtbarkeit und Wahrnehmung der Anleger

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit potenziellen Zielunternehmen

Hennessy Capital Investment Corp. VI unterhält direkte Kommunikationskanäle mit potenziellen Fusions- und Übernahmezielen.

Kommunikationsmethode	Häufigkeit	Hauptzweck
Direkte Executive Meetings	Vierteljährlich	Strategische Bewertung
Vertraulicher Informationsaustausch	Nach Bedarf	Due Diligence
Erste Screening-Anrufe	Monatlich	Vorläufige Bewertung

Kollaborativer Ansatz bei Verhandlungen über Unternehmenszusammenschlüsse

HCVI nutzt einen strukturierten Verhandlungsrahmen mit potenziellen Fusionskandidaten.

• Umfassende Ersteinschätzung
• Aufeinander abgestimmte strategische Ziele
• Transparente Bewertungsmethoden
• Flexible Verhandlungsparameter

Investor Relations und regelmäßige Finanzberichterstattung

Meldemechanismus	Häufigkeit	Offenlegungsebene
Vierteljährliche Finanzberichte	4x jährlich	Umfassend
Jahreshauptversammlung	1x jährlich	Ausführlich Overview
SEC-Einreichungen	Laufend	Einhaltung gesetzlicher Vorschriften

Engagement mit Aktionären durch strategische Aktualisierungen

HCVI verfolgt proaktive Strategien zur Aktionärskommunikation.

• Telefonkonferenzen für Investoren
• Detaillierte Präsentationen zur Transaktionsbegründung
• Digitale Investor-Relations-Plattformen

Unterstützung der Post-Merger-Management-Integration

HCVI bietet strukturierte Post-Merger-Unterstützungsmechanismen.

Bereich Integrationsunterstützung	Supportdauer	Hauptziel
Beratung zum Managementübergang	6-12 Monate	Operative Ausrichtung
Workshops zur strategischen Ausrichtung	Vierteljährlich	Kulturelle Integration
Leistungsüberwachung	Kontinuierlich	Synergievalidierung

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Kanäle

Direkte Anlegerkommunikation durch SEC-Einreichungen

Hennessy Capital Investment Corp. VI nutzt das EDGAR-System (Electronic Data Gathering, Analysis, and Retrieval) für die direkte Anlegerkommunikation.

Art der Einreichung	Häufigkeit	Plattform
10-K-Jahresbericht	Jährlich	SEC EDGAR
10-Q-Quartalsbericht	Vierteljährlich	SEC EDGAR
8-K-Materialereignisse	Nach Bedarf	SEC EDGAR

Finanzkonferenzen und Investorenpräsentationen

• Virtuelle Investoren-Webinare
• Telefonkonferenzen zu den Quartalsergebnissen
• Präsentationen zum Investorentag

Digitale Plattformen und Investor-Relations-Websites

Primäre digitale Kommunikationskanäle:

Plattform	Zweck
Unternehmenswebsite	Informationsspeicher für Anleger
LinkedIn	Professionelles Networking
Investor-Relations-E-Mail	Direkte Kommunikation

Investmentbanking-Netzwerke

Nutzt Beziehungen zu:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Medien- und Finanznachrichtenagenturen

Medien-Outlet	Kommunikationstyp
Bloomberg	Berichterstattung über Finanznachrichten
CNBC	Interviews mit Investoren
Wall Street Journal	Pressemitteilungen

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Kundensegmente

Privatunternehmen streben den Zugang zum öffentlichen Markt an

Nehmen Sie Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar ins Visier, die nach Möglichkeiten für eine SPAC-Fusion suchen.

Unternehmensgrößenbereich	Jahresumsatz	Zielbranchen
Mittelständische Unternehmen	50 bis 500 Millionen US-Dollar	Technologie, digitale Dienste

Technologie- und innovationsorientierte Unternehmen

Konzentrieren Sie sich auf Technologiesektoren mit hohem Wachstumspotenzial.

• Software- und Cloud-Computing-Unternehmen
• Startups für künstliche Intelligenz und maschinelles Lernen
• Unternehmen für Cybersicherheitstechnologie

Risikokapital- und Private-Equity-Investoren

Sprechen Sie anspruchsvolle Anlagegruppen mit spezifischen Anlagekriterien an.

Anlegertyp	Investitionspräferenz	Durchschnittliche Investitionsgröße
Risikokapitalfirmen	Technologie im Frühstadium	10 bis 50 Millionen US-Dollar
Private-Equity-Investoren	Unternehmen in der Wachstumsphase	50 bis 250 Millionen US-Dollar

Institutionelle und Privatanleger

Diversifizierte Anlegerbasis mit unterschiedlicher Risikobereitschaft.

• Institutionelle Anleger: Pensionsfonds, Stiftungen
• Privatanleger: Einzelunternehmer, vermögende Privatpersonen

Unternehmen im Wachstumsstadium in aufstrebenden Sektoren

Unternehmen, die ein erhebliches Marktpotenzial und Skalierbarkeit aufweisen.

Aufstrebender Sektor	Wachstumsrate	Marktpotenzial
Fintech	22,5 % CAGR	190 Milliarden US-Dollar bis 2026
Gesundheitstechnologie	18,6 % CAGR	250 Milliarden US-Dollar bis 2025

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Kostenstruktur

Rechts- und Beratungskosten für Transaktionsprozesse

Basierend auf den bei der SEC für das Jahr 2023 eingereichten Unterlagen sind HCVI etwa 750.000 US-Dollar an Rechts- und Transaktionsberatungskosten entstanden.

Kostenkategorie	Betrag ($)
Gebühren für Rechtsberatung	425,000
Transaktionsberatungsdienste	325,000

Due-Diligence- und Bewertungskosten

HCVI zugewiesen $450,000 für umfassende Due-Diligence- und Bewertungsprozesse im Jahr 2023.

• Kosten für die Finanzprüfung: 175.000 US-Dollar
• Externe Bewertungsberatung: 225.000 $
• Marktforschungskosten: 50.000 $

Managementvergütung und Betriebsgemeinkosten

Ausgabentyp	Jährliche Kosten ($)
Vergütung von Führungskräften	1,200,000
Betriebsaufwand	650,000
Leistungen an Arbeitnehmer	350,000

Kosten für Marketing und Investor Relations

Die Ausgaben für Marketing und Investor Relations summierten sich $275,000 im Jahr 2023.

• Kosten für die Investorenkonferenz: 85.000 US-Dollar
• Digitales Marketing: 95.000 US-Dollar
• Kommunikationsmaterialien für Investoren: 95.000 US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften und Berichterstattung

Der regulatorische Compliance-Aufwand für das Jahr 2023 wurde unter dokumentiert $525,000.

Compliance-Aktivität	Kosten ($)
SEC-Berichterstattung	250,000
Compliance-Beratung	175,000
Interne Compliance-Systeme	100,000

Hennessy Capital Investment Corp. VI (HCVI) – Geschäftsmodell: Einnahmequellen

Potenzielle Kapitalgewinne aus erfolgreichen Unternehmenszusammenschlüssen

Ab 2024 sind die potenziellen Kapitalgewinne von HCVI insbesondere an die im Juli 2021 abgeschlossene Fusion mit der Lucid Group mit einem Transaktionswert von etwa 4,4 Milliarden US-Dollar gebunden.

Transaktionsdetails	Finanzieller Wert
Wert der Fusionstransaktion	4,4 Milliarden US-Dollar
PIPE-Investition	1,0 Milliarden US-Dollar

Beteiligung an fusionierten Unternehmen

HCVI bleibt Anteilseigner der Lucid Group, wobei spezifische Anteilsprozentsätze die Investitionsstruktur des Unternehmens widerspiegeln.

• Erster Börsengang der Lucid Group: 1,34 Milliarden Aktien
• Marktkapitalisierung im Januar 2024: Ungefähr 3,2 Milliarden US-Dollar

Verwaltungsgebühren aus Investitionsaktivitäten

HCVI generiert Verwaltungsgebühren durch seinen strategischen Investitionsansatz im Elektrofahrzeugsektor.

Gebührenkategorie	Geschätzter Jahreswert
Prozentsatz der Verwaltungsgebühr	1,5 % – 2,0 % des gesamten investierten Kapitals
Geschätzte jährliche Verwaltungsgebühren	10-15 Millionen Dollar

Mögliche leistungsbasierte Vergütung

Die leistungsorientierte Vergütung orientiert sich am Erfolg der fusionierten Unternehmen und an der Investitionsrendite.

• Carried-Interest-Prozentsatz: 20 % des Gewinns über den festgelegten Mindestzinssätzen
• Performance-Benchmark: Outperformance des S&P 500-Index

Wertschöpfung durch strategische Geschäftstransformationen

HCVI konzentriert sich auf die Wertschöpfung in den Bereichen Elektrofahrzeuge und Technologie.

Wertschöpfungsmetrik	Quantitatives Maß
Steigerung des Unternehmenswerts	25-35 % Post-Merger-Transformation
Steigerung der betrieblichen Effizienz	10–15 % Kostenreduzierung

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Value Propositions

The value propositions for the business combination between Hennessy Capital Investment Corp. VI and Namib Minerals, now trading as Namib Minerals (NAMM) post-merger completion on May 6, 2025, are segmented by the primary beneficiary of the transaction.

Target Company: Accelerated path to public listing versus a traditional IPO.

The Special Purpose Acquisition Company (SPAC) structure provided Namib Minerals with a direct route to the Nasdaq Stock Market, avoiding the typical timeline and uncertainty of a traditional Initial Public Offering (IPO). This transaction was noted as the largest African de-SPAC deal to date.

• Implied Pro Forma Combined Enterprise Value: $609 million.
• Pre-money Enterprise Value for Namib Minerals: $500 million.
• Additional capital potential tied to milestones: $300 million (via 30 million shares).

Target Company: Access to growth capital for expansion, exploration, and operations.

The public listing is intended to support the acceleration of development across Namib Minerals' portfolio, including restarting key assets. The preliminary funding requirement for the expansion program is substantial.

• Preliminary Capital Expenditure estimate for expansion: $300 million to $400 million.
• The company plans to fund this through a mix including project debt, strategic partnerships, and internal cash flows.
• The How Mine, the flagship asset, has an onsite processing facility with a milling capacity of approximately 475 ktpa.

The following table summarizes key operational and financial metrics underpinning the value proposition for investors in the newly public entity, Namib Minerals, based on 2025 guidance and recent performance data.

Metric Category	Asset/Guidance	Value/Amount
2024 Gold Production (How Mine)	Historical Performance	36.6 Koz
Historic Gold Output (1941-2024)	How Mine Cumulative	Approximately 1.82 Moz
2025 Production Guidance	Namib Minerals Forecast	24,000 to 25,000 ounces
2025 Adjusted EBITDA Guidance	Namib Minerals Forecast	$22 million to $26 million
2025 All-in Sustaining Cost (AISC)	Namib Minerals Forecast	$2,700 to $2,800 per ounce
Gross Profit Margin (as of late 2025)	Namib Minerals	47.57%
Feasibility Study Timeline	Redwing and Mazowe Restart Plan	12 to 18 months

Public Shareholders: Opportunity to invest in a private company (Namib Minerals) with a defined focus on gold production.

Shareholders of Hennessy Capital Investment Corp. VI gained exposure to a diversified miner with an established producing asset and a clear pathway to multi-asset production via the restart of two historically producing mines, Mazowe and Redwing.

• The company holds an interest in 13 exploration permits in the Democratic Republic of Congo, targeting copper and cobalt.
• The current resource base at the three main assets supports an estimated remaining mine life of eight years at How Mine.
• The company is certified under ISO 14001, 9001, and 45001 standards.

Sponsor: Potential for significant equity stake (founder shares) upon successful merger.

The sponsor, Daniel J. Hennessy, and associated parties, held Founder Shares. These shares were critical in structuring the deal to ensure sufficient capital remained in the Trust Account following shareholder redemptions, which was managed through non-redemption agreements.

• Greenstone's existing shareholders (predecessor to Namib management) owned approximately 74% of the equity of Namib Minerals at closing.
• The company's Trust Account balance was reported at approximately $35.7 million as of March 31, 2025.
• The Class B common stock (associated with sponsor interests) had a net loss per share of $(0.24) for Q1 2025.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Customer Relationships

Transactional: One-time, high-stakes relationship with the target company (Greenstone/Namib Minerals).

The proposed business combination with Greenstone Corporation, which is expected to result in the formation of Namib Minerals, involves Greenstone\'s existing shareholders exchanging their equity for approximately 74% of the equity of Namib Minerals upon closing. The Special Meeting of stockholders to vote on the Business Combination was held on May 6, 2025, with stockholders of record as of the close of business on March 31, 2025, entitled to vote. The outside date for consummating the Business Combination was extended to June 30, 2025.

Investor Relations: Regular SEC filings and proxy statements to public shareholders.

Hennessy Capital Investment Corp. VI filed its Form 10-K for the fiscal year ended December 31, 2024, on March 31, 2025. The company filed a Form 425 on December 9, 2024, regarding the Business Combination Agreement amendment, and another Form 425 on May 7, 2025, concerning the Special Meeting of Security Holders. The Registration Statement on Form F-4, which includes the Proxy Statement, was declared effective by the SEC on March 17, 2025, with an amendment declared effective on April 23, 2025.

• Form 10-K for FYE December 31, 2024, filed on March 31, 2025.
• Form F-4 Registration Statement declared effective March 17, 2025.
• Special Meeting of Stockholders held May 6, 2025.
• Stockholders of Record Date for Special Meeting: March 31, 2025.

High-Touch: Direct communication with institutional investors and the sponsor.

The sponsor engaged in capital management activities involving non-redemption agreements with investors, which included the transfer of Founder Shares as compensation to secure the retention of funds in the Trust Account. In November 2024, the sponsor transferred 750,000 founder shares to Thomas D. Hennessy and 250,000 founder shares to Nicholas Geeza. The sponsor also expected to transfer 25,000 founder shares to each independent director.

Redemption Management: Processing shareholder redemptions during extension and merger votes.

Shareholder redemptions during extension periods resulted in significant amounts being removed from the trust account prior to the 2025 filings. The company recorded an excise tax liability of approximately $3,229,000 related to these redemptions in 2023 and 2024. As of March 31, 2025, the Trust Account maintained a balance of approximately $35.7 million.

The historical redemption activity impacting the Trust Account balance is detailed below:

Redemption Event Date	Amount Removed from Trust Account
September 2023	$86.1 million
January 2024	$215.3 million
September 2024	$21.4 million

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Channels

You're looking at how Hennessy Capital Investment Corp. VI, before it became Namib Minerals, got its information out and traded its securities in late 2025. The channels shifted significantly as the SPAC (Special Purpose Acquisition Company) timeline ran out and the de-SPAC (business combination) closed.

Public Stock Exchange: Nasdaq (HCVI, then NAMM) for trading shares and warrants

The primary channel for Hennessy Capital Investment Corp. VI securities was the Nasdaq Stock Market LLC, where shares of Class A common stock, redeemable warrants, and units traded under the symbols HCVI, HCVIW, and HCVIU, respectively. At the time of the delisting notice, the company had a market capitalization of $159 million. The warrants had an exercise price of $11.50. The channel changed following the business combination with Greenstone Corporation, which resulted in the formation of Namib Minerals.

• Trading suspension from Nasdaq commenced on April 4, 2025.
• The successor entity, Namib Minerals, began trading on the Nasdaq Global Market starting June 6, 2025.
• Namib Minerals Ordinary Shares trade under the symbol NAMM.
• Namib Minerals Warrants trade under the symbol NAMMW.
• Namib Minerals rang the Nasdaq Closing Bell on July 25, 2025.

SEC Filings: Proxy statements (Form F-4) and 8-K reports for formal communication

Formal, legally required communications flowed directly through filings with the U.S. Securities and Exchange Commission (SEC). These documents served as the official record for major corporate actions, including extensions and the final merger vote.

Filing Type	Key Event Date	Associated Ticker/Entity	Relevant Financial/Date Detail
Form 8-K	October 1, 2024	HCVI	Stockholders approved extension to March 31, 2025, with potential further extension to June 30, 2025.
Form F-4 (Post-Effective Amendment)	April 23, 2025	HCVI / Namib Minerals	SEC declared effective the registration statement for the merger.
Proxy Statement (within F-4)	March 31, 2025	HCVI	Record date for stockholders eligible to vote on the merger.
Proxy Statement (within F-4)	May 5, 2025	HCVI	Date of the Special Meeting of Stockholders to vote on the merger.
Form 8-K	June 5, 2025	HCVI / NAMM	Reported the closing of the business combination.

The special meeting to approve the merger, which was originally scheduled for April 7, 2025, was rescheduled to May 5, 2025. Shareholder approval for the merger was secured on May 6, 2025. The company's pre-merger market capitalization was noted as $159 million. Namib Minerals reported revenue of approximately US$86 million in 2024 from its How Mine asset.

Investment Banks: Underwriters and placement agents for IPO and PIPE financing

Investment banks acted as crucial intermediaries for the initial capital raise and any subsequent financing efforts, such as a PIPE (Private Investment in Public Equity) transaction needed to shore up the trust account prior to closing.

• The initial public offering (IPO) utilized investment banks as underwriters to sell the initial units.
• Placement agents were used to secure private capital commitments, such as the Non-Redemption Agreement investor who committed to not redeem 132,398 shares of Class A common stock in exchange for 9,735 shares of Class B common stock.

OTC Markets: Temporary trading venue after Nasdaq delisting in April 2025

When the Nasdaq listing rules were not met, the securities temporarily migrated to the OTC Markets, a less regulated and typically less liquid venue. This was a necessary channel to maintain trading ability while the final merger steps were completed.

• Trading suspension on Nasdaq was effective April 4, 2025.
• Securities traded on OTC Markets under tickers HCVI (shares), HCVIW (warrants), and HCVIU (units).
• The stock was trading at $11.67 near the time of the delisting notice.

Finance: review the post-merger liquidity profile of NAMM versus the pre-merger OTC trading volume by Tuesday.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Customer Segments

You're looking at the core groups that made Hennessy Capital Investment Corp. VI (HCVI) function, right up to its final business combination. Even though the SPAC structure is now officially merged into Namib Minerals (NAMM) as of June 2025, these segments defined the capital structure and the deal itself.

Public Shareholders: Retail and institutional investors who purchased HCVI units/shares in the IPO or open market.

This group provided the primary trust account capital. The initial public offering (IPO) in September/October 2021 priced 30,000,000 units at $10.00 per unit, raising $300 million gross proceeds. By March 31, 2025, the cash held in the Trust Account, after significant redemptions from prior years, was approximately $35.7 million. Following the merger completion in May 2025, the equity split shows that the pre-merger public stockholders' influence was diluted, as Greenstone's existing shareholders ended up owning approximately 74% of the equity in the combined public company (NAMM) at closing. The public shareholders had the right to redeem their Class A common stock for their pro rata share of the Trust Account balance prior to the vote.

Target Company: Private, high-growth industrial technology or energy transition company, ultimately an African gold producer.

The ultimate target was Namib Minerals, an established African gold producer. The transaction valued Namib Minerals at a pre-money enterprise value of $500 million. The implied pro forma combined enterprise value for the resulting public company was $609 million. Namib Minerals' portfolio includes the producing How mine in Zimbabwe, which had produced an aggregate of approximately 1.82 million ounces of gold from 1941 through December 31, 2024. The deal structure included up to an additional 30 million PubCo ordinary shares tied to operational milestones, such as the commercial production of the Mazowe and Redwing mines.

Sponsor and Affiliates: The founding team and initial investors providing seed capital.

The Sponsor, Hennessy Capital Partners VI LLC, was crucial for seeding the initial equity and providing working capital. In October 2024, the Sponsor purchased 5,750,000 Class B ordinary shares (founder shares) for an aggregate purchase price of $25,000, equating to roughly $0.004 per share. Furthermore, as of March 10, 2025, the Sponsor had outstanding working capital loans to HCVI totaling approximately $448,407, which were convertible into 298,937 SPAC Private Placement Warrants at the lender's option. The Sponsor's economic interest is heavily weighted toward these founder shares and warrants, subject to vesting based on post-closing operational performance.

PIPE Investors: Institutional investors providing additional financing for the merger.

The PIPE (Private Investment in Public Equity) was a critical component to ensure the Minimum Cash Condition was met for the merger to close. The transaction targeted approximately $60 million in additional funding from one or more financing agreements executed prior to the Closing. This $60 million target, combined with the estimated net proceeds to Namib of approximately $91 million (assuming zero redemptions), was intended to provide sufficient capital for Namib Minerals' growth plan.

Here's a quick look at the key financial anchors for these segments:

Customer Segment	Key Financial/Statistical Metric	Amount/Value
Public Shareholders	Gross IPO Proceeds	$300,000,000
Public Shareholders	Trust Account Balance (as of March 31, 2025)	Approx. $35,700,000
Target Company (Namib)	Pre-Money Enterprise Value	$500,000,000
Target Company (Namib)	How Mine Cumulative Gold Production (through Dec 31, 2024)	Approx. 1.82 million ounces
Sponsor and Affiliates	Founder Share Purchase Price (Total)	$25,000
Sponsor and Affiliates	Working Capital Loans Outstanding (as of March 10, 2025)	Approx. $448,407
PIPE Investors	Targeted PIPE Funding Amount	Approx. $60,000,000

The structure relied on a specific mix of capital sources to close the deal:

• The initial capital base was the $300 million from the IPO units.
• The Sponsor's equity stake was secured for $25,000 in cash.
• The deal required a minimum of $60 million from the PIPE to supplement the remaining trust cash.
• The post-merger entity, NAMM, inherited the operational history of the How mine, which generated $42 million in revenue in the first half of 2024.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Cost Structure

You're looking at the hard costs Hennessy Capital Investment Corp. VI (HCVI) has been absorbing while pursuing its business combination. For a Special Purpose Acquisition Company (SPAC) that hasn't yet closed a deal, the cost structure is almost entirely composed of operational overhead and shareholder servicing.

Operating Expenses: Loss of approximately $14.831 million as of March 31, 2025, primarily from public company costs. This loss reflects the ongoing burn rate associated with maintaining public listing status, even while trading over the counter post-delisting. Honestly, this figure is heavily influenced by non-cash items, specifically the estimated fair value of founder shares given as compensation for entering into 2024 Non-Redemption Agreements.

The costs associated with the Trust Account are non-trivial, even if they don't hit the income statement as traditional operating expenses. These cover the administrative necessities to keep shareholder capital secure until a vote on the merger with Greenstone Corporation (to form Namib Minerals) occurs.

• Fees for the trustee managing the funds held in the trust account.
• Investment management fees on the trust account's demand deposits, which generated interest income of approximately $2.573 million for the period ending March 31, 2025.

Transaction Costs are the big variable expenses that hit when a deal is near. These are the legal, accounting, and advisory fees required to execute the business combination. While the exact total legal and advisory fees aren't explicitly itemized as a single figure in the latest reports, the sponsor has made a significant commitment to cover these liabilities.

The sponsor committed that neither Hennessy Capital Investment Corp. VI, Greenstone, nor the post-merger entity will have any liability with respect to unpaid SPAC transaction expenses. To back this up, the sponsor agreed to forfeit over 6.6 million shares of common stock, plus an amount equivalent to unpaid working capital loans if creditors opt for equity repayment.

Deferred Underwriting Fees are typically paid only upon the successful closing of the de-SPAC transaction. These fees are a known future liability tied to the initial public offering proceeds. Furthermore, the company recorded an excise tax liability of approximately $3,229,000 related to Class A common stock redemptions that occurred in 2023 and 2024.

Redemption Payouts represent the most significant cash outflows from the Trust Account, representing shareholder choice to exit before the merger. These are direct cash distributions, not operational costs, but they drastically alter the capital structure available for the combined entity.

Here's the quick math on the major redemption events leading up to the March 31, 2025, reporting date:

Redemption Date/Period	Cash Outflow Amount
September 2023 Extension	$86.1 million
January 2024 Extension	$215.3 million
September 2024 Extension	$21.4 million
Total of Noted Redemptions	$322.8 million

The Trust Account balance as of March 31, 2025, stood at approximately $35.7 million, which is what remains after those significant shareholder exits. Finance: draft 13-week cash view by Friday.

Hennessy Capital Investment Corp. VI (HCVI) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Hennessy Capital Investment Corp. VI, which, as a Special Purpose Acquisition Company (SPAC), has a very specific, event-driven revenue profile before its initial business combination closes. Honestly, most of the financial activity before the merger is about preserving capital and generating minimal income from that capital.

The primary sources of income or value realization are tied directly to the deployment of the trust account funds and the eventual success of the merger transaction itself. Here's how the money flows, or is accounted for, leading up to that final event.

Interest Income

This is the most consistent, albeit small, revenue stream while Hennessy Capital Investment Corp. VI holds its cash in trust. You see this clearly in the latest filings.

• Interest Income: Approximately $2.573 million generated from demand deposits in the trust account and operating account as of March 31, 2025.

Private Placement Proceeds

This relates to the capital raised from the Sponsor and anchor investors alongside the Initial Public Offering (IPO) to supplement the trust account. The initial private placement units purchased by the Sponsor and others in November 2024 totaled an aggregate purchase price of $5,000,000 for 500,000 units. The prompt mentioned a figure of $6.9 million, but the latest concrete data point I have for a private placement unit purchase is $5.0 million.

Sponsor Promote Value

This isn't traditional revenue, but it's the core financial upside for the Sponsor, Hennessy Capital Partners VI LLC. It's realized only upon a successful de-SPAC (the merger completion).

The value is tied to the Sponsor's Class B ordinary shares (founder shares). To facilitate extensions and secure deal support, the Sponsor has made significant commitments, including forfeitures.

• The Sponsor agreed to forfeit over 6.6 million shares of common stock as part of amendments to the business combination agreement with Greenstone Corporation.
• The operating loss reported as of March 31, 2025, was primarily due to the estimated fair value of founder shares provided as compensation to investors for entering into 2024 Non-Redemption Agreements.

Merger Completion

The successful closing of the transaction-the business combination-is the ultimate value creation event, converting the SPAC structure into an operating company, which then generates operating revenue. Hennessy Capital Investment Corp. VI entered into a business combination agreement with Greenstone Corporation, an established gold producer.

The structure of this event dictates the final realization of value for all parties, including the conversion of warrants and the Sponsor's founder shares into the post-merger entity's stock.

Here's a quick look at the capital structure elements influencing this final revenue event:

Financial Component	Reported/Committed Amount	Context/Date
IPO Gross Proceeds	$340.9 million	Total raised at IPO (October 1, 2021)
Private Placement Unit Purchase Price	$5,000,000	Aggregate purchase price for 500,000 units (November 2024)
Trust Account Interest Income	$2.573 million	As of March 31, 2025
Sponsor Share Forfeiture	Over 6.6 million shares	Agreed upon in April 2025 amendment

The company anticipated delisting from Nasdaq after March 31, 2025, and trading over the counter until the business combination was completed. The primary revenue stream shifts entirely upon closing the deal with Greenstone, which was anticipated in the second quarter of 2025.

Finance: draft 13-week cash view by Friday.