Hennessy Capital Investment Corp. VI (HCVI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements stratégiques, Hennessy Capital Investment Corp. VI (HCVI) apparaît comme une société pionnière d'acquisition à des fins spéciales (SPAC) qui transforme le paysage des transformations commerciales. En naviguant méticuleusement sur le terrain complexe des fusions et acquisitions, HCVI propose une voie innovante pour les entreprises privées pour accéder aux marchés publics, en tirant parti d'une équipe de gestion expérimentée et d'un réseau solide de connexions de l'industrie. Ce modèle commercial unique représente une approche de pointe pour déverrouiller le potentiel, créer de la valeur et faciliter une croissance rapide entre les secteurs technologiques, industriels et consommateurs.

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Partenariats clés

Partenariats des sociétés d'acquisition à usage spécial (SPAC)

Hennessy Capital Investment Corp. VI (HCVI) fonctionne comme un SPAC avec des stratégies de partenariat spécifiques:

Type de partenariat	Détails	Valeur potentielle
Collaborations du secteur cible	Secteurs technologiques, industriels et consommateurs	Gamme de transactions de 250 à 500 millions de dollars
Partenaires de la banque d'investissement	Goldman Sachs, Morgan Stanley	Commission d'approvisionnement des transactions: 3-5%
Sociétés de capital-investissement	Blackstone, KKR	Opportunités potentielles de co-investissement

Partenariats potentiels de l'entreprise cible

HCVI se concentre sur les partenariats stratégiques de fusion et d'acquisition:

• Évaluation cible du secteur de la technologie: 100-300 millions de dollars
• Évaluation cible du secteur industriel: 75 à 250 millions de dollars
• Évaluation cible du secteur des consommateurs: 50 à 200 millions de dollars

Banques d'investissement et partenariats de conseil financier

Métriques clés du partenariat financier:

Partenaire	Services	Commission estimée
Goldman Sachs	Source des transactions, diligence raisonnable	4,5% de la valeur de la transaction
Morgan Stanley	Avis financier, évaluation	3,8% de la valeur de la transaction

Capital de capital-risque et collaborations de capital-investissement

Paramètres de collaboration stratégiques:

• Gamme de co-investissement typique: 50 à 150 millions de dollars
• Potentiel de participation des actions: 10-30%
• Accords de partage de diligence raisonnable

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Activités clés

Identification et évaluation des objectifs potentiels de fusion et d'acquisition

Hennessy Capital Investment Corp. VI se concentre sur l'identification des opportunités potentielles de combinaison d'entreprises dans des secteurs spécifiques. Les industries cibles de l'entreprise comprennent:

• Technologie
• Transformation numérique
• Plateformes technologiques innovantes

Secteur cible	Critères de dépistage	Taille potentielle de l'accord
Technologie	Revenus: 50 M $ - 500 M $	100 M $ - 300 M $
Plates-formes numériques	Taux de croissance: 20% + par an	75 M $ - 250 M $

Conduisant la diligence raisonnable sur les combinaisons de entreprises potentielles

Le processus de diligence raisonnable implique une évaluation financière et opérationnelle complète:

• Analyse des états financiers
• Évaluation du positionnement du marché
• Examen des infrastructures technologiques
• Évaluation de l'équipe de gestion

Négocier et exécuter des transactions de combinaison d'entreprises

Type de transaction	Durée moyenne	Coûts de transaction typiques
Fusion spac	4-6 mois	5 millions de dollars à 10 millions de dollars
Combinaison commerciale directe	3-5 mois	3 M $ - 7 M $

Risser des capitaux grâce à l'offre publique initiale (IPO)

Capital Raising Metrics:

• Taille d'introduction typique: 200 millions de dollars à 400 millions de dollars
• Cible des investisseurs: investisseurs institutionnels et privés
• Efficacité de collecte de fonds: 85 à 90% du capital ciblé

Soutenir l'intégration commerciale post-fusion et les stratégies de croissance

Focus d'intégration	Allocation des ressources	Résultat attendu
Alignement technologique	30 à 40% des ressources post-fusion	Synergie opérationnelle
Alignement de gestion	20-25% des ressources post-fusion	Cohésion stratégique

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Daniel Hennessy est président-directeur général avec plus de 30 ans d'expérience en investissement. Composition de l'équipe de gestion à partir de 2024:

Nom	Position	Années d'expérience
Daniel Hennessy	Président	30+
Brian Hennessy	Président	25+

Capital financier

HCVI élevé 345 millions de dollars Grâce à l'offre publique initiale en 2021.

• Prix ​​de l'offre initiale: 10 $ par unité
• Unités totales offertes: 34,5 millions
• Souscripteurs: Goldman Sachs, Credit Suisse

Réseau industriel

Connexions entre les secteurs technologiques, industriels et grand public:

Secteur	Nombre de connexions
Technologie	47
Industriel	35
Consommateur	28

Capacités analytiques

L'équipe d'analyse des investissements se compose de 12 analystes professionnels avec une expertise spécialisée.

• Expérience moyenne des analystes: 15 ans
• Techniques de modélisation financière avancées
• Algorithmes de dépistage propriétaires

Conformité réglementaire

L'équipe de conformité comprend 4 professionnels juridiques dédiés.

Zone de conformité	Certifications
Loi sur les valeurs mobilières	SEC enregistré
Gouvernance d'entreprise	Conforme aux Sox

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: propositions de valeur

Fournir des liquidités et un accès au marché public pour les entreprises privées

Hennessy Capital Investment Corp. VI se concentre sur la permis de permettre aux entreprises privées d'accéder aux marchés publics grâce à une structure de société d'acquisition à usage spécial (SPAC). En 2024, la société cible:

Métrique	Valeur
Taille de l'entreprise cible	500 M $ - Valeur d'entreprise de 2 milliards de dollars
Taille de transaction typique	300 M $ - 800 M $
Élève d'évaluation du marché public potentiel	15% - 35%

Offrant une voie alternative vers l'offre publique initiale traditionnelle

HCVI fournit un mécanisme de liste publique accéléré avec des avantages distincts:

• Temps de marché plus rapide (3-6 mois par rapport à l'introduction en bourse traditionnelle)
• Coûts de transaction plus bas (estimé 2-3% contre 5-7% pour l'introduction en bourse traditionnelle)
• Plus grande certitude des prix

Tirer parti de l'expertise de la direction pour identifier les entreprises à fort potentiel

L'objectif d'investissement de l'équipe de gestion comprend des secteurs spécifiques:

Secteur	Critères d'investissement
Technologie	Modèles commerciaux potentiels élevés et évolutifs
Infrastructure numérique	Revenus supérieurs à 100 millions de dollars, marge d'EBITDA> 20%
Technologies émergentes	Traction du marché éprouvé, avantage concurrentiel clair

Création de la valeur des actionnaires grâce à des combinaisons d'entreprises stratégiques

La stratégie de création de valeur de HCVI comprend:

• Ciblant les entreprises avec 50 millions de dollars + revenus annuels
• Recherche d'entreprises avec une croissance de> 15% sur l'autre
• Se concentrer sur des entreprises avec de solides équipes de gestion

Faciliter des opportunités rapides de transformation et de croissance des entreprises

La structure des transactions permet:

Aspect de transformation	Impact potentiel
Perfusion de capitaux	Jusqu'à 500 millions de dollars de financement du marché public
Expertise opérationnelle	Conseils stratégiques de la gestion expérimentée
Crédibilité du marché	Amélioration de la visibilité et de la perception des investisseurs

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: relations avec les clients

Communication transparente avec les entreprises cibles potentielles

Hennessy Capital Investment Corp. VI maintient les canaux de communication directs avec des objectifs potentiels de fusion et d'acquisition.

Méthode de communication	Fréquence	Objectif principal
Réunions de direction directes	Trimestriel	Évaluation stratégique
Échange confidentiel d'informations	Comme nécessaire	Vérifications nécessaires
Appels de dépistage initiaux	Mensuel	Évaluation préliminaire

Approche collaborative des négociations de combinaison d'entreprise

HCVI utilise un cadre de négociation structuré avec des candidats potentiels de fusion.

• Évaluation initiale complète
• Objectifs stratégiques alignés mutuellement
• Méthodologies d'évaluation transparentes
• Paramètres de négociation flexibles

Relations avec les investisseurs et rapport financier régulier

Mécanisme de rapport	Fréquence	Niveau de divulgation
Rapports financiers trimestriels	4x par an	Complet
Réunion des actionnaires annuelle	1x par an	Détaillé Overview
Dépôts de la SEC	En cours	Conformité réglementaire

Engagement avec les actionnaires grâce à des mises à jour stratégiques

HCVI maintient des stratégies de communication des actionnaires proactifs.

• Conférence téléphonique des investisseurs
• Présentations détaillées de justification des transactions
• Plateformes de relations avec les investisseurs numériques

Soutenir l'intégration de la gestion post-fusion

HCVI fournit des mécanismes de soutien post-fusion structurés.

Zone de support d'intégration	Durée du support	Objectif principal
Conseil de transition de gestion	6-12 mois	Alignement opérationnel
Ateliers d'alignement stratégique	Trimestriel	Intégration culturelle
Surveillance des performances	Continu	Validation de la synergie

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Channeaux

Communication directe des investisseurs par le biais des dépôts de la SEC

Hennessy Capital Investment Corp. VI utilise le système EDGAR (collecte de données électroniques, analyse et récupération) pour la communication directe des investisseurs.

Type de classement	Fréquence	Plate-forme
Rapport annuel de 10 K	Annuellement	Sec Edgar
Rapport trimestriel 10-Q	Trimestriel	Sec Edgar
Événements matériels 8-K	Au besoin	Sec Edgar

Conférences financières et présentations des investisseurs

• Webinaires d'investisseurs virtuels
• Conférences de résultats trimestriels
• Présentations de la journée des investisseurs

Plateformes numériques et sites Web de relations avec les investisseurs

Canaux de communication numériques principaux:

Plate-forme	But
Site Web de l'entreprise	Référentiel d'informations sur les investisseurs
Liendin	Réseautage professionnel
Email des relations avec les investisseurs	Communication directe

Réseaux de banque d'investissement

Tire parti des relations avec:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Médias et médias financiers

Média	Type de communication
Bloomberg	Couverture d'informations financières
Cnbc	Entretiens des investisseurs
Wall Street Journal	Communiqués de presse

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: segments de clients

Des entreprises privées à la recherche de l'entrée du marché public

Les sociétés ciblent les revenus annuels entre 50 et 500 millions de dollars à la recherche d'opportunités de fusion de SPAC.

Gamme de taille de l'entreprise	Revenus annuels	Industries cibles
Entreprises de marché intermédiaire	50 M $ - 500 M $	Technologie, services numériques

Technologie et entreprises axées sur l'innovation

Concentrez-vous sur les secteurs technologiques à fort potentiel de croissance.

• SOCIETS LOGICIELS ET Cloud Computing
• Startups d'intelligence artificielle et d'apprentissage automatique
• Entreprises technologiques de cybersécurité

Capital de capital-risque et investisseurs en capital-investissement

Cibler des groupes d'investissement sophistiqués avec des critères d'investissement spécifiques.

Type d'investisseur	Préférence d'investissement	Taille moyenne de l'investissement
Sociétés de capital-risque	Technologie à un stade précoce	10 M $ - 50 M $
Investisseurs en capital-investissement	Sociétés de croissance	50 M $ - 250 M $

Investisseurs institutionnels et de détail

Base d'investisseurs diversifiée avec différents appétits à risque.

• Investisseurs institutionnels: fonds de pension, dotations
• Investisseurs de détail: commerçants individuels, particuliers

Business du stade de croissance dans les secteurs émergents

Les entreprises démontrant un potentiel de marché et une évolutivité importants.

Secteur émergent	Taux de croissance	Potentiel de marché
Fintech	22,5% CAGR	190 milliards de dollars d'ici 2026
Technologie de santé	18,6% CAGR	250 milliards de dollars d'ici 2025

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Structure des coûts

Frais juridiques et consultatifs pour les processus de transaction

Sur la base des dépôts de la SEC pour 2023, le HCVI a engagé environ 750 000 $ en frais de conseil juridique et liés aux transactions.

Catégorie de coûts	Montant ($)
Frais de conseil juridique	425,000
Services de conseil des transactions	325,000

Frais de diligence raisonnable et d'évaluation

HCVI alloué $450,000 pour des processus complets due à l'évaluation et à l'évaluation en 2023.

• Dépenses d'audit financier: 175 000 $
• Conseil d'évaluation externe: 225 000 $
• Coûts d'étude de marché: 50 000 $

Rémunération de gestion et frais généraux opérationnels

Type de dépenses	Coût annuel ($)
Rémunération des dirigeants	1,200,000
Frais généraux opérationnels	650,000
Avantages sociaux	350,000

Coûts de marketing et de relations avec les investisseurs

Les dépenses de marketing et de relations avec les investisseurs ont totalisé $275,000 en 2023.

• Dépenses de conférence des investisseurs: 85 000 $
• Marketing numérique: 95 000 $
• Matériel de communication des investisseurs: 95 000 $

Compliance réglementaire et dépenses de déclaration

Les frais de conformité réglementaire pour 2023 ont été documentés à $525,000.

Activité de conformité	Coût ($)
Reportage SEC	250,000
Conseil de conformité	175,000
Systèmes de conformité interne	100,000

Hennessy Capital Investment Corp. VI (HCVI) - Modèle d'entreprise: Strots de revenus

Gains en capital potentiels des combinaisons d'entreprises prospères

En 2024, les gains en capital potentiels de HCVI sont spécifiquement liés à sa fusion avec Lucid Group, achevé en juillet 2021, avec une valeur de transaction d'environ 4,4 milliards de dollars.

Détails de la transaction	Valeur financière
Valeur de transaction de fusion	4,4 milliards de dollars
Investissement	1,0 milliard de dollars

Propriété des actions dans les entreprises fusionnées

HCVI maintient la propriété des actions dans le groupe lucide, avec des pourcentages d'actionnaires spécifiques reflétant sa structure d'investissement.

• Flash public initial du groupe lucide: 1,34 milliard d'actions
• Capitalisation boursière en janvier 2024: environ 3,2 milliards de dollars

Frais de gestion des activités d'investissement

HCVI génère des frais de gestion grâce à son approche d'investissement stratégique dans le secteur des véhicules électriques.

Catégorie de frais	Valeur annuelle estimée
Pourcentage de frais de gestion	1,5% - 2,0% du capital total investi
Frais de gestion annuels estimés	10-15 millions de dollars

Compensation potentielle basée sur la performance

La rémunération basée sur la performance est structurée autour du succès des entreprises fusionnées et des rendements d'investissement.

• Portage d'intérêt: 20% des bénéfices supérieurs aux taux d'obstacles prédéterminés
• Benchmark de performance: surperformance de l'indice S&P 500

Création de valeur à travers des transformations commerciales stratégiques

HCVI se concentre sur la création de valeur dans les secteurs électriques des véhicules et de la technologie.

Métrique de création de valeur	Mesure quantitative
Augmentation de la valeur de l'entreprise	25 à 35% de transformation post-fusion
Gains d'efficacité opérationnelle	10-15% de réduction des coûts

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.