Hennessy Capital Investment Corp. VI (HCVI): Business Model Canvas [Dec-2025 Updated]

You're looking at the final act of a Special Purpose Acquisition Company (SPAC) playbook, specifically how Hennessy Capital Investment Corp. VI (HCVI) transformed into Namib Minerals (NAMM) by mid-2025. Honestly, the real story isn't just the merger; it's the mechanics of how that initial \$340.9 million trust account-which generated \$2.573 million in interest income by March 31, 2025-was managed while navigating over \$322.8 million in shareholder redemptions. As a former head analyst, I can tell you this Business Model Canvas cuts through the noise, showing you exactly how the sponsor, underwriters, and the target company aligned their value propositions to get this African gold producer public. Dive in below to see the precise structure that powered this de-SPAC.

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

You're looking at the structure that got Hennessy Capital Investment Corp. VI across the finish line to complete its business combination with Greenstone Corporation, which is now Namib Minerals. These are the entities that made the transaction and the subsequent operational phase possible.

Target Company: Greenstone Corporation, now Namib Minerals

The core partnership was the business combination with Greenstone Corporation, an African gold producer, developer, and explorer with operations in Zimbabwe. This transaction formed Namib Minerals, which listed on the Nasdaq Stock Exchange on June 6, 2025. The transaction was described as the largest SPAC merger to date in the African mining sector. As of June 10, 2025, Namib Minerals had a market capitalization of approximately US$102.291 million, based on 3.28 million shares outstanding.

Namib Minerals provided operational guidance as of November 10, 2025, which sets the near-term financial targets for the combined entity:

For the six months ended June 30, 2025, Namib Minerals reported Revenue of $36,383 thousand and a Profit/(loss) before taxation of ($8,226 thousand).

Sponsor: HC VI Sponsor LLC

HC VI Sponsor LLC provided the initial capital and expertise necessary to launch Hennessy Capital Investment Corp. VI. The capital structure supporting the deal included the Trust Account, which held approximately $35.7 million as of March 31, 2025. To facilitate the merger, the Sponsor made significant commitments, including agreeing to forfeit over 6.6 million shares of Hennessy Capital's common stock. The Sponsor also committed to indemnify the post-merger entity against any excise taxes related to the business combination.

Underwriters: Cohen & Company Capital Markets, Clear Street LLC, and Loop Capital Markets LLC

Cohen & Company Capital Markets is noted for its role in SPAC Formation and Funding (IPO), Target Search, and Execution to DeSPAC. A related entity, Cohen & Company, had approximately $2.3 billion of assets under management as of March 31, 2025. Clear Street LLC acted as a joint book-runner for a separate SPAC IPO in May 2025 that raised gross proceeds of $250,000,000. Cohen & Company Securities, LLC's SPAC Equity Trading Group maintains a network spanning 75+ trading relationships.

The key functions these underwriters provided include:

• SPAC Formation and Funding (IPO).
• Target Search and Negotiation.
• Execution to DeSPAC.
• Launch PIPE Process (Private Investment in Public Equity).

Trustee: Odyssey Transfer and Trust Company

Odyssey Transfer and Trust Company manages the trust account holding the public shareholders' funds. This role is critical for managing redemptions and ensuring compliance with SEC regulations. Odyssey is recognized for handling over 50 SPACs, managing a combined total of over $10 Billion in SPAC funds raised across its mandates. The Trust Agreement allows for the distribution of up to $100,000 to cover dissolution expenses if needed.

Legal and Financial Advisors for Due Diligence and Merger Execution

The execution of the merger required specialized legal counsel. For a comparable transaction in May 2025, legal counsel for the underwriters included firms such as Loeb & Loeb LLP. The overall process relies on advisors with deep expertise in SEC rules and Nasdaq listing requirements.

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

You're managing a SPAC, so the entire business model hinges on executing that one, crucial business combination. For Hennessy Capital Investment Corp. VI, this meant a focused, multi-year effort culminating in the transaction with Greenstone Corporation.

Identifying and evaluating a suitable target company for a business combination.

The primary activity was the search for a target, which Hennessy Capital Investment Corp. VI intended to focus on businesses in the industrial technology sector, though they maintained flexibility. The identified and pursued target was Greenstone Corporation, described as a gold producer, developer, and explorer with assets in Zimbabwe and the Democratic Republic of Congo ("DRC"). The initial public offering (IPO) securities were priced at $10.00 per unit.

Negotiating and amending the definitive business combination agreement.

The negotiation process involved significant adjustments to the original terms to facilitate closing. An amendment dated April 14, 2025, was critical. This amendment extended the outside date for closing the transaction. A major negotiation point was the removal of the $25 million minimum cash condition. To ensure the deal could proceed despite redemptions, the sponsor agreed to forfeit over 6.6 million shares of Hennessy Capital Investment Corp. VI's common stock.

Managing the IPO proceeds in the trust account, generating interest income.

The management of the trust account was a core activity, as the company generated non-operating income from these funds. As of March 31, 2025, the Trust Account held approximately $35.7 million. This capital generated approximately $2.573 million in Interest Income for the period ending March 31, 2025. The process was complicated by significant shareholder redemptions, totaling $86.1 million in September 2023, $215.3 million in January 2024, and $21.4 million in September 2024. The company reported a net loss of $(3.532) million for the first quarter of 2025.

Here's a look at the financial management metrics leading up to the final vote:

Securing stockholder approval for the merger and extension deadlines.

The company repeatedly managed deadlines and sought necessary votes. Hennessy Capital Investment Corp. VI received a delisting notice from Nasdaq for not completing the combination within 36 months of the IPO registration statement effectiveness, with an extension granted until March 31, 2025. Following the April 2025 amendment, a Special Meeting of Stockholders was set for May 5, 2025. Stockholders of record as of the close of business on March 31, 2025, were entitled to vote. The deadline for exercising redemption rights for this meeting was set for 5:00 p.m. Eastern Time on May 1, 2025.

Key dates related to shareholder action included:

• Record Date for Special Meeting: March 31, 2025
• Redemption Deadline for May Meeting: May 1, 2025
• Special Meeting Date: May 5, 2025
• Outside Date (Amended): May 1, 2025

Completing the de-SPAC transaction, resulting in a public listing (NAMM).

The final activity was the closing of the business combination. The closing was anticipated in the second quarter of 2025. The successful de-SPAC transaction, resulting in the formation of Namib Minerals, was reported on June 6, 2025. The resulting entity's ordinary shares and warrants were expected to list on Nasdaq under the ticker symbols "NAMM" and "NAMMW", respectively. The company had been trading over the counter following expected delisting from Nasdaq on April 4, 2025.

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

You're analyzing the core assets that powered Hennessy Capital Investment Corp. VI (HCVI) through its journey to becoming a public entity, which, as of late 2025, is the combined company trading as Namib Minerals.

Trust Account Capital

The initial financial bedrock for Hennessy Capital Investment Corp. VI came from its Initial Public Offering (IPO) in late 2021. The total capital raised before trust account redemptions was substantial. The initial gross proceeds from the IPO, including the underwriters' over-allotment option exercise, totaled approximately $340.9 million. This capital was held in a trust account, invested in U.S. government securities, to fund the eventual business combination or be returned to shareholders upon liquidation. The IPO closed with gross proceeds of $300 million plus an additional $40.9 million from the over-allotment units sold at $10.00 per unit.

Management Team

The team's experience is definitely a primary resource, especially given the complex nature of Special Purpose Acquisition Company (SPAC) transactions. The leadership is anchored by Daniel J. Hennessy, who serves as Chairman and CEO of Hennessy Capital Investment Corp. VI, and also holds the same titles at Hennessy Capital Investment Corp. VII. He founded Hennessy Capital LLC in 2013 and has a long history in private equity and leading SPACs. His educational background includes a B.A. from Boston College and an MBA from the University of Michigan Ross School of Business.

Here's a quick look at the depth of experience Daniel J. Hennessy brings from prior related entities:

This track record shows a consistent ability to structure and close deals, which is critical for a SPAC's success.

Public Shell

The public listing itself is a key resource, providing the structure for the business combination. Hennessy Capital Investment Corp. VI initially listed on the Nasdaq under the ticker symbol HCVIU. Following the successful shareholder approval in May 2025 and the closing of the business combination with Namib Minerals on June 5, 2025, the public shell transitioned. The combined entity, Namib Minerals, began trading on the Nasdaq Global Market under the ticker symbol NAMM starting June 6, 2025. This transition from a SPAC structure to a fully operational public company listing on Nasdaq is the ultimate realization of this resource.

Sponsor Capital

The sponsor provided at-risk capital and private placement funds, which are essential for covering transaction costs and providing a financing backstop. In addition to the public offering, the sponsor completed a private placement of warrants generating approximately $0.8 million in gross proceeds simultaneously with the IPO closing. Furthermore, the sponsor's commitment is evidenced by the purchase of founder shares; for instance, in October 2024, the sponsor purchased an aggregate of 5,750,000 Class B ordinary shares for an aggregate purchase price of $25,000, or approximately $0.004 per share. To facilitate the merger, the sponsor also agreed to forfeit over 6.6 million shares of common stock, demonstrating a significant alignment of risk with public shareholders.

The sponsor's commitment also extended to potential working capital loans, with up to $2.5 million of such loans potentially convertible into private placement units of the post-business combination entity at a price of $10.00 per unit at the sponsor's option.

You should track the post-merger entity's cash position, which is now the combined entity's capital, to see how much of the initial $340.9 million trust account remains after redemptions and transaction fees.

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.

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:

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.

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:

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:

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:

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.