Hennessy Capital Investment Corp. VI (HCVI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos estratégicos, a Hennessy Capital Investment Corp. VI (HCVI) surge como uma empresa de aquisição de propósito especial pioneira (SPAC) que transforma o cenário das transformações de negócios. Ao navegar meticulosamente no complexo terreno de fusões e aquisições, a HCVI oferece um caminho inovador para as empresas privadas acessarem os mercados públicos, alavancando uma equipe de gerenciamento experiente e uma rede robusta de conexões do setor. Esse modelo de negócios exclusivo representa uma abordagem de ponta para desbloquear potencial, criar valor e facilitar o rápido crescimento entre os setores de tecnologia, industrial e consumidor.

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: Parcerias -chave

Parcerias da empresa de aquisição de propósito especial (SPAC)

Hennessy Capital Investment Corp. VI (HCVI) opera como um SPAC com estratégias de parceria específicas:

Tipo de parceria	Detalhes	Valor potencial
Colaborações do setor -alvo	Tecnologia, setores industriais e de consumo	Faixa de transações de US $ 250-500 milhões
Parceiros bancários de investimento	Goldman Sachs, Morgan Stanley	Comissão de fornecimento de negócios: 3-5%
Empresas de private equity	Blackstone, Kkr	Oportunidades de co-investimento em potencial

Potenciais parcerias da empresa -alvo

O HCVI se concentra nas parcerias estratégicas de fusão e aquisição:

• Avaliação-alvo do setor de tecnologia: US $ 100-300 milhões
• Avaliação alvo do setor industrial: US $ 75-250 milhões
• Avaliação-alvo do setor de consumidores: US $ 50-200 milhões

Banco de investimento e parcerias de consultoria financeira

Métricas principais de parceria financeira:

Parceiro	Serviços	Comissão estimada
Goldman Sachs	Fornecimento de negócios, due diligence	4,5% do valor da transação
Morgan Stanley	Consultoria financeira, avaliação	3,8% do valor da transação

Capital de risco e colaborações de private equity

Parâmetros estratégicos de colaboração:

• Faixa de co-investimento típica: US $ 50-150 milhões
• Potencial de participação patrimonial: 10-30%
• Acordos de compartilhamento de due diligence

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: Atividades -chave

Identificar e avaliar possíveis metas de fusão e aquisição

A Hennessy Capital Investment Corp. VI se concentra na identificação de possíveis oportunidades de combinação de negócios em setores específicos. As indústrias -alvo da empresa incluem:

• Tecnologia
• Transformação digital
• Plataformas de tecnologia inovadora

Setor -alvo	Critérios de triagem	Tamanho potencial de negócios
Tecnologia	Receita: US $ 50 milhões a US $ 500m	US $ 100 milhões a US $ 300m
Plataformas digitais	Taxa de crescimento: 20%+ anualmente	US $ 75M- $ 250M

Conduzindo a devida diligência em prospectivas combinações de negócios

O processo de due diligence envolve avaliação financeira e operacional abrangente:

• Análise de demonstração financeira
• Avaliação de posicionamento do mercado
• Revisão da infraestrutura de tecnologia
• Avaliação da equipe de gerenciamento

Negociação e execução de transações de combinação de negócios

Tipo de transação	Duração média	Custos de transação típicos
Incorporação do SPAC	4-6 meses	US $ 5 milhões a US $ 10 milhões
Combinação de negócios direta	3-5 meses	$ 3M- $ 7M

Levantar capital através da oferta pública inicial (IPO)

Métricas de captação de capital:

• Tamanho típico de IPO: US $ 200 milhões-US $ 400M
• Alvo de investidores: investidores institucionais e privados
• Eficiência de captação de recursos: 85-90% do capital direcionado

Apoiando a integração de negócios pós-fusão e estratégias de crescimento

Foco de integração	Alocação de recursos	Resultado esperado
Alinhamento de tecnologia	30-40% dos recursos pós-fusão	Sinergia operacional
Alinhamento de gerenciamento	20-25% dos recursos pós-fusão	Coesão estratégica

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

Daniel Hennessy atua como presidente e CEO, com mais de 30 anos de experiência em investimento. Composição da equipe de gerenciamento a partir de 2024:

Nome	Posição	Anos de experiência
Daniel Hennessy	Presidente/CEO	30+
Brian Hennessy	Presidente	25+

Capital financeiro

HCVI elevado US $ 345 milhões Através da oferta pública inicial em 2021.

• Preço de oferta inicial: US $ 10 por unidade
• Total de unidades oferecidas: 34,5 milhões
• Underwriters: Goldman Sachs, Credit Suisse

Rede da indústria

Conexões entre setores de tecnologia, industrial e consumidor:

Setor	Número de conexões
Tecnologia	47
Industrial	35
Consumidor	28

Capacidades analíticas

Equipe de análise de investimento consiste em 12 analistas profissionais com experiência especializada.

• Experiência média dos analistas: 15 anos
• Técnicas avançadas de modelagem financeira
• Algoritmos de triagem proprietários

Conformidade regulatória

A equipe de conformidade inclui 4 Profissionais Jurídicos dedicados.

Área de conformidade	Certificações
Lei de Valores Mobiliários	Sec registrado
Governança corporativa	Compatível com Sox

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de Negócios: Proposições de Valor

Fornecer liquidez e acesso ao mercado público para empresas privadas

A Hennessy Capital Investment Corp. VI se concentra em permitir que as empresas privadas acessem os mercados públicos por meio de uma estrutura de empresa de aquisição de propósitos especiais (SPAC). A partir de 2024, a empresa tem como objetivo:

Métrica	Valor
Tamanho da empresa alvo	$ 500m - valor corporativo de US $ 2B
Tamanho da transação típica	US $ 300 milhões - US $ 800m
Uplift de avaliação do mercado público potencial	15% - 35%

Oferecendo caminho alternativo para a oferta pública inicial tradicional

O HCVI fornece um mecanismo de listagem pública acelerada com vantagens distintas:

• Tempo mais rápido para o mercado (3-6 meses em comparação com o IPO tradicional)
• Custos de transação mais baixos (estimado 2-3% vs. 5-7% para o IPO tradicional)
• Maior segurança de preços

Aproveitando a experiência do gerenciamento para identificar empresas de alto potencial

O foco de investimento da equipe de gerenciamento inclui setores específicos:

Setor	Critérios de investimento
Tecnologia	Alto potencial de crescimento, modelos de negócios escaláveis
Infraestrutura digital	Receita acima de US $ 100 milhões, margem EBITDA> 20%
Tecnologias emergentes	Tração comprovada no mercado, vantagem competitiva clara

Criação de valor acionista por meio de combinações de negócios estratégicas

A estratégia de criação de valor da HCVI inclui:

• Direcionando empresas com Receita anual de US $ 50 milhões
• Buscando empresas com> 15% de crescimento ano a ano
• Focando em empresas com fortes equipes de gerenciamento

Facilitar a rápida transformação dos negócios e oportunidades de crescimento

A estrutura da transação permite:

Aspecto de transformação	Impacto potencial
Infusão de capital	Até US $ 500 milhões em financiamento do mercado público
Experiência operacional	Orientação estratégica de gerenciamento experiente
Credibilidade do mercado	Visibilidade e percepção aprimoradas do investidor

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com possíveis empresas -alvo

Hennessy Capital Investment Corp. VI mantém canais de comunicação direta com possíveis metas de fusão e aquisição.

Método de comunicação	Freqüência	Propósito primário
Reuniões executivas diretas	Trimestral	Avaliação estratégica
Troca de informações confidenciais	Conforme necessário	Due diligence
Chamadas de triagem inicial	Mensal	Avaliação preliminar

Abordagem colaborativa para negociações de combinação de negócios

A HCVI emprega uma estrutura de negociação estruturada com possíveis candidatos a fusão.

• Avaliação inicial abrangente
• Objetivos estratégicos alinhados mutuamente
• Metodologias de avaliação transparente
• Parâmetros de negociação flexíveis

Relações com investidores e relatórios financeiros regulares

Mecanismo de relatório	Freqüência	Nível de divulgação
Relatórios financeiros trimestrais	4x anualmente	Abrangente
Reunião Anual dos Acionistas	1x anualmente	Detalhado Overview
Registros da SEC	Em andamento	Conformidade regulatória

Engajamento com os acionistas por meio de atualizações estratégicas

O HCVI mantém estratégias proativas de comunicação de acionistas.

• Chamadas de conferência de investidores
• Apresentações detalhadas da transação
• Plataformas de relações com investidores digitais

Apoiar a integração de gerenciamento pós-fusão

O HCVI fornece mecanismos estruturados de suporte pós-fusão.

Área de suporte de integração	Duração de suporte	Objetivo primário
Advogado de transição de gerenciamento	6 a 12 meses	Alinhamento operacional
Oficinas de alinhamento estratégico	Trimestral	Integração cultural
Monitoramento de desempenho	Contínuo	Validação de sinergia

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de Negócios: Canais

Comunicação direta do investidor através de registros da SEC

A Hennessy Capital Investment Corp. VI utiliza o sistema Edgar (coleta de dados eletrônicos, análise e recuperação) para comunicação direta para investidores.

Tipo de arquivamento	Freqüência	Plataforma
Relatório anual de 10-K	Anualmente	Sec Edgar
Relatório trimestral de 10-Q	Trimestral	Sec Edgar
Eventos materiais de 8-K	Conforme necessário	Sec Edgar

Conferências financeiras e apresentações de investidores

• Webinars virtuais para investidores
• Chamadas de conferência de ganhos trimestrais
• Apresentações do Dia dos Investidores

Plataformas digitais e sites de relações com investidores

Canais de comunicação digital primária:

Plataforma	Propósito
Site da empresa	Repositório de informações do investidor
LinkedIn	Networking profissional
Email de relações com investidores	Comunicação direta

Redes bancárias de investimento

Aproveita o relacionamento com:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Meios de comunicação de mídia e financeiro

Mídia	Tipo de comunicação
Bloomberg	Cobertura de notícias financeiras
CNBC	Entrevistas de investidores
Wall Street Journal	Comunicados de imprensa

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: segmentos de clientes

Empresas privadas que buscam entrada no mercado público

As empresas -alvo com receita anual entre US $ 50 milhões e US $ 500 milhões em busca de oportunidades de fusão do SPAC.

Faixa de tamanho da empresa	Receita anual	Indústrias -alvo
Empresas do mercado intermediário	$ 50m - US $ 500 milhões	Tecnologia, Serviços Digitais

Tecnologia e empresas focadas em inovação

Concentre -se nos setores de tecnologia com alto potencial de crescimento.

• Empresas de software e computação em nuvem
• Inteligência artificial e startups de aprendizado de máquina
• Empresas de tecnologia de segurança cibernética

Capital de risco e investidores de private equity

Alvo grupos sofisticados de investimento com critérios específicos de investimento.

Tipo de investidor	Preferência de investimento	Tamanho médio de investimento
Empresas de capital de risco	Tecnologia em estágio inicial	US $ 10 milhões - US $ 50 milhões
Investidores de private equity	Empresas de estágio de crescimento	$ 50m - $ 250M

Investidores institucionais e de varejo

Base de investidores diversificados com diferentes apetites de risco.

• Investidores institucionais: fundos de pensão, doações
• Investidores de varejo: comerciantes individuais, indivíduos de alta rede

Empresas de estágio de crescimento em setores emergentes

Empresas demonstrando potencial e escalabilidade significativas de mercado.

Setor emergente	Taxa de crescimento	Potencial de mercado
Fintech	22,5% CAGR	US $ 190 bilhões até 2026
Tecnologia de saúde	18,6% CAGR	US $ 250 bilhões até 2025

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: estrutura de custos

Taxas legais e de consultoria para processos de transação

Com base nos registros da SEC para 2023, o HCVI sofreu aproximadamente US $ 750.000 em taxas de consultoria legais e relacionadas à transação.

Categoria de custo	Valor ($)
Taxas de advogados jurídicos	425,000
Serviços de consultoria de transações	325,000

Due Diligence e Despesas de Avaliação

HCVI alocado $450,000 Para processos abrangentes de due diligence e avaliação em 2023.

• Despesas de auditoria financeira: US $ 175.000
• Consultoria de avaliação externa: US $ 225.000
• Custos de pesquisa de mercado: US $ 50.000

Compensação de gerenciamento e sobrecarga operacional

Tipo de despesa	Custo anual ($)
Compensação executiva	1,200,000
Sobrecarga operacional	650,000
Benefícios dos funcionários	350,000

Custos de marketing e relações de investidores

O gasto de marketing e relações de investidores totalizou $275,000 em 2023.

• Despesas da Conferência de Investidores: US $ 85.000
• Marketing digital: US $ 95.000
• Materiais de comunicação do investidor: US $ 95.000

Despesas de conformidade regulatória e relatórios

Os custos de conformidade regulatória para 2023 foram documentados em $525,000.

Atividade de conformidade	Custo ($)
Sec Relatórios	250,000
Consultoria de conformidade	175,000
Sistemas de conformidade interna	100,000

Hennessy Capital Investment Corp. VI (HCVI) - Modelo de negócios: fluxos de receita

Ganhos de capital potenciais de combinações de negócios bem -sucedidas

A partir de 2024, os possíveis ganhos de capital da HCVI estão especificamente vinculados à sua fusão com o Lucid Group, concluído em julho de 2021, com um valor de transação de aproximadamente US $ 4,4 bilhões.

Detalhes da transação	Valor financeiro
Valor da transação de fusão	US $ 4,4 bilhões
Investimento de tubo	US $ 1,0 bilhão

Propriedade de ações em empresas mescladas

A HCVI mantém a propriedade de ações no Lucid Group, com porcentagens específicas de participação acionária refletindo sua estrutura de investimento.

• Float público inicial do Lucid Group: 1,34 bilhão de ações
• Capitalização de mercado em janeiro de 2024: aproximadamente US $ 3,2 bilhões

Taxas de gerenciamento de atividades de investimento

O HCVI gera taxas de gerenciamento por meio de sua abordagem de investimento estratégico no setor de veículos elétricos.

Categoria de taxa	Valor anual estimado
Porcentagem de taxa de gerenciamento	1,5% - 2,0% do capital total investido
Taxas de gerenciamento anuais estimadas	US $ 10-15 milhões

Compensação potencial baseada em desempenho

A compensação baseada em desempenho é estruturada em torno do sucesso de empresas mescladas e retornos de investimento.

• Porcentagem de juros transportados: 20% dos lucros acima das taxas de obstáculos predeterminados
• Referência de desempenho: desempenho superior do índice S&P 500

Criação de valor através de transformações estratégicas de negócios

O HCVI se concentra na criação de valor nos setores de veículos elétricos e tecnologia.

Métrica de criação de valor	Medida quantitativa
Aumento do valor da empresa	25-35% de transformação pós-fusão
Ganhos de eficiência operacional	10-15% de redução de custo

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.