Wed, May 15, 8:03 PM (305 days ago)
Hennessy Capital Investment Corp. VI's Form 10-Q for the quarter ended March 31, 2024, highlights significant financial activities and changes. The company, a special purpose acquisition company (SPAC), reported a net loss of $4,268,000 for the quarter, primarily due to general and administrative expenses, including $1,500,000 related to founder shares provided in non-redemption agreements. The company's cash balance decreased to $6,000 from $462,000 at the end of 2023, and it had negative working capital of $7,708,000. The company executed two extensions to complete its business combination, resulting in substantial redemptions of Class A common stock, reducing the trust account from $340,930,000 to $55,959,000. The company also entered into subscription agreements to secure $2,650,000 for working capital. The fair value of these agreements increased liabilities by $1,916,000. The company faces uncertainties regarding future operations and the ability to complete a business combination by the extended deadline of September 30, 2024.