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Hennessy Capital (NASDAQ:BLBD) Investment Corp. VI (OTC Pink: HCVI), a special purpose acquisition company (SPAC) currently trading at $10.80 with a market capitalization of $158 million, has amended its business combination agreement with Greenstone Corporation, according to a recent SEC filing. The amendment, dated Monday, April 14, 2025, modifies the terms of their original agreement, including an extension of the transaction deadline and changes to minimum cash conditions. According to InvestingPro analysis, HCVI currently shows a WEAK financial health score, with several challenges ahead of the merger.
The updated agreement extends the outside date for completing the business combination to May 1, 2025, or 10 days after the effective date of the post-effective amendment to the Registration Statement on Form F-4, whichever is later. This amendment is seen as a step to provide additional time for meeting closing conditions and finalizing the business combination.
In a significant move, the amendment removes the requirement for a $25 million minimum cash condition, which was previously a condition for closing the deal. This change comes as InvestingPro data reveals the company’s concerning current ratio of 0.04, indicating significant liquidity constraints. Additionally, the amendment stipulates that Hennessy Capital’s sponsor will ensure that neither the company, Greenstone, nor the newly formed entity post-merger will have any liability with respect to unpaid SPAC transaction expenses.
The amendment also includes provisions for the composition of the board of directors of the post-merger company, where Greenstone will designate the directors. Furthermore, the sponsor has agreed to forfeit over 6.6 million shares of Hennessy Capital’s common stock and shares equivalent to the unpaid portion of certain working capital loans, if creditors choose to be repaid in shares of the post-merger company.
Moreover, the sponsor has committed to indemnify the post-merger entity against any excise taxes related to the business combination. The agreement also mentions the amendment of warrant terms to align private placement warrants with those issued in Hennessy Capital’s initial public offering.
This filing confirms that the parties involved have taken concrete steps towards completing the business combination, which is expected to see Greenstone Corporation become a wholly-owned subsidiary of the publicly traded entity resulting from the merger with Hennessy Capital Investment Corp. VI.
Investors and stakeholders are advised that the information is based on a press release statement and that they should read the full text of the amendment, along with other relevant documents filed with the SEC, for a complete understanding of the changes and their implications on the proposed business combination.
In other recent news, Hennessy Capital Investment Corp. VI is set to be delisted from the Nasdaq Stock Market after failing to meet the exchange’s listing rule. The company was required to complete a business combination within 36 months of its initial public offering but did not meet this condition by the extended deadline of March 31, 2025. As a result, its securities will soon trade on the OTC Markets, and the company has 15 days to request a review of the delisting decision. Additionally, Hennessy Capital Investment Corp. VI has postponed its special meeting of stockholders, initially scheduled for April 7, 2025, to discuss a proposed business combination with Greenstone Corporation. This delay in the business combination process contributed to the company’s failure to comply with Nasdaq’s listing requirements. The company has not yet decided whether to seek a review by the Nasdaq Listing and Hearing Review Council. Investors are advised to consult the SEC filings for detailed information on the company’s situation.
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