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Hennessy Capital (NASDAQ:BLBD) Investment Corp. VI (HCVI), a special purpose acquisition company with a market capitalization of $159 million, is set to be delisted from the Nasdaq Stock Market LLC after failing to meet the exchange’s listing rule requiring the completion of a business combination within 36 months of its initial public offering. The company received a notice on Monday, indicating that trading of its securities would be suspended starting Friday, April 4, 2025.
The company, which is incorporated in Delaware and based in Zephyr Cove, Nevada, had previously been granted an extension until March 31, 2025, to fulfill the condition but was unable to complete a business combination by the deadline. Currently trading at $11.67, InvestingPro analysis indicates the stock is in overbought territory. As a result, its units, shares of Class A common stock, and warrants will soon trade on the OTC Markets under the tickers HCVIU, HCVI, and HCVIW, respectively. The market for the company’s securities may be limited, and their trading price could suffer, particularly given the company’s weak financial health score and concerning current ratio of 0.04.
Hennessy Capital Investment Corp. VI has 15 days from receiving the delisting notice to request a review by the Nasdaq Listing and Hearing Review Council. It is currently undecided if it will seek such a review. If no review is requested, a Form 25 will be filed with the SEC, finalizing the delisting process. InvestingPro subscribers can access additional insights and financial metrics to better understand the company’s challenges, including 4 more exclusive ProTips and comprehensive financial health analysis.
In related news, the company has indefinitely postponed its special meeting of stockholders, which was initially scheduled for April 7, 2025, to address its proposed business combination with Greenstone Corporation. The new meeting date will be announced in the future.
This postponement comes after Hennessy Capital Investment Corp. VI entered into a business combination agreement with Greenstone Corporation, a company incorporated under the laws of the Cayman Islands, which was supposed to become a direct wholly-owned subsidiary of Hennessy upon completion of the business combination. The delay in this process has contributed to the failure to comply with Nasdaq’s listing rule, leading to the pending delisting.
Investors and stakeholders are advised that the information in this article is based on a press release statement and to read the full details of the SEC filings for a comprehensive understanding of the company’s situation.
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