Hennessy Capital reports successful IPO and trust account funding

Hennessy Capital (NASDAQ:BLBD) Investment Corp. VII, a special purpose acquisition company, announced the successful completion of its initial public offering (IPO) and the subsequent funding of its trust account. On Monday, the company disclosed that it had raised $190.0 million in gross proceeds from the sale of 19.0 million units, including a partial exercise of the underwriters' over-allotment option. The company now maintains a market capitalization of $240.68 million, according to InvestingPro data.

Each unit, priced at $10.00, comprises one Class A ordinary share and one right entitling the holder to receive one-twelfth of a Class A ordinary share upon the consummation of the company's initial business combination. In addition to the public offering, Hennessy Capital also placed 690,000 private units, generating an additional $6.9 million in gross proceeds. The stock currently trades at $10.02, demonstrating remarkable price stability near its 52-week high of $10.03. InvestingPro subscribers can access additional metrics and detailed analysis about the company's financial health, which currently rates as Fair.

The underwriters, which include Cohen & Company Capital Markets, Clear Street LLC, and Loop Capital Markets LLC, collectively purchased 190,000 private units. The company's sponsor, HC VII Sponsor LLC, acquired 500,000 private units.

In line with the IPO's completion, a total of $190.0 million, encompassing the net proceeds from the IPO and the private placement sales as well as the underwriters' deferred underwriting discounts and commissions, has been deposited into a segregated trust account in the United States. The trust account is overseen by Odyssey Transfer and Trust Company as trustee.

The funds within the trust account are earmarked for the financing of Hennessy Capital's initial business combination, with provisions allowing for the release of interest to cover the company's tax obligations and certain working capital needs.

Unless used for these specific purposes, the capital will remain in the trust account until an initial business combination is completed, the redemption of public shares occurs in accordance with the company's charter, or if the company fails to achieve a business combination within the stipulated 24-month completion window.

The company also provided an audited balance sheet as of the IPO closing date, which reflects the receipt of proceeds from the offering. This financial statement is part of the formal 8-K filing with the Securities and Exchange Commission.

This report is based on a press release statement. For comprehensive financial analysis and real-time updates on Hennessy Capital Investment Corp. VII, including detailed metrics and expert insights, visit InvestingPro.

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