Exhibit 99.1
HENNESSY CAPITAL INVESTMENT CORP. VI
PRO FORMA BALANCE SHEET
(dollar amounts rounded to thousands)
As of | ||||||||||||||||
October 1, 2021 | Pro Forma Adjustments | Pro Forma As Adjusted | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 3,378,000 | $ | (819,000 | ) | b | $ | 3,378,000 | ||||||||
819,000 | e | |||||||||||||||
Prepaid expenses | 968,000 | - | 968,000 | |||||||||||||
Total current assets | 4,346,000 | - | 4,346,000 | |||||||||||||
Cash and investments held in Trust Account | 300,000,000 | 40,930,000 | a | 340,930,000 | ||||||||||||
Total Assets | $ | 304,346,000 | $ | 40,930,000 | $ | 345,276,000 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accrued formation costs | $ | 2,000 | - | $ | 2,000 | |||||||||||
Accounts payable | 1,226,000 | - | 1,226,000 | |||||||||||||
Accrued liabilities | 91,000 | - | 91,000 | |||||||||||||
Total current liabilities | 1,319,000 | - | 1,319,000 | |||||||||||||
Other liabilities: | ||||||||||||||||
Warrant liability | 17,500,000 | 573,000 | e | |||||||||||||
1,433,000 | d | 19,506,000 | ||||||||||||||
Deferred underwriting compensation | 10,500,000 | 1,433,000 | b | 11,933,000 | ||||||||||||
Total liabilities | 29,319,000 | 7,225,000 | 36,544,000 | |||||||||||||
Common stock subject to possible redemption; 30,000,000 shares and 34,092,954 shares as adjusted (at redemption value of $10.00 per share) | 300,000,000 | 40,930,000 | a | |||||||||||||
(819,000 | ) | b | ||||||||||||||
(1,433,000 | ) | b | ||||||||||||||
87,000 | c | |||||||||||||||
(1,433,000 | ) | d | ||||||||||||||
3,598,000 | f | 340,930,000 | ||||||||||||||
Commitments and contingencies Stockholders’ equity (deficit): | ||||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding | - | - | - | |||||||||||||
Class A common stock, $0.0001 par value, 200,000,000 authorized shares, -0- shares issued and outstanding and -0- shares as adjusted (excluding 30,000,000 shares, and 34,092,954 shares as adjusted, subject to possible redemption) | - | - | - | |||||||||||||
Class B common stock, $0.0001 par value, 20,000,000 authorized shares, 11,500,000 shares issued, and outstanding, actual and as adjusted(1) | 1,000 | - | 1,000 | |||||||||||||
Additional paid-in-capital | - | 246,000 | e | - | ||||||||||||
(246,000 | ) | f | ||||||||||||||
Accumulated deficit | (24,974,000 | ) | (87,000 | ) | c | (28,413,000 | ) | |||||||||
(3,352,000 | ) | f | ||||||||||||||
Total stockholders’ (deficit) | (24,973,000 | ) | (3,439,000 | ) | (28,412,000 | ) | ||||||||||
Total liabilities and stockholders’ (deficit) | $ | 304,346,000 | $ | 40,930,000 | 345,276,000 |
(1) | Includes an aggregate of 1,500,000 and 135,682 shares, respectively, of Class B common stock at October 1, 2021 and as adjusted, held by the Sponsor that are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full. |
See accompanying note to pro forma balance sheet
HENNESSY CAPITAL INVESTMENT CORP. VI
NOTE TO PRO FORMA BALANCE SHEET
(unaudited, and dollar amounts rounded to thousands)
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION
The accompanying unaudited Pro Forma Balance Sheet presents the Balance Sheet of Hennessy Capital Investment Corp. VI (the “Company”) as of October 1, 2021, adjusted for the October 21, 2021 closing of the underwriters’ over-allotment option.
On October 21, 2021 the Company closed the underwriters’ over-allotment option of 4,092,954 units (a partial exercise), increasing the aggregate gross proceeds to the Company from its initial public offering by approximately $40,930,000 to approximately $340,930,000. The partial exercise of the underwriters’ over-allotment option resulted in an additional cash underwriting fee of approximately $819,000 and an additional deferred underwriting fee of approximately $1,433,000. Because only a portion of the underwriters’ over-allotment option was exercised (and assuming, no further exercise of the underwriters’ over-allotment option), then 135,682 Founders Shares would be forfeited by the Sponsor. Pro forma adjustments to reflect the exercise of the underwriters’ over-allotment option are as follows:
Pro forma entry | Debit | Credit | ||||||||||
a. | Cash held in Trust Account | 40,930,000 | ||||||||||
Class A common stock subject to redemption | 40,930,000 |
To record the sale of 4,092,954 units at $10.00 and the deposit of $10.00 per share in the trust account
b. | Class A common stock subject to redemption | 819,000 | ||||||||||
Class A common stock subject to redemption | 1,433,000 | |||||||||||
Cash | 819,000 | |||||||||||
Deferred underwriting fee | 1,433,000 |
To record additional cash and deferred underwriting fees associated with over-allotment option exercise
c. | Accumulated deficit | 87,000 | ||||||||||
Common stock subject to redemption | 87,000 |
To allocate a portion of the costs associated with issuance of the warrants issued to expense not capital based on the relative value of the warrants vs. equity.
d. | Class A common stock subject to redemption | 1,433,000 | ||||||||||
Warrant liability | 1,433,000 |
To record warrant liability for additional public warrants
e. | Cash from private placement warrant (“PPW”) sale proceeds | 819,000 | ||||||||||
Additional paid-in-capital PPW proceeds over FMV | 246,000 | |||||||||||
Warrant liability | 573,000 |
To record PPW sale proceeds and warrant liability for additional private warrants and PPW
f. | Accumulated deficit | 3,352,000 | ||||||||||
Additional paid-in-capital | 246,000 | |||||||||||
Class A common stock subject to redemption | 3,598,000 |
To correctly state Class A common stock subject to redemption and additional paid-in-capital
No entry is shown for the forfeiture of 135,682 Founder Shares as the number of shares ultimately forfeited is not known until the over-allotment period has expired and further the dollar amount is below the rounded amounts being presented.