Hennessy Capital Investment Corp. VII Announces Pricing of $175,000,000 Initial Public Offering
Rhea-AI Summary
Hennessy Capital Investment Corp. VII has announced the pricing of its initial public offering (IPO) of 17,500,000 units at $10.00 per unit, totaling $175,000,000. The units will trade on Nasdaq under symbol HVIIU starting January 17, 2025.
Each unit comprises one Class A ordinary share and one right to receive one-twelfth of a Class A ordinary share upon business combination completion. After separate trading begins, shares and rights will trade under HVII and HVIIR respectively.
The SPAC, founded by Daniel J. Hennessy, aims to pursue merger opportunities in industrial technology and energy transition sectors. The offering is expected to close January 21, 2025, with underwriters having a 45-day option to purchase up to 2,625,000 additional units for over-allotments.
Positive
- IPO raises $175 million at $10.00 per unit
- Listing on major exchange (Nasdaq)
- Potential additional capital of $26.25 million from over-allotment option
- Focused investment strategy in growing sectors (industrial technology and energy transition)
Negative
- No specific acquisition target identified yet
- Shareholder dilution through Share Rights (1/12 additional share per unit)
- time to complete business combination as typical with SPACs
Insights
This IPO launch represents a notable SPAC offering in the current market environment. The $175 million raise, with potential to reach $201.25 million if over-allotment is exercised, positions Hennessy Capital Investment Corp. VII as a mid-sized SPAC targeting industrial technology and energy transition sectors.
The unit structure offering one Share Right per unit (1/12 of a share upon business combination) is relatively standard but provides an interesting incentive mechanism for investors who hold through merger completion. At
Daniel J. Hennessy's track record in the SPAC space adds credibility - this being their seventh SPAC vehicle suggests established expertise in identifying and executing business combinations. The focus on industrial technology and energy transition sectors is strategically timed, as these sectors are experiencing significant innovation and capital needs, particularly around decarbonization and automation trends.
For market participants, this SPAC presents an opportunity to gain exposure to potential deals in rapidly evolving industrial tech and energy transition spaces, with the standard
The timing and structure of this SPAC IPO reflects current market dynamics and investor sentiment. With
The participation of Cohen & Company Capital Markets as lead book-runner, alongside Clear Street and Loop Capital Markets, indicates strong institutional distribution capabilities. The 45-day over-allotment option of 2.625 million additional units provides flexibility to accommodate excess demand while maintaining price stability.
Trading under 'HVIIU' initially, with separate trading of shares (HVII) and rights (HVIIR) to follow, offers investors various ways to express their views on both the SPAC sponsor's execution capabilities and eventual target company potential. The 1/12 share right structure provides a balanced incentive for long-term holders without excessive dilution.
New York, NY, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Hennessy Capital Investment Corp. VII (the “Company”), a special purpose acquisition company, announced today the pricing of its initial public offering of 17,500,000 units at a price of
The Company is a newly incorporated blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. Although the Company reserves the right to pursue an acquisition opportunity in any business or industry, the Company intends to focus its search for a target business in the industrial technology and energy transition sectors.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is the lead book running manager, and Clear Street LLC and Loop Capital Markets LLC are acting as co-book running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.
The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective on January 16, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the anticipated closing date and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms or timing described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Nicholas Geeza
Hennessy Capital Investment Corp. VII
Email: hvii@hennessycapitalgroup.com
Website: www.hennessycapitalgroup.com
FAQ
What is the IPO price and size for Hennessy Capital Investment Corp. VII (HVII)?
When will HVII start trading on Nasdaq?
What sectors is HVII targeting for acquisition?
What do HVII unit holders receive in the IPO?
What is the over-allotment option for HVII's IPO?
