AMERICAN special purpose acquisition company (SPAC), Hennessy Capital Investment Corp. VI (HCVI) has set May 5 as the date to consider merging with Namib Minerals.
HCVI had originally postponed an April meeting that was meant to consider the merger.
The delay was owing to Namib and HCVI violating a Nasdaq listing rule requiring an SPAC to complete one or more business combinations within 36 months of the effectiveness of its initial public offering registration statement.
Nasdaq determined that the 36 months elapsed on March 31, 2025, at which time HCVI and Namib had not finished their merger.
A SPAC is a “blank cheque” company that raises money from investors through an initial public offering (IPO) with the sole purpose of acquiring or merging with a private company, thereby taking that company public without a traditional IPO.
The proposed merger was first announced in June 2024 by HCVI, a SPAC of American alternative investor Hennessy Capital Group.
“Namib Minerals, Greenstone, an affiliate of Namib Minerals and an established African gold producer with an attractive portfolio of mining and exploration assets in Zimbabwe and the Democratic Republic of Congo (DRC), and HCVI, a Nasdaq listed special purpose acquisition company ... announced that the SEC has declared effective the registration statement, which was previously declared effective by the SEC on March 17, 2025 and includes a definitive proxy statement/prospectus in connection with HCVI’s special meeting of stockholders (the special meeting) to approve the business combination (merger),” HCVI and Namib said, in a joint filing to the United States Securities and Exchange Commission this week.
“The business combination is expected to result in Namib Minerals listing its ordinary shares and warrants on Nasdaq under the ticker symbols ‘NAMM’ and ‘NAMMW’, respectively, subject to approval of its listing application. Additionally, HCVI announced that it has set a meeting date of May 5, 2025, for the special meeting, which was originally scheduled for April 7, 2025.”
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Namib, through its operating arm, Greenstone Corporation, owns three gold mines locally namely, Mazowe, Redwing and How gold mines in Zimbabwe, but also has interests in the Democratic Republic of Congo.
