Hennessy Capital Investment V, a blank check company targeting US sustainable industrial technology and infrastructure, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Wilson, WY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Hennessy Capital Investment V would command a market value of $313 million.
The company is led by CEO and Chairman Daniel Hennessy, who has led sponsor Hennessy Capital since founding the firm in 2013; COO, President, and Director Greg Ethridge, who is currently a Principal at Southlake Ventures and previously was a Senior Partner of MatlinPatterson; and CFO Nicholas Petruska, a VP at Hennessy Capital.
The group's previous SPAC, Hennessy Capital Acquisition IV, raised $261 million in February of 2019 and recently completed its acquisition of EV developer Canoo (GOEV; +89% from $10 offer price). Other SPACs led by Daniel Hennessy include Hennessy Acquisition III, which raised $225 million in June 2017 and acquired waste management services company NRC Group (NRCG) prior to being acquired itself by US Ecology (Nasdaq: ECOL) in November 2019; Hennessy Acquisition II, which raised $175 million in July 2015 and acquired trucking company Daseke (DSKE; -42%) in February 2017; and Hennessy Acquisition I, which raised $100 million in January 2014 and acquired school bus maker Blue Bird (BLBD; +85%) in February 2015.
Hennessy Capital Investment V intends to focus on industries that complement management's background, and to capitalize on their ability to identify and acquire a business, focusing on sustainable industrial technology and infrastructure sectors in the US.
Hennessy Capital Investment V was founded in 2020 and plans to list on the Nasdaq under the symbol HCICU. Citi and Barclays are the joint bookrunners on the deal.
