Hennessy Capital Investment V, a blank check company targeting US sustainable industrial technology and infrastructure, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. BlackRock, DE Shaw, and other anchor investors indicated on $57.5 million worth of units in the offering.
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, went public in February 2019 and recently completed its acquisition of EV developer Canoo (GOEV; +74% from $10 offer price). Other SPACs led by Daniel Hennessy include Hennessy Acquisition III, which went public 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 went public in July 2015 and acquired trucking company Daseke (Nasdaq: DSKE) in February 2017; and Hennessy Acquisition I, which went public in January 2014 and acquired school bus maker Blue Bird (Nasdaq: BLBD) 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 plans to list on the Nasdaq under the symbol HCICU. Citi and Barclays acted as lead managers on the deal.
