Business Context and Reporting Period
Company: Hennessy Capital Investment Corp. VIII (HCIC)
Filing Type: Form 10-Q (Quarterly Report)
Period Ended: June 30, 2026
Business Status: Special Purpose Acquisition Company (SPAC) incorporated in the Cayman Islands. The Company has not commenced operations and has not selected a specific business combination target. Its primary activity is identifying a target for an initial business combination.
Key Financial Metrics
| Metric | Six Months Ended June 30, 2026 | As of June 30, 2026 |
|---|---|---|
| Net Income | $2,364,490 | - |
| Operating Costs (G&A) | $917,566 | - |
| Interest Income (Trust Account) | $3,282,056 | - |
| Cash (Outside Trust) | - | $654,636 |
| Cash in Trust Account | - | $244,651,743 |
| Total Assets | - | $245,435,212 |
| Total Liabilities | - | $5,492,038 |
| Class A Shares Subject to Redemption | - | 24,150,000 shares ($244,617,954) |
| Shareholders' Deficit | - | $(4,674,780) |
| Net Cash Used in Operating Activities | $(803,446) | - |
Material Changes vs. Prior Period
- Initial Public Offering (IPO): On February 6, 2026, the Company consummated its IPO, selling 24,150,000 Units (including full over-allotment) at $10.00 per unit, generating gross proceeds of $241,500,000. Simultaneously, it sold 671,000 Private Placement Units for $6,710,000.
- Trust Account Funding: As of December 31, 2025, the Trust Account held $0. As of June 30, 2026, it held $244,651,743, reflecting the IPO proceeds plus interest earned.
- Profitability: The Company reported a net income of $2,364,490 for the six months ended June 30, 2026, driven primarily by interest income ($3,282,056) on the Trust Account, offset by general and administrative costs ($917,566). This contrasts with the pre-IPO period where no operating revenues or significant interest income existed.
- Liabilities: Total liabilities increased from $363,370 (Dec 31, 2025) to $5,492,038 (June 30, 2026), primarily due to the recognition of a deferred underwriting fee of $4,830,000 and deferred legal fees of $480,000.
Outlook, Risks, and Management Commentary
- Completion Window: The Company has 24 months from the closing of the IPO (February 6, 2026) to complete an initial business combination. If unsuccessful, it must redeem public shares and liquidate.
- Liquidity and Going Concern: Management has raised substantial doubt about the Company's ability to continue as a going concern for a period of one year from the issuance date, as it lacks sufficient liquidity to sustain operations without completing a business combination or obtaining additional financing.
- Deferred Fees: A deferred underwriting fee of $4,830,000 (2.0% of gross proceeds) is payable only upon the successful completion of a business combination.
- Risk Factors: Risks include the inability to select or complete a business combination, geopolitical instability (Russia-Ukraine, Israel-Hamas, US-Israel-Iran conflicts) affecting global markets, and the potential for significant dilution to public shareholders.
- Related Party Transactions: The Company pays monthly administrative fees ($15,000) to a Sponsor affiliate and compensation to officers ($25,000 combined monthly) and consultants ($27,500 monthly).
Investor Verification Checklist
- Verify the status of the 24-month deadline for completing a business combination (expires February 6, 2028).
- Confirm the current balance in the Trust Account and the amount of interest available for permitted withdrawals (taxes and working capital).
- Review the Sponsor's indemnification obligations regarding third-party claims against the Trust Account and the Sponsor's ability to satisfy them.
- Assess the impact of the deferred underwriting fee ($4,830,000) on the net cash available to the combined entity post-transaction.
- Monitor the Company's cash burn rate outside the Trust Account ($654,636 as of June 30, 2026) against its monthly operating expenses to gauge the need for additional working capital loans.