Company: HVIIR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001741
Chunk: 33

Company: Hennessy Capital Investment Corp. VII
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 33
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 initial business combination will indicate whether it is requiring public shareholders to satisfy such delivery
requirements, which will include the requirement that any beneficial owner on whose behalf a redemption right is being exercised must
identify itself in order to validly redeem its shares. Accordingly, a public shareholder would have from the time HVII sends out its
tender offer materials until the close of the tender offer period, or up to two business days prior to the vote on the business combination
if HVII distributes proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights. Pursuant
to the tender offer rules, the tender offer period will be not less than 20 business days and, in the case of a shareholder vote, a final
proxy statement would be mailed to public shareholders at least 20 days prior to the shareholder vote. However, HVII expects that a draft
proxy statement would be made available to such shareholders well in advance of such time, providing additional notice of redemption
if it conducts redemptions in conjunction with a proxy solicitation. Given the relatively short exercise period, it is advisable for
shareholders to use electronic delivery of their public shares.

There
is a nominal cost associated with the above-referenced tendering process and the act of certificating the shares or delivering them through
The Depository Trust Company’s DWAC (Deposit/Withdrawal At Custodian) System. The transfer agent will typically charge the tendering
broker $80.00 and it would be up to the broker whether or not to pass this cost on to the redeeming holder. However, this fee would be
incurred regardless of whether or not HVII requires holders seeking to exercise redemption rights to tender their shares. The need to
deliver shares is a requirement of exercising redemption rights regardless of the timing of when such delivery must be effectuated.

The
foregoing is different from the procedures used by many blank check companies. In order to perfect redemption rights in connection with
their business combinations, many blank check companies would distribute proxy materials for the shareholders’ vote on an initial
business combination, and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating
such holder was seeking to exercise his or her redemption rights. After the business combination was approved, the company would contact
such shareholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the shareholder then had
an “option window” after the completion of the