Company: HVIIR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023283
Chunk: 59

Company: Hennessy Capital Investment Corp. VII
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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FO”) and Secretary, and Thomas Hennessy, the Company’s President
and Chief Operating Officer (“COO”), respectively. The founder shares were transferred for total consideration of $0.004
per share, or $1,000 and $3,000, respectively, due to the Sponsor. On December 19, 2024, the Sponsor transferred an aggregate of 130,000
founder shares to its independent directors, for total consideration of $0.004 per share, or $520, due to the Sponsor. The founder shares
are automatically forfeited back to the Sponsor if the holder of such founder shares is no longer providing services to the Company prior
to its Business Combination. The sale of the founder shares to the Company’s CFO, COO, and its independent directors, are in the
scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation
associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 1,130,000 shares granted
to the Company’s CFO, COO, and its independent directors were $1,118,700, or $0.99 per share. The founder shares were granted subject
to a performance condition (i.e., providing services through the Company’s Business Combination). Compensation expense related
to the founder shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature
in this circumstance.

    12

HENNESSY
CAPITAL INVESTMENT CORP. VII

NOTES
TO CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

(UNAUDITED)

The
Company’s initial shareholders have agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary
shares issued upon conversion thereof until the earlier to occur of (i) 180 days after the completion of the Company’s Business
Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after
its Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary
shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements
of the Company’s initial shareholders with respect to any founder shares (the “Lock-up”).

Promissory
Note — Related Party

The