Company: HVIIR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001741
Chunk: 102

Company: Hennessy Capital Investment Corp. VII
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 102
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 business combination; (ii) the redemption of any public shares properly submitted in connection
with a shareholder vote to amend HVII’s amended and restated memorandum and articles of association (A) to modify the substance
or timing of HVII’s obligation to provide for the redemption of its public shares in connection with an initial business combination
or to redeem 100% of its public shares if HVII has not consummated its initial business combination within the completion window or (B)
with respect to any other provision relating to shareholders’ rights or pre-initial business combination activity; or (iii) absent
an initial business combination within the completion window, HVII’s return of the funds held in the trust account to its public
shareholders as part of its redemption of the public shares.

  58  

Further,
under the subjective test of an “investment company” pursuant to Section 3(a)(1)(A) of the Investment Company Act, even if
the funds deposited in the trust account were invested in the assets discussed above, there is a risk that HVII could be deemed an investment
company and subject to the Investment Company Act based on the length of time such funds are invested in such assets.

If
HVII were deemed to be subject to compliance with and regulation under the Investment Company Act, it would be subject to additional
regulatory burdens and expenses for which it has not allotted funds. Unless HVII is able to modify its activities so that it would not
be deemed an investment company, it would either register as an investment company or wind down and abandon its efforts to complete an
initial business combination and instead liquidate the company. As a result, HVII’s public shareholders may receive only approximately
$10.00 per public share, or less in certain circumstances, on the liquidation of its trust account, would lose the investment opportunity
in a target company with which HVII may decide to consummate an initial business combination and would be unable to realize the potential
benefits of an initial business combination, including the possible appreciation of the combined company’s securities. In addition,
under these circumstances, HVII’s public share rights would expire worthless.

HVII
is aware of litigation against certain SPACs asserting that, notwithstanding the foregoing, those SPACs should be considered investment
companies. Although HVII believes that these claims are without merit, it cannot guarantee that HVII will not be considered an investment
company and thus be subject to the Investment Company Act. If HVII’s circumstances change over time