Hennessy Capital VIII Expands IPO Beyond Initial Target

Hennessy Capital Investment VIII, a blank check company sponsored by Hennessy Capital, has priced an upsized U.S. initial public offering, raising $210 million in gross proceeds. The SPAC sold 21 million units at $10 per unit, exceeding its original plan to raise $175 million through the sale of 17.5 million units at the same price.

Each unit consists of one share of common stock and one right entitling the holder to receive one-twelfth of a share upon completion of an initial business combination, a structure designed to limit dilution compared with traditional warrant-heavy SPAC offerings.

Leadership Anchored by Longtime SPAC Sponsor

Hennessy Capital Investment VIII is led by CEO and Chairman Daniel Hennessy, who founded Hennessy Capital in 2013 and has overseen multiple SPAC vehicles over the past decade. He is joined by CFO Nicholas Geeza, Head of Business Development at Hennessy Capital Growth Strategies.

The management team brings extensive experience navigating both the SPAC formation process and post-merger execution across industrial and energy-related sectors.

Focus on Industrial Innovation and Energy Transition

The SPAC plans to target businesses operating in industrial innovation and the energy transition, with a particular emphasis on companies valued at $500 million or more on an enterprise value basis. Management has highlighted interest in businesses positioned to benefit from structural shifts in industrial technology, infrastructure modernization, and energy system transformation.

This focus aligns with broader investor interest in industrial automation, advanced manufacturing, and next-generation energy solutions.

Mixed Outcomes Across Prior Hennessy SPACs

Hennessy Capital has sponsored several prior blank check companies with varied results. The most recent, Hennessy Capital Investment VII, announced a merger with gas and small modular reactor power plant developer ONE Nuclear in October 2025 and currently trades modestly above its $10 offering price.

Earlier vehicles include Hennessy Capital Investment VI, which merged with gold miner Namib Minerals in June 2025 and has since traded sharply lower, and Hennessy Capital Investment V, which liquidated after terminating a proposed merger with autonomous trucking technology firm Plus. An earlier Hennessy SPAC, Hennessy Capital Acquisition IV, completed its merger with electric vehicle developer Canoo in 2020; Canoo later filed for Chapter 7 bankruptcy in January 2025.

Listing Details

Founded in 2025 and based in Zephyr Cove, Nevada, Hennessy Capital Investment VIII plans to list on the Nasdaq under the ticker symbol HCICU. Barclays and Cohen & Company Securities acted as joint bookrunners on the offering.

The upsized IPO underscores continued, albeit selective, investor appetite for SPACs with experienced sponsors and clearly defined sector mandates.