Haymaker Acquisition Corp V (HYAC) has a new director, Walter Field McLallen, filing an initial statement of beneficial ownership on Form 3. He reports an indirect pecuniary interest in Class B ordinary shares held by Haymaker Sponsor V LLC, but he does not have voting or dispositive control over those shares.
Haymaker Acquisition Corp V (HYAC) received an initial ownership report on Form 3 from Bradley Christopher, who is a director and serves as CEO/CFO. He reports an indirect pecuniary interest in the company’s Class B ordinary shares held by Haymaker Sponsor V LLC through his interest in that sponsor entity.
The filing states that Christopher does not have voting or dispositive control over those Class B shares, meaning he does not control how they are voted or when they are sold. No specific share amounts or purchase/sale transactions are reported in this Form 3.
Haymaker Acquisition Corp V (HYAC) is reported to have a significant beneficial owner in connection with its Units (Class A Ordinary Shares and Warrants). MMCAP International Inc. SPC and MM Asset Management Inc. jointly report beneficial ownership of 2,200,000 Units, representing 8.8% of this class.
Both entities report shared voting power and shared dispositive power over all 2,200,000 Units, with no sole voting or dispositive power.
Haymaker Acquisition Corp V (HYAC), a Cayman Islands blank check company, is conducting an IPO of 25,000,000 units at $10.00 each, for a gross offering of $250,000,000, with an option for underwriters to buy up to 3,750,000 additional units. Each unit includes one Class A ordinary share and one-third of a redeemable warrant; each whole warrant is exercisable at $11.50 per share starting 30 days after the initial business combination and expiring five years thereafter.
$250,000,000 of IPO and private placement proceeds, or $287,500,000 if the over-allotment is fully exercised, will be placed in a U.S. trust account at $10.00 per unit to fund a future business combination or redemptions. Public shareholders may redeem their shares at cash equal to the trust balance per public share upon the initial business combination or any approved extension, subject to a 15% redemption cap per group if a shareholder vote is held. HYAC has 24 months from IPO closing, or an earlier board-approved liquidation date, to complete a business combination, after which it will redeem 100% of public shares.
The sponsor bought 7,187,500 Class B founder shares for $25,000 and will own 20% of ordinary shares post-IPO (subject to anti-dilution, potentially at a greater than one-to-one conversion), creating immediate dilution and possible additional dilution from 5,333,333 private placement warrants and any working capital loans convertible into warrants. Affiliates of the CEO/CFO will receive $40,000 per month for services and $67,500 per month for office and administrative support, payable only at a successful business combination or liquidation, and the sponsor and affiliates may receive various transaction-related fees, leading to potential conflicts of interest.