Haymaker Acquisition Corp. 4 (HYAC) received an amended Schedule 13G disclosing significant ownership positions as of 09/30/2025. Westchester Capital Management, LLC reported beneficial ownership of 1,932,010 Class A shares (8.25%). Virtus Investment Advisers, LLC reported 1,857,836 shares (7.93%), and The Merger Fund reported 1,780,002 shares (7.60%). Westchester Capital Partners, LLC reported 7,018 shares (0.03%).
Percentages are based on 23,425,499 Class A shares outstanding as of August 13, 2025, as referenced in HYAC’s Form 10‑Q. The filing states the securities were acquired and are held in the ordinary course of business.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Haymaker Acquisition Corp. 4
(Name of Issuer)
Class A ordinary shares, $0.0001 par value per share
(Title of Class of Securities)
G4375F108
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G4375F108
1
Names of Reporting Persons
Westchester Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
74,174.00
6
Shared Voting Power
1,857,836.00
7
Sole Dispositive Power
74,174.00
8
Shared Dispositive Power
1,857,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,932,010.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.25 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 23,425,499 Class A ordinary shares outstanding as of August 13, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 13, 2025.
SCHEDULE 13G
CUSIP No.
G4375F108
1
Names of Reporting Persons
Westchester Capital Partners, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,018.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,018.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,018.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.03 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 23,425,499 Class A ordinary shares outstanding as of August 13, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 13, 2025.
SCHEDULE 13G
CUSIP No.
G4375F108
1
Names of Reporting Persons
Virtus Investment Advisers, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,857,836.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,857,836.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,857,836.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.93 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 23,425,499 Class A ordinary shares outstanding as of August 13, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 13, 2025.
The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G.
SCHEDULE 13G
CUSIP No.
G4375F108
1
Names of Reporting Persons
The Merger Fund
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,780,002.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,780,002.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,780,002.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.6 %
12
Type of Reporting Person (See Instructions)
IV
Comment for Type of Reporting Person: * Based on 23,425,499 Class A ordinary shares outstanding as of August 13, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 13, 2025.
The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Haymaker Acquisition Corp. 4
(b)
Address of issuer's principal executive offices:
501 Madison Avenue, Floor 5, New York, New York, 10022
Item 2.
(a)
Name of person filing:
This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, Westchester Capital Partners, LLC ("WCP"), a Delaware limited liability company, Virtus Investment Advisers, LLC ("Virtus"), a Delaware limited liability company, and The Merger Fund ("MF"), a Massachusetts business trust.
Virtus, a registered investment adviser, serves as the investment adviser to MF, The Merger Fund VL ("MF VL"), Virtus Westchester Event-Driven Fund ("EDF") and Virtus Westchester Credit Event Fund ("CEF"). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, MF VL, EDF, CEF, JNL/Westchester Capital Event Driven Fund ("JNL"), JNL Multi-Manager Alternative Fund ("JARB") and Principal Funds, Inc. - Global Multi-Strategy Fund ("PRIN"). WCP, a registered investment adviser, serves as investment adviser to Westchester Capital Master Trust ("Master Trust", together with MF, MF VL, EDF, CEF, JNL, JARB and PRIN, the "Funds"). The Funds directly hold Ordinary Shares of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester and WCP.
Westchester and WCP often make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time. Based on the foregoing and the relationships described herein, these parties may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act. The filing of this statement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.
(b)
Address or principal business office or, if none, residence:
Westchester Capital Management, LLC
100 Summit Lake Drive, Valhalla, NY 10595
Westchester Capital Partners, LLC
100 Summit Lake Drive, Valhalla, NY 10595
Virtus Investment Advisers, LLC
One Financial Plaza, Hartford, CT 06103
The Merger Fund
101 Munson Street, Greenfield, MA 01301-9683
(c)
Citizenship:
Each of Westchester, WCP and Virtus are organized under the laws of the State of Delaware. MF is organized under the laws of the State of Massachusetts.
(d)
Title of class of securities:
Class A ordinary shares, $0.0001 par value per share
(e)
CUSIP No.:
G4375F108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Westchester Capital Management, LLC: 1,932,010
Westchester Capital Partners, LLC: 7,018
Virtus Investment Advisers, LLC: 1,857,836
The Merger Fund: 1,780,002
(b)
Percent of class:
Westchester Capital Management, LLC: 8.25%
Westchester Capital Partners, LLC: 0.03%
Virtus Investment Advisers, LLC: 7.93%
The Merger Fund: 7.60%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Westchester Capital Management, LLC: 74,174
Westchester Capital Partners, LLC: 7,018
Virtus Investment Advisers, LLC: 0
The Merger Fund: 0
(ii) Shared power to vote or to direct the vote:
Westchester Capital Management, LLC: 1,857,836
Westchester Capital Partners, LLC: 0
Virtus Investment Advisers, LLC: 1,857,836
The Merger Fund: 1,780,002
(iii) Sole power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 74,174
Westchester Capital Partners, LLC: 7,018
Virtus Investment Advisers, LLC: 0
The Merger Fund: 0
(iv) Shared power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 1,857,836
Westchester Capital Partners, LLC: 0
Virtus Investment Advisers, LLC: 1,857,836
The Merger Fund: 1,780,002
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Westchester Capital Management, LLC
Signature:
/s/ CaSaundra Wu
Name/Title:
CaSaundra Wu, Chief Compliance Officer
Date:
11/14/2025
Westchester Capital Partners, LLC
Signature:
/s/ CaSaundra Wu
Name/Title:
CaSaundra Wu, Chief Compliance Officer
Date:
11/14/2025
Virtus Investment Advisers, LLC
Signature:
/s/ Chetram Persaud
Name/Title:
Chetram Persaud, Chief Compliance Officer
Date:
11/14/2025
The Merger Fund
Signature:
/s/ Daphne Chisolm
Name/Title:
Daphne Chisolm, Vice President, Counsel and Assistant Secretary
What did HYAC’s Schedule 13G/A disclose about ownership stakes?
It reported Westchester Capital Management at 1,932,010 shares (8.25%), Virtus Investment Advisers at 1,857,836 (7.93%), The Merger Fund at 1,780,002 (7.60%), and Westchester Capital Partners at 7,018 (0.03%).
Which share count was used to calculate the HYAC ownership percentages?
Percentages are based on 23,425,499 Class A shares outstanding as of August 13, 2025 per HYAC’s Form 10‑Q.
What is the event date for the HYAC Schedule 13G/A?
The date of the event requiring the filing is 09/30/2025.
Who are the reporting persons in HYAC’s Schedule 13G/A?
The reporting persons are Westchester Capital Management, LLC, Westchester Capital Partners, LLC, Virtus Investment Advisers, LLC, and The Merger Fund.
How do voting and dispositive powers break down for these HYAC holders?
Westchester Capital Management lists sole voting/dispositive power over 74,174 shares and shared power over 1,857,836; Virtus and The Merger Fund report shared voting/dispositive power consistent with their totals.
Does the filing indicate an intent to influence control of HYAC?
It certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control.
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