Wolverine reports 1,442,432 HYAC shares (6.16% stake)

Wolverine Asset Management LLC and related entities report shared voting and dispositive power over 1,442,432 Class A ordinary shares of Haymaker Acquisition Corp. 4, representing 6.16% of the outstanding Class A shares.

Rhea-AI Filing Summary

Wolverine Asset Management LLC and related entities report shared voting and dispositive power over 1,442,432 Class A ordinary shares of Haymaker Acquisition Corp. 4, representing 6.16% of the outstanding Class A shares. The stake is held collectively by Wolverine Asset Management, Wolverine Holdings, Wolverine Trading Partners, and individuals Christopher L. Gust and Robert R. Bellick, with voting and disposition reported as shared rather than sole. The filing cites 23,425,499 total Class A shares used to calculate the percentage. The reporting persons state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Position exceeds 5% threshold, making the stake a material, reportable holding (1,442,432 shares)
• Clear ownership structure disclosed across asset manager, holding entities, and named principals, aiding transparency

Negative

• None.

Insights

Institutional Ownership Analyst

Wolverine group holds a meaningful >5% position in HYAC.

The group reports 1,442,432 Class A shares, equivalent to 6.16% of the class based on 23,425,499 shares outstanding. Shared voting and dispositive power indicates the position is controlled jointly across the listed entities and principals rather than by a single account.

This stake crosses the regulatory 5% reporting threshold, making it visible to other investors; monitor any future amendments that change the stake size or voting arrangements within a typical near-term reporting window.

SEC Filings / Compliance Specialist

The Schedule 13G filing follows passive/investment-adviser disclosure protocols.

The filers classify as an investment adviser and affiliated entities and certify the holdings are in the ordinary course of business and not for control purposes. The document lists shared voting and dispositive power and identifies an outside fund with rights to dividends or sale proceeds for the reported shares.

Investors and compliance teams should watch for any later filings that convert this 13G to a more active 13D filing or disclose changes in intent, ownership percentage, or voting arrangements within the next regulatory update period.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Wolverine own in HYAC?

They report shared voting and dispositive power over 1,442,432 shares, equal to 6.16% of Class A shares.

Which entities are reporting this ownership for HYAC?

Reporting parties include Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and the individuals Christopher L. Gust and Robert R. Bellick.

What total share count was used to calculate the 6.16% for HYAC?

The percentage was calculated using 23,425,499 Class A shares outstanding.

Does the filing say the stake is intended to influence control of HYAC?

No; the filers certify the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Are voting rights held solely by Wolverine?

No; the filing reports 0 sole voting power and 1,442,432 shared voting power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/10/2025 - 01:46 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Haymaker Acquisition Corp. 4

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 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

WOLVERINE ASSET 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,442,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,432.00

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)

6.16 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G4375F108

1

Names of Reporting Persons

Wolverine Trading Partners, Inc.

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,442,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,432.00

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)

6.16 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G4375F108

1

Names of Reporting Persons

Wolverine Holdings, L.P.

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,442,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,432.00

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)

6.16 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G4375F108

1

Names of Reporting Persons

Christopher L. Gust

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,442,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,432.00

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)

6.16 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G4375F108

1

Names of Reporting Persons

Robert R. Bellick

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,442,432.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,432.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,442,432.00

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)

6.16 %

12

Type of Reporting Person (See Instructions)

IN, HC

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: Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. Christopher L. Gust Robert R. Bellick
(b)	Address or principal business office or, if none, residence: c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604
(c)	Citizenship: Wolverine Asset Management, LLC - Illinois Wolverine Holdings, L.P. - Illinois Wolverine Trading Partners, Inc. - Illinois Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 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: Wolverine Asset Management, LLC (WAM) is an investment manager and has voting and dispositive power over 1,442,432 Class A Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. (Wolverine Holdings). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. (WTP), the general partner of Wolverine Holdings.
(b)	Percent of class: 6.16%. WAM may be deemed the beneficial owner of 6.16% of the Issuers Class A Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 6.16% of the Issuers outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 23,425,499 (the number of Class A Ordinary Shares outstanding as of August 13, 2025 according to Form 10-Q for June 30, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,442,432
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,442,432
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
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.

WOLVERINE ASSET MANAGEMENT LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	10/02/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/02/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/02/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/02/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/02/2025