If You Invested in Haymaker Acquisition Corp (HYAC)

Haymaker Acquisition Corp. 4 (HYAC) is a special purpose acquisition company, or blank check company, in the financial services sector. It was formed for the purpose of effecting a business combination, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Haymaker Acquisition Corp. 4 is classified in the shell companies industry and its securities trade on the New York Stock Exchange.

Business purpose and structure

According to its public disclosures, Haymaker Acquisition Corp. 4 was established to identify and combine with an operating business. As a SPAC, it raised capital in an initial public offering and placed the proceeds in a trust account. The company’s governing documents provide a defined period in which to consummate an initial business combination, after which it would otherwise cease operations except for winding up and redeeming its public shares, subject to any approved extensions.

Haymaker Acquisition Corp. 4 has described its intention to acquire and operate a business, with its industry classification reflecting its status as a shell company prior to completing a transaction. Its activities have included evaluating potential targets and negotiating transaction terms, as outlined in proxy materials and current reports filed with the U.S. Securities and Exchange Commission (SEC).

Proposed business combination with Suncrete

On October 9, 2025, Haymaker Acquisition Corp. 4 entered into a Business Combination Agreement with Suncrete, Inc. (a direct wholly owned subsidiary of Haymaker), Haymaker Merger Sub I, Inc., Haymaker Merger Sub II, LLC, and Concrete Partners Holding, LLC, which operates under the name Suncrete. The transactions contemplated by this agreement are collectively referred to as the Business Combination. The structure contemplates a domestication of Haymaker from the Cayman Islands to Delaware, followed by mergers that would result in Suncrete becoming a wholly owned subsidiary of a new public company referred to as PubCo.

In connection with the proposed Business Combination, PubCo and Suncrete have filed a registration statement on Form S-4 with the SEC, which includes a proxy statement for Haymaker’s shareholder meeting to vote on the Business Combination and a prospectus for PubCo’s securities to be issued in the transaction. Haymaker’s filings emphasize that investors and shareholders are urged to read the proxy statement/prospectus and related documents when available because they contain important information about the proposed transaction.

Capital structure and exchange listing

Haymaker Acquisition Corp. 4’s securities registered under Section 12(b) of the Securities Exchange Act of 1934 include units, Class A ordinary shares, and warrants. The units, each consisting of one Class A ordinary share and one-half of one redeemable warrant, trade under the symbol HYACU on the New York Stock Exchange. The Class A ordinary shares trade under the symbol HYAC, and the warrants trade under the symbol HYAC WS. The company is identified as an emerging growth company in its SEC filings.

Extensions and trust account

Haymaker Acquisition Corp. 4 has sought shareholder approval to extend the date by which it must complete a business combination. A definitive proxy statement dated July 1, 2025 describes a proposal to amend its amended and restated memorandum and articles of association to allow the board of directors to extend the deadline for consummating a business combination on a monthly basis, up to a specified outside date. In connection with this extension, the company’s sponsor agreed to make monthly deposits into the trust account pursuant to a non-interest bearing, unsecured promissory note.

The proxy statement explains that shareholders may elect to redeem their public shares for a pro rata portion of the funds held in the trust account in connection with the extension vote, and would retain redemption rights in connection with any future business combination if they do not redeem at that time.

Relationship to prior Haymaker SPACs

The Haymaker name has been used for multiple special purpose acquisition companies. Separate from Haymaker Acquisition Corp. 4, Haymaker Acquisition Corp. III (which also used the symbol HYAC on Nasdaq) completed a business combination with Biote, a medical practice-building company in the hormone optimization space. Following that earlier transaction, the combined company was renamed biote Corp., and its common stock and warrants began trading on Nasdaq under the symbols BTMD and BTMDW. Those events relate to Haymaker Acquisition Corp. III and Biote, not to Haymaker Acquisition Corp. 4’s current proposed transaction with Suncrete.

Key considerations for HYAC stock

Because Haymaker Acquisition Corp. 4 is a SPAC, its value proposition is closely tied to the outcome of its proposed Business Combination and any shareholder redemption activity. Public filings describe the mechanics of the domestication, mergers, share conversions, warrant assumptions, and the PIPE investment that are expected to occur if the Business Combination closes, but also highlight that completion is subject to various conditions, including shareholder approvals and regulatory clearances.

FAQs

• What is Haymaker Acquisition Corp. 4’s business?
  

  Haymaker Acquisition Corp. 4 is a blank check company formed to effect a business combination, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Until it completes such a transaction, it is classified as a shell company.

• What industry and sector is HYAC in?
  

  Haymaker Acquisition Corp. 4 is classified in the shell companies industry within the financial services sector.

• Where are HYAC’s securities listed?
  

  According to its SEC filings, units of Haymaker Acquisition Corp. 4 trade on the New York Stock Exchange under the symbol HYACU, its Class A ordinary shares trade under HYAC, and its warrants trade under HYAC WS.

• What is the proposed Business Combination with Suncrete?
  

  On October 9, 2025, Haymaker Acquisition Corp. 4 entered into a Business Combination Agreement with entities related to Suncrete. The transaction involves a domestication of Haymaker to Delaware and subsequent mergers that would result in Suncrete becoming a wholly owned subsidiary of a new public company referred to as PubCo, with PubCo issuing securities to Haymaker shareholders and Suncrete equity holders.

• Has the Business Combination with Suncrete been completed?
  

  The provided SEC filings describe the execution of the Business Combination Agreement and the filing of a registration statement on Form S-4, as well as related investor presentations and proxy materials. They also note that the Business Combination is subject to customary closing conditions, including shareholder approvals. The documents do not state that the transaction has been completed, so investors should refer to the most recent SEC filings for current status.

• How does the trust account work for HYAC shareholders?
  

  Proceeds from Haymaker Acquisition Corp. 4’s initial public offering were placed in a trust account. Shareholders have the right, in connection with certain shareholder votes such as an extension or a business combination, to redeem their public shares for a pro rata portion of the funds held in the trust account, as described in the company’s proxy statements.

• What was the purpose of the 2025 extension vote?
  

  The definitive proxy statement dated July 1, 2025 describes a proposal to amend Haymaker Acquisition Corp. 4’s governing documents to extend the deadline to consummate a business combination on a monthly basis up to a specified final date. The board stated that the extension was intended to provide additional time to negotiate and enter into a definitive agreement relating to an initial business combination and to complete the transaction.

• How is Haymaker Acquisition Corp. 4 related to Biote and BTMD?
  

  The news items referencing Biote and the ticker BTMD relate to Haymaker Acquisition Corp. III, a separate SPAC that completed a business combination with Biote. After that transaction, the combined company was named biote Corp., with securities trading under BTMD and BTMDW on Nasdaq. These events do not describe the operations of Haymaker Acquisition Corp. 4, but they illustrate prior transactions involving other Haymaker-branded SPACs.