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Haymaker Acquisition Corp. 4

Haymaker Acquisition Corp. 4 is a special purpose acquisition company (SPAC) formed to merge with one operating business rather than run a traditional business itself. It has been searching for a target in the consumer and consumer-related products and services industries and entered into a business combination agreement with Suncrete, Inc. in October 2025.

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Operating profit (EBIT)-2.8m EUR
−193.8 %y/y
Net income-1.5m EUR
−113.0 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-3-2-10m EUR2023: EBIT -0.50 m EUR20232024: EBIT -0.94 m EUR20242025: EBIT -2.8 m EUR2025-2.8
RevenueOperating profit (EBIT)
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Business

Share of revenue
SPAC formation and capital pool0 %

Public shell company capital raised and held in trust for a future business combination.

Target search and due diligence0 %

Evaluation of potential acquisition targets in consumer and related industries.

Business combination transaction services0 %

Structuring and completing the merger or acquisition that will create the operating company.

Sponsor support and extensions0 %

Monthly extension funding and working capital advances from the sponsor.

Customers

The company does not sell products or services to end customers in the normal sense; its counterparties are investors, a sponsor, and a future merger target. Public shareholders provide the capital base, while the sponsor funds extensions and working capital to keep the SPAC alive until a deal closes. The eventual operating business will determine the true customer base after the business combination.

Public shareholders

Buy redeemable Class A shares and warrants for exposure to a future deal and optional redemption value.

Sponsor

Provides extension payments and working capital loans to preserve deal optionality and listing status.

Business combination target

Sells the operating business into the SPAC structure in exchange for public-market access.

Underwriters and service providers

Support the IPO, compliance, legal, accounting, and transaction process.

Strategy

The core strategy is to complete an initial business combination before the deadline while preserving listing status and minimizing redemptions. Management is focused on consumer and consumer-related products and services, and has already signed the Suncrete business combination agreement.

Complete the Suncrete business combinationShort term

The SPAC must close a deal to avoid liquidation and create an operating public company.

Maintain listing and extend deadline if neededShort term

Failure to meet NYSE timing requirements could trigger suspension or delisting.

Target consumer-oriented businessesMedium term

The stated search focus narrows the acquisition universe and shapes diligence.

Geography

Haymaker Acquisition Corp. 4 is incorporated in the Cayman Islands and operates as a U.S.-listed SPAC on the NYSE. Its business is primarily U.S.-centric from a capital markets and regulatory standpoint, while the eventual target could be located anywhere, subject to trade-policy and listing considerations.

Risks

The company’s main risk is that it may fail to complete a business combination before the deadline, which would force liquidation and redemption of public shares. It also faces SPAC-specific regulatory, listing, and execution risks, including SEC review delays, redemption pressure, and the possibility that tariffs or trade policy changes make a target less attractive or harder to close.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and SEC review delays3Tariff and trade policy exposure at target level4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Failure to complete a business combination by the deadlineImpact: Critical

    If no deal closes, the company must liquidate and return trust assets to public shareholders.

    ExposureCombination period ends July 282026 subject to extensions
  2. Redemption pressure and capital erosionImpact: High

    Shareholder redemptions reduce trust cash and can impair the ability to fund a transaction and maintain listing requirements.

    Exposure: Public shares are redeemable in connection with extensions and the merger vote

  3. Regulatory and SEC review delaysImpact: MediumLikelihood: High

    SPAC transactions require extensive filings and review, which can delay closing and increase costs.

    Exposure: 2024 SPAC Rules and potential government shutdown delays

  4. Tariff and trade policy exposure at target levelImpact: MediumLikelihood: Medium

    A target with import/export dependence may become less attractive or underperform after closing.

    Exposure: Potential target businesses in consumer-related sectors

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Accounting

Judgemental items
Redeemable ordinary shares / temporary equity

Public shares can be redeemed in liquidation or on transaction votes, requiring classification outside permanent equity.

Impact: Affects balance sheet equity presentation and redemption value adjustments

Trust account interest income

Interest on marketable securities is the main source of reported income before a merger.

Impact: Drives net income despite no operating revenue

Sponsor promissory notes and accrued fees

Extension and working-capital funding, plus advisory fees, create liabilities or accrued expenses until closing.

Impact: Affects liabilities, cash needs, and post-closing settlement obligations

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Last updated: 24/09/2026