Haymaker Acquisition Corp. 4 Annual Report: A Simple Breakdown

This guide explains how Haymaker Acquisition Corp. 4 (HYAC) performed this year. I have translated the complex financial filings into plain English to help you decide if this investment fits your goals.

1. What does this company do?

Haymaker is a "blank check" company, or SPAC. It does not make products or offer services. Instead, it is a pool of cash raised from investors to find and buy a private company, taking it public in the process.

The company recently signed a deal to merge with Suncrete (Concrete Partners Holding, LLC). Once the merger finishes, the new company aims to lead the sustainable building materials market using Suncrete’s low-carbon concrete technology.

2. Financial performance

Because Haymaker is a shell company, it does not have traditional sales or profit. Its financial reports track the cash in its bank account and the costs of running the business while searching for a deal.

As of December 31, 2025, the company held about $314.5 million in its trust account. The "redemption price" is about $11.41 per share. This is the amount of cash per share you would theoretically receive if you chose to cash out rather than participate in the merger.

3. Major wins and progress

The merger is officially moving forward. On October 9, 2025, the company signed an agreement valuing the combined business at roughly $1.2 billion. On February 12, 2026, regulators approved the company’s registration paperwork. The team is now working toward a final shareholder vote, which they expect to complete in the second quarter of 2026.

4. Financial health

The company relies on its sponsors to pay for daily operations. To cover merger costs, the company borrowed about $2.5 million from its sponsor, Haymaker Sponsor IV, LLC. If the merger succeeds, the sponsor can convert $1.5 million of that debt into company warrants. This structure aligns the sponsor’s financial success with the future of the new company.

5. Key risks

As an investor, you should consider these risks:

• The Deal Isn't Final: The merger is not yet complete. If the deal fails to meet specific requirements—like shareholder approval—the company must either find a new plan or return your cash.
• The Ticking Clock: SPACs have a limited lifespan. If the merger does not close by the deadline, the company must shut down and return the $11.41 per share to investors.
• Market Volatility: The $11.41 value is backed by cash in the trust. If you hold shares through the merger, your investment will no longer be backed by that cash. Instead, its value will depend on how the market views the new Suncrete business, which faces risks like changing material costs and new regulations.

6. Future outlook

The company is now focused on finishing the Suncrete merger. With the major paperwork cleared, the next step is the shareholder vote. Keep an eye out for the final proxy statement, which will include the board’s recommendation and the date for the special meeting to vote on the merger.

Decision Tip: If you are considering this investment, watch for the upcoming proxy statement. It will contain the most important details regarding the specific terms of the vote and the board's official recommendation, which are the final pieces of the puzzle before the merger closes.