SCHEDULE: Haymaker Acquisition Corp. 4 Business Combination Closing

Haymaker Acquisition Corp. 4 has finalized its business combination with Suncrete, Inc., resulting in a corporate restructuring and share conversion.

Summary

• Haymaker Acquisition Corp. 4 completed its business combination with Suncrete, Inc. on April 8, 2026.
• The transaction involved a domestication of the SPAC from the Cayman Islands to Delaware.
• Following the domestication, the SPAC merged with subsidiaries of PubCo (Suncrete, Inc.), with Suncrete surviving as a wholly owned subsidiary.
• Reporting persons (Haymaker Sponsor IV LLC, Andrew R. Heyer, and Steven J. Heyer) report 0% beneficial ownership following the transaction.
• PubCo issued 14,117,894 shares of Class A Common Stock to Suncrete members and 18,414,609 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing confirming the completion of a pre-announced merger, with no new material financial surprises.

Positives

• Successful completion of the business combination and domestication process.
• Clear transition of equity interests and conversion of SPAC securities into PubCo securities.
• Formalization of the corporate structure with Suncrete as a wholly owned subsidiary.

Negatives

• Reporting persons have divested their beneficial ownership, reporting 0% interest in the issuer.
• The complexity of the multi-step merger and domestication process may create administrative overhead.

Risks

• Future business performance is subject to market, industry, and economic conditions.
• The potential for future changes in corporate structure or management remains at the discretion of the new board and management.
• No assurance that any future strategic transactions proposed by stakeholders will be successfully implemented.

Future Outlook

The reporting persons intend to review their investments on a continuing basis and may engage in discussions with management regarding potential future corporate transactions, including reorganizations or asset sales, though no specific plans are currently in place.

Management Comments

• The reporting persons acquired securities for investment purposes and will evaluate the issuer's business, financial condition, and prospects on an ongoing basis.

Industry Context

StockSavvy.ai notes that this filing represents the final stage of a SPAC lifecycle, transitioning from a shell entity to an operating company (Suncrete, Inc.), a trend that remains common in the current market environment despite increased regulatory scrutiny on SPAC structures.

Comparison to Industry Standards

• The transaction structure follows standard SPAC-to-operating-company merger protocols.
• The use of a Delaware domestication is consistent with industry best practices for SPACs originating in the Cayman Islands.

Corporate Governance

Related Party Transactions

• Conversion of promissory notes previously issued by the SPAC to the Sponsor into 179,227 shares of Company Class A Common Stock.

Stakeholder Impact

• Shareholders of the SPAC have had their holdings converted into PubCo securities.
• Management of Suncrete received rollover equity awards.

Next Steps

• Ongoing evaluation of the issuer's business and financial condition by the reporting persons.
• Potential future engagement with the board of directors regarding corporate strategy.

Key Dates

Keywords

SPAC, Business Combination, Suncrete, Haymaker Acquisition Corp, Merger, Domestication, Schedule 13D