SCHEDULE: Westchester Capital Group Amends Haymaker 4 Stake

Westchester Capital Management and affiliated entities updated their beneficial ownership in Haymaker Acquisition Corp. 4, reporting an aggregate stake of 8.25%.

Summary

• Westchester Capital Management, LLC, Westchester Capital Partners, LLC, Virtus Investment Advisers, LLC, and The Merger Fund jointly filed an amendment to their Schedule 13G.
• The filing reports beneficial ownership in Haymaker Acquisition Corp. 4's Class A ordinary shares.
• Westchester Capital Management, LLC beneficially owns 1,932,010 shares, representing 8.25% of the class.
• Virtus Investment Advisers, LLC beneficially owns 1,857,836 shares, representing 7.93% of the class.
• The Merger Fund beneficially owns 1,780,002 shares, representing 7.60% of the class.
• Westchester Capital Partners, LLC beneficially owns 7,018 shares, representing 0.03% of the class.
• The percentages are based on 23,425,499 Class A ordinary shares outstanding as of August 13, 2025.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a standard Schedule 13G amendment disclosing beneficial ownership by institutional investors, indicating a passive investment stance without expressing positive or negative sentiment towards the issuer's performance or future prospects.

Positives

• NA: This Schedule 13G filing is a disclosure of beneficial ownership and does not contain information typically categorized as positive financial or operational results for the issuer.

Negatives

• NA: This Schedule 13G filing is a disclosure of beneficial ownership and does not contain information typically categorized as negative financial or operational results for the issuer.

Risks

• NA: This Schedule 13G filing is a disclosure of beneficial ownership and does not detail specific risks related to the issuer's operations, financial health, or strategic outlook.

Future Outlook

NA: This Schedule 13G filing is a disclosure of beneficial ownership and does not provide forward-looking statements or guidance regarding the issuer's future outlook.

Industry Context

This filing is a routine disclosure by institutional investors, specifically investment advisers and a fund, indicating their passive beneficial ownership in a Special Purpose Acquisition Company (SPAC). Such filings provide transparency regarding significant stakes held by large investors, which is common in the investment management industry.

Comparison to Industry Standards

• This is a standard Schedule 13G filing, indicating passive investment. It does not provide performance data for comparison to industry benchmarks or specific comparable companies.

Related Party Transactions

• Westchester Capital Management, LLC serves as sub-advisor to several funds, including The Merger Fund.
• Virtus Investment Advisers, LLC serves as investment adviser to The Merger Fund.
• Westchester Capital Partners, LLC serves as investment adviser to Westchester Capital Master Trust.
• Mr. Roy Behren and Mr. Michael T. Shannon serve as Co-Presidents of Westchester Capital Management, LLC and Westchester Capital Partners, LLC.
• The reporting persons often make acquisitions and dispositions on the same terms and conditions and at the same time, and may be deemed a 'group' for reporting purposes, though they do not admit to it.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can influence market perception and liquidity.
• Management: Awareness of a significant passive institutional stake.

Key Dates

Keywords

Haymaker Acquisition Corp. 4, SPAC, Schedule 13G, beneficial ownership, Westchester Capital Management, Virtus Investment Advisers, The Merger Fund, Class A ordinary shares