SCHEDULE: Wolverine Entities Report 6.16% Stake in Haymaker 4

Wolverine Asset Management and affiliated entities have disclosed a 6.16% beneficial ownership stake in Haymaker Acquisition Corp. 4's Class A Ordinary Shares.

Summary

• Wolverine Asset Management LLC, along with affiliated entities Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick, reported beneficial ownership of 1,442,432 Class A Ordinary Shares of Haymaker Acquisition Corp. 4.
• This ownership represents 6.16% of the issuer's Class A Ordinary Shares outstanding.
• The percentage was calculated based on 23,425,499 Class A Ordinary Shares outstanding as of August 13, 2025, as reported in the issuer's Form 10-Q for June 30, 2025.
• The reporting persons hold these shares with shared voting power and shared dispositive power.
• The filing certifies that 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.
• Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends from, or the proceeds from the sale of, the Class A Ordinary Shares beneficially owned by Wolverine Asset Management LLC.

Sentiment

Score: 5

Explanation: The filing is a neutral, routine regulatory disclosure of beneficial ownership. It does not contain information that would significantly alter the sentiment towards the company, as the stake is passive and acquired in the ordinary course of business.

Positives

• Increased visibility of institutional ownership for Haymaker Acquisition Corp. 4.
• The investment by Wolverine Asset Management, a recognized financial entity, may signal institutional interest in the issuer.

Negatives

• No specific negatives are disclosed in this routine beneficial ownership filing.

Risks

• No specific risks related to the issuer's operations or financial health are detailed in this beneficial ownership report.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• The securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing is typical for a Special Purpose Acquisition Company (SPAC) like Haymaker Acquisition Corp. 4, which often attracts institutional investment in its Class A Ordinary Shares. Such disclosures provide transparency on significant ownership stakes, which is crucial for investors tracking institutional interest in SPACs as they progress towards a potential de-SPAC transaction.

Comparison to Industry Standards

• Not applicable, as this filing is a disclosure of beneficial ownership rather than operational or financial performance results that would typically be benchmarked against industry standards.

Related Party Transactions

• Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Christopher L. Gust, and Robert R. Bellick are related entities and individuals within the Wolverine group, collectively reporting their beneficial ownership.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially signaling confidence in the issuer.
• Management: Awareness of a significant passive institutional investor in the company's Class A Ordinary Shares.

Next Steps

• No specific future actions, events, or milestones are mentioned in this beneficial ownership report.

Key Dates

Keywords

Haymaker Acquisition Corp. 4, Wolverine Asset Management, Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, SPAC, Institutional Investment, G4375F108