SCHEDULE: Suncrete, Inc. Business Combination and Ownership Update

Haymaker Sponsor IV LLC and affiliates report a 7.7% beneficial ownership stake in Suncrete, Inc. following the completion of a business combination.

Summary

• Suncrete, Inc. finalized its business combination with Haymaker Acquisition Corp. 4 on April 8, 2026.
• The transaction involved a domestication of the SPAC to Delaware and subsequent mergers with Suncrete.
• Reporting persons (Haymaker Sponsor IV LLC, Andrew R. Heyer, and Steven J. Heyer) collectively hold 3,639,267 shares, representing a 7.7% stake in the company.
• The holdings consist of 3,564,267 shares of Class A Common Stock and 75,000 private placement warrants.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure of ownership following a completed corporate event, reflecting standard regulatory compliance rather than a change in business performance.

Positives

• Successful completion of the business combination, transitioning the company into a publicly traded entity.
• Clear alignment of interests through the Sponsor Support Agreement, which includes lock-up provisions for the sponsor's shares.
• Establishment of a formal registration rights agreement to facilitate future liquidity for the sponsor.

Negatives

• The sponsor and related parties are subject to lock-up restrictions on their shares for up to one year, limiting immediate liquidity.
• The transaction resulted in significant dilution through the issuance of over 35 million new shares of Class A and Class B common stock.

Risks

• Market volatility and general economic conditions affecting the value of the newly issued securities.
• Potential for future sales of large blocks of stock by the sponsor once lock-up periods expire.
• The reporting persons may influence corporate strategy, including potential mergers or asset sales, which may not align with all shareholder interests.

Future Outlook

The reporting persons intend to review their investment on a continuing basis and may acquire or sell securities, or engage in discussions regarding extraordinary corporate transactions such as mergers, reorganizations, or changes in management.

Management Comments

• The reporting persons acquired the 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 typical post-closing disclosure for a SPAC-to-public transition, highlighting the ongoing influence of the sponsor group in the newly formed entity.

Comparison to Industry Standards

• The use of lock-up agreements and registration rights is standard practice for SPAC sponsors to ensure market stability post-merger.
• The 7.7% ownership stake is consistent with typical sponsor 'skin in the game' requirements for successful SPAC business combinations.

Corporate Governance

Related Party Transactions

• The Issuer issued 179,227 shares of Class A Common Stock to the Sponsor to satisfy promissory notes.

Stakeholder Impact

• Shareholders may experience dilution from the conversion of SPAC securities and issuance of new equity.
• The sponsor's lock-up agreement provides temporary stability for the share price.

Next Steps

• Ongoing review of investment by reporting persons.
• Potential future registration of shares for resale under the A&R Registration Rights Agreement.
• Scheduled release of lock-up shares at 6-month and 9-month intervals.

Key Dates

Keywords

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