Haymaker Acquisition Corp. 4, a special purpose acquisition company (SPAC), reported a net income of $11.3 million for the year ended December 31, 2024, a significant increase from the $4.7 million net income recorded for the period from its inception on March 7, 2023, through December 31, 2023. The increase in net income was primarily driven by interest earned on investments held in the Trust Account, which amounted to $12.3 million in 2024, compared to $5.2 million in the previous year. General and administrative expenses also rose, totaling $940,259 in 2024, up from $495,824 in 2023.
The company completed its Initial Public Offering (IPO) on July 28, 2023, raising gross proceeds of $230 million from the sale of 23 million units, including 3 million units from the full exercise of the underwriters' over-allotment option. Additionally, Haymaker raised $7.98 million through a private placement of 797,600 units to its sponsor, Haymaker Sponsor IV LLC. As of December 31, 2024, the company had approximately $249.8 million held in its Trust Account, which is designated for use in completing its initial business combination.
Haymaker Acquisition Corp. 4 has until July 28, 2025, to complete its initial business combination, which must involve a target business with a fair market value of at least 80% of the net assets held in the Trust Account. The company has not yet identified a specific target but is focusing on opportunities within the consumer and consumer-related products and services industries. The management team, led by CEO Christopher Bradley and President Steven J. Heyer, brings extensive experience in mergers and acquisitions, particularly in the consumer sector.
As of the end of 2024, Haymaker had a working capital deficit of $509,895 and $101,126 in cash held outside the Trust Account, raising concerns about its liquidity and ability to continue as a going concern. The company has indicated that it may need to secure additional financing to meet its obligations and complete its business combination. If it fails to do so by the end of the Combination Period, it will be required to liquidate and dissolve, returning funds to shareholders.
Looking ahead, Haymaker Acquisition Corp. 4 is navigating a challenging market environment characterized by geopolitical tensions and economic volatility, which could impact its ability to identify and complete a successful business combination. The company is also subject to new regulations under the SEC's 2024 SPAC Rules, which may affect its operations and the costs associated with completing a business combination.
About Haymaker Acquisition Corp. 4
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.