Haymaker Acquisition Corp. 4, a blank check company incorporated on March 7, 2023, reported its financial results for the period ending September 30, 2024. The company has not yet commenced operations and is focused on completing a Business Combination by July 28, 2025, to avoid mandatory liquidation.
As of September 30, 2024, Haymaker had total assets of $247.2 million, an increase from $238.1 million at the end of 2023. The Trust Account held $246.9 million, up from $237.5 million at year-end 2023. However, the company faced a significant decline in cash held outside the Trust Account, dropping to $15,815 from $206.0 million at the end of 2023. Total current liabilities surged to $541,265, compared to $177,158 at the end of the previous fiscal year, contributing to a working capital deficit of $281,223.
The company reported net income of $2.9 million for the three months ended September 30, 2024, a slight decrease from $2.9 million in the same period of 2023. For the nine months ended September 30, 2024, net income was $854,809, down from $8.7 million for the same period in 2023. The decline in net income was attributed to reduced other income, which fell to $1.1 million in Q3 2024 from $9.4 million in Q3 2023. The basic and diluted net income per share for Class A Ordinary Shares subject to possible redemption was $0.10 for Q3 2024, compared to $0.04 in Q3 2023.
The company incurred general and administrative expenses of $60,000 for the three months ended September 30, 2024, up from $44,516 in the same period of 2023. Total expenses for the nine months ended September 30, 2024, reached $180,000, consistent with the previous year.
Haymaker's Initial Public Offering (IPO) on July 28, 2023, raised gross proceeds of $230 million from the sale of 23 million units, with an additional $8 million from private placements. The company has incurred total offering costs of $13.4 million, primarily related to underwriting fees.
The ongoing geopolitical situation, including military actions in Ukraine, poses risks to the company's ability to complete a Business Combination. The company has expressed substantial doubt about its ability to continue as a going concern, given that its obligations may exceed available cash. The management plans to address liquidity concerns through the completion of a Business Combination.
About Haymaker Acquisition Corp. 4
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