Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-41757

HAYMAKER ACQUISITION CORP. 4

(Exact name of registrant as specified in its charter)


Cayman Islands		86-2213850
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

501 Madison Avenue, Floor 5

New York, NY 10022

Telephone: (212) 616-9600

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A Ordinary Share and one-half of one redeemable Warrant	HYAC U	The New York Stock Exchange

Class A Ordinary Shares, par value $0.0001 per share	HYAC	The New York Stock Exchange

Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share	HYAC WS	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of November 9, 2023, there were 23,797,600 Class A ordinary shares, par value $0.0001 per share, and 5,750,000 shares Class B ordinary shares, par value $0.0001 per share, of the registrant issued and outstanding.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023

TABLE OF CONTENTS

		Page
PART 1 - FINANCIAL INFORMATION

Item 1.	UNAUDITED CONDENSED FINANCIAL STATEMENTS

	UNAUDITED CONDENSED BALANCE SHEET AS OF SEPTEMBER 30, 2023	3

	UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30, 2023	4

	UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30, 2023	5

	UNAUDITED CONDENSED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30, 2023	6

	NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS	7

Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19

Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	22

Item 4.	CONTROLS AND PROCEDURES	23

PART II - OTHER INFORMATION

Item 1.	LEGAL PROCEEDINGS	24

Item 1A.	RISK FACTORS	24

Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	24

Item 3.	DEFAULTS UPON SENIOR SECURITIES	25

Item 4.	MINE SAFETY DISCLOSURES	25

Item 5.	OTHER INFORMATION	25

Item 6.	EXHIBITS	25

SIGNATURES		26

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Unaudited Condensed Financial Statements.

HAYMAKER ACQUISITION CORP. 4

CONDENSED BALANCE SHEET

SEPTEMBER 30, 2023

(UNAUDITED)


ASSETS
Current assets:
Cash	$	365,055
Prepaid expenses		469,353
Total current assets		834,408
Cash and investments held in Trust Account		233,366,459
TOTAL ASSETS	$	234,200,867

LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT:
Current liabilities:
Accrued expenses	$	34,870
Accrued offering costs		85,000
Total current liabilities		119,870
Deferred underwriting fee payable		8,650,000
Total Liabilities		8,769,870

Commitments and Contingencies
Class A ordinary shares subject to possible redemption, $0.0001 par value, 23,000,000 shares at redemption value of $10.15		233,366,459

Shareholders’ Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding		—
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 797,600 shares issued and outstanding (excluding 23,000,000 shares subject to possible redemption)		80
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 issued and outstanding		575
Additional paid-in capital		—
Accumulated deficit		(7,936,117)
Total Shareholders’ Deficit		(7,935,462)
TOTAL LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES AND SHAREHOLDERS’ DEFICIT	$	234,200,867

Table of Contents

HAYMAKER ACQUISITION CORP. 4

CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30,2023

(UNAUDITED)


			For the period
			from March 7,
	For the three months		2023 (inception)
	ended September 30,		through September 30,
	2023		2023
General and administrative expenses	$	157,653	$	167,134
General and administrative expenses - related party		44,516		44,516
Loss from operations		(202,169)		(211,650)

Other income:
Interest earned on cash and investments held in Trust Account		1,066,459		1,066,459

Net income	$	864,290	$	854,809

Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted		16,175,824		7,111,111
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	0.04	$	0.07

Weighted average shares outstanding of non-redeemable Class A and Class B ordinary shares, basic and diluted		6,310,949		5,774,379
Basic and diluted net income per share, non-redeemable Class A and Class B ordinary shares	$	0.04	$	0.07

Table of Contents

HAYMAKER ACQUISITION CORP. 4

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30, 2023

(UNAUDITED)


	Ordinary Shares										Total
	Class A			Class B			Additional		Accumulated		Shareholders’
	Shares	Amount		Shares	Amount		Paid-in Capital		Deficit		Deficit
Balance at March 7, 2023 (inception)	—	$	—	—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor	—		—	5,750,000		575		24,425		—		25,000
Net loss	—		—	—		—		—		(5,550)		(5,550)
Balance at March 31, 2023 (unaudited)	—		—	5,750,000		575		24,425		(5,550)		19,450
Net loss	—		—	—		—		—		(3,931)		(3,931)
Balance at June 30, 2023 (unaudited)	—		—	5,750,000	$	575	$	24,425	$	(9,481)	$	15,519
Sale of 797,600 Private Placement Units	797,600		80	—		—		7,975,920		—		7,976,000
Fair value of Public Warrants at issuance	—		—	—		—		1,242,000		—		1,242,000
Allocation of issuance costs	—		—	—		—		(98,295)		—		(98,295)
Accretion of Class A ordinary shares to redemption amount	—		—	—		—		(9,144,050)		(8,790,926)		(17,934,976)
Net income	—		—	—		—		—		864,290		864,290
Balance at September 30, 2023 (unaudited)	797,600	$	80	5,750,000	$	575	$	—	$	(7,936,117)	$	(7,935,462)

Table of Contents

HAYMAKER ACQUISITION CORP. 4

CONDENSED STATEMENT OF CASH FLOWS

FOR THE PERIOD FROM MARCH 7, 2023 (INCEPTION) THROUGH SEPTEMBER 30, 2023

(UNAUDITED)


Cash Flows from Operating Activities:
Net income	$	854,809
Adjustments to reconcile net income to net cash used in operating activities:
Income from assets held in Trust Account		(1,066,459)
Changes in operating assets and liabilities:
Prepaid expenses		(469,353)
Accrued expenses		34,870
Net cash used in operating activities		(646,133)

Cash Flows from Financing Activities:
Investment into Trust Account		(232,300,000)
Net cash used in investing activities		(232,300,000)

Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		226,000,080
Proceeds from sale of Unit Purchase Option		7,975,920
Proceeds from promissory note - related party		300,000
Repayment of promissory note - related party		(372,550)
Payment of offering costs		(592,262)
Net cash provided by financing activities		233,311,188

Net Change in Cash		365,055
Cash - Beginning of period		—
Cash - End of period	$	365,055

Non-cash investing and financing activities:
Offering costs included in accrued offering costs	$	85,000
Offering costs paid by Sponsor in exchange for issuance of founder shares	$	24,425
Deferred underwriting fee payable	$	8,650,000
Offering costs paid by Sponsor as a draw to the promissory note	$	72,550

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Haymaker Acquisition Corp. 4 (the “Company”) is a blank check company incorporated in the Cayman Islands on March 7, 2023. The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of September 30, 2023, the Company had not commenced any operations. All activity for the period from March 7, 2023 (inception) through September 30, 2023 relates to the Company’s formation and initial public offering (“Initial Public Offering”), and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash and investments from the proceeds derived from the Initial Public Offering and sale of Private Placement Units (defined below). The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s Initial Public Offering was declared effective on July 25, 2023. On July 28, 2023, the Company consummated the Initial Public Offering of 23,000,000 units, (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”) at price of $10.00 per share, including 3,000,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $230,000,000, which is discussed in Note 3. Commencing on September 15, 2023, the holders of the Units may elect to separately trade the underlying Class A ordinary shares and warrants.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 797,600 Units to Haymaker Sponsor IV LLC (the “Sponsor”) (the “Private Placement Units”) at a price of $10.00 per share, generating gross proceeds of $7,976,000, which is described in Note 4.

Following the closing of the Initial Public Offering on July 28, 2023, an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”), and will be invested only in U.S. government treasury obligations and/or held as cash or cash equivalents (including in demand deposit accounts) with maturities of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account, as described below.

Transaction costs related to the issuances described above amounted to $13,424,812, consisting of $4,000,000 of cash underwriting fees, $8,650,000 of deferred underwriting fees and $774,812 of other offering costs.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.

The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held in the Trust Account and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). Upon the closing of the Initial Public Offering, management has agreed that an amount equal to at

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

least $10.10 per Unit sold in the Initial Public Offering, including the proceeds from the sale of the Private Placement Units, will be held in a trust account (“Trust Account”), located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including in demand deposit accounts), as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account as described below.

The Company will provide the holders (the “Public Shareholders”) of the Company’s Public Shares with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholders meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account, plus any interest income earned thereon and note previously related to the Company to pay its tax obligations (initially anticipated to be $10.10 per Public Share). There will be no redemption rights upon completion of a Business Combination with respect to the Company’s warrants. These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity.

The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon consummation of such a Business Combination and, if the Company seeks shareholder approval, a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its amended and restated memorandum and articles of association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction or do not vote at all.

Notwithstanding the above, if the Company seeks shareholder approval of a Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, the Amended and Restated Memorandum and Articles of Association provides that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company.

The Sponsor has agreed to waive redemption rights with respect to any Founder Shares and any Public Shares it may acquire during or after the Initial Public Offering in connection with the completion of Business Combination.

The Company will have until July 28, 2025, or until such earlier liquidation date as its board of directors may approve, unless otherwise extended in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, to complete a Business Combination.

The underwriters have agreed to waive their rights to their deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within in the completion window and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company have entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Going Concern and Liquidity

As of September 30, 2023, the Company had $365,055 in cash held outside of the Trust Account and working capital of $714,538. The Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date that this unaudited condensed financial statement is issued. The Company’s management plans to address this uncertainty through a Business Combination. The Company will have until July 28, 2025 (the “Combination Period”) to consummate a Business Combination. If a Business Combination is not consummated by the end of the Combination Period, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after July 28, 2025. The Company intends to complete the initial Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any Business Combination by July 28, 2025.

Risks and Uncertainties

As a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination, or the operations of a target business with which the Company ultimately consummates a Business Combination, may be materially and adversely affected. Further, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements is presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s final prospectus for its Initial Public Offering as filed with the SEC on July 26, 2023, as well as the Company’s Current Reports on Form 8-K, as filed with the SEC on August 22, 2023. The interim results for the period from March 7, 2023 (inception) through September 30, 2023 are not necessarily indicative of the results to be expected for the period ending December 31, 2023 or for any future periods.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statement in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement and the reported amounts of expenses and disclosure of contingent assets and liabilities during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of September 30, 2023.

Cash and Investments Held in Trust Account

The Company’s portfolio of investments is comprised of cash and U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities which are presented at fair value. Gains and losses resulting from the change in fair value of these securities are included in income from investments held in the Trust Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.

Class A Ordinary Shares Subject to Possible Redemption

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will only redeem its Public Shares if the net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of the initial Business Combination. However, the threshold in its Amended and Restated Memorandum and Articles of Association would not change the nature of the underlying shares as redeemable and thus Public Shares are required to be disclosed outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit.

As of September 30, 2023, the Class A ordinary shares reflected in the condensed balance sheet is reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(1,242,000)
Issuance costs allocated to Class A ordinary shares		(13,326,517)
Plus:
Accretion of carrying value to redemption value		17,934,976
Class A ordinary shares subject to possible redemption	$	233,366,459

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A - Expenses of Offering. Offering costs consist principally of professional and registration fees incurred through the balance sheet date that are related to the Initial Public Offering. Offering costs directly attributable to the issuance of an equity contract to be classified in equity are recorded as a reduction in equity. Offering costs for equity contracts that are classified as assets and liabilities are expensed immediately. The Company incurred offering costs amounting to $13,424,812, consisting of $4,000,000 of cash underwriting fees, $8,650,000 of deferred underwriting fees and $774,812 of other offering costs. As such, the Company recorded $13,326,517 of offering costs as a reduction of temporary equity and $98,295 of offering costs as a reduction of permanent equity.

Income Taxes

The Company accounts for income taxes under ASC Topic 740, Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carryforwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s unaudited condensed financial statements.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30, 2023. The Company is currently not

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Consequently, income taxes are not reflected in the Company’s unaudited condensed financial statements.

Concentration of Credit Risk

The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, Fair Value Measurement, approximates the carrying amounts represented in the accompanying condensed balance sheet, primarily due to their short-term nature.

Net Income Per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has two classes of shares, which are referred to as redeemable Class A ordinary shares and non-redeemable Class A and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per ordinary share is calculated by dividing the net income by the weighted average shares of ordinary shares outstanding for the respective period.

The calculation of diluted net income does not consider the effect of the warrants underlying the Units sold in the Initial Public Offering (including the consummation of the Over-allotment) and the private placement warrants to purchase an aggregate of 11,898,800 shares of Class A ordinary shares in the calculation of diluted income per share, because their exercise is contingent upon future events. As a result, diluted net income per share is the same as basic net income per share for the three months ended September 30, 2023 and for the period from March 7, 2023(inception) through September 30, 2023. Accretion associated with the redeemable Class A ordinary shares is excluded from earnings per share as the redemption value approximates fair value.

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):


					For the period from
					March 7, 2023
	For the Three Months				(inception)
	Ended September 30, 2023				through September 30, 2023
			Non-redeemable				Non-redeemable
	Redeemable		Class A and		Redeemable		Class A and
	Class A		Class B		Class A		Class B
Basic and diluted net income per ordinary share
Numerator:
Allocation of net income	$	621,726	$	242,564	$	471,743	$	383,066
Denominator:
Basic and diluted weighted average ordinary shares outstanding		16,175,824		6,310,949		7,111,111		5,774,379
Basic and diluted net income per ordinary share	$	0.04	$	0.04	$	0.07	$	0.07

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed statement of operations. For derivative instruments that are classified as equity, the derivative instruments are initially measured at fair value (or allocated value), and subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed statement of operations.

The warrants met all of the criteria for equity classification and accounted for as such.

Recent Accounting Standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. As a result of ASU No. 2020-06, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost and more convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no features require bifurcation and recognition as derivatives. The amendments are effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 effective March 7, 2023 (inception). The adoption of ASU 2020-06 did not have an impact on the unaudited condensed financial statements.

Except as provided above, the Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

The registration statement for the Company’s Initial Public Offering was declared effective on July 25, 2023. On July 28, 2023, the Company consummated the Initial Public Offering of 23,000,000 Units, at a price of $10.00 per Unit, including 3,000,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $230,000,000. Each Unit consisted of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share, subject to adjustment (see Note 7).

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

Commencing on September 15, 2023, the holders of the Units may elect to separately trade the underlying Class A ordinary shares and Public Warrants.

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 797,600 Private Placement Units at a price of $10.00 per share in a private placement to the Sponsor, including 30,000 Private Placement Units issued in connection with the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $7,976,000. Each Private Placement Unit consists of one Class A ordinary share and one-half of one warrant (the “Private Placement Warrant”). The proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Units will expire worthless.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On March 15, 2023, the Sponsor acquired 5,750,000 Class B ordinary shares (the “Founder Shares”) for an aggregate purchase price of $25,000 paid to cover certain expenses on behalf of the Company. The Founder Shares included an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option is not exercised in full or in part, so that the Sponsor will own, on an as-converted basis, 20% of the Company’s issued and outstanding shares after the Initial Public Offering (excluding any Public Shares purchased by the Sponsor in the Initial Public Offering and excluding the Private Placement Units). On July 28, 2023, the underwriters exercised the over-allotment option in full, so those 750,000 Class B ordinary shares are no longer subject to forfeiture.

The Sponsor has agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees as disclosed herein) until the earlier of: (i) six months following the consummation of a Business Combination; or (ii) subsequent to the consummation of a Business Combination, the date on which the Company consummates a transaction which results in all of its shareholders having the right to exchange their shares for cash, securities, or other property.

Promissory Note - Related Party

On March 13, 2023, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Promissory Note”). This loan was non-interest bearing and payable on the earlier of December 31, 2023 or the date on which the Company consummated the Initial Public Offering. Prior to the Initial Public Offering, the Company had borrowed $272,550 under the Promissory Note. On July 28, 2023, the Company repaid the outstanding balance under the Promissory Note in full. The facility is no longer available to the Company subsequent to the IPO.

Administrative Support Agreement

The Sponsor has agreed, commencing from the date of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office space, utilities and administrative services, as the Company may require from time to time. Also, pursuant to an administrative services agreement dated July 25, 2023, the Company has agreed to pay to an affiliate of the Company’s Chief Executive Officer up to $20,000 per month for these services during the 24-month period to complete a Business Combination. Upon completion of an initial Business Combination or the Company’s liquidation, any remaining monthly payments from the 24-month term will be accelerated and due at the closing of the initial Business Combination or liquidation. For the three-month period ended September 30, 2023, the Company

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

incurred expenses of $44,516 for services under this agreement, which were included in the general and administrative expenses – related party on the accompanying unaudited condensed statement of operations.

In addition, pursuant to an advisory services agreement dated July 25, 2023, following the commencement of the Initial Public Offering, the Company has agreed to pay an affiliate of the Company’s Chief Financial Officer $20,000 per month for services rendered prior to the consummation of the initial Business Combination; such amounts will only be payable upon the successful completion of the initial Business Combination. As of September 30, 2023, the contingent fee payable for these services amounted to $44,516.

Working Capital Loans

In order to finance transaction costs in connection with the initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest bearing basis. If the Company completes the initial Business Combination, the Company will repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into Units, at a price of $10.00 per Unit at the option of the lender, upon consummation of the initial Business Combination. The Units would be identical to the Private Placement Units. Other than as set forth above, the terms of such loans by the Company’s officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2023, no amounts were outstanding under the working capital loans.

NOTE 6. COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights Agreement

The holders of the Founder Shares, the Private Placement Units and any additional Private Placement Units that may be issued upon conversion of working capital loans (the “Working Capital Loans”) (and any underlying Class A ordinary shares) will have registration and shareholder rights to require the Company to register a sale of any of its securities held by them pursuant to a registration and shareholder rights agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of an initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

Simultaneously with the Initial Public Offering and sale of 20,000,000 Units (the “Firm Units”), the underwriters fully exercised the over-allotment option to purchase an additional 3,000,000 Units (the “Option Units”) at an offering price of $10.00 per Option Unit for an aggregate purchase price of $30,000,000.

The underwriters were paid a cash underwriting discount of $0.20 per Firm Unit, or $4,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.35 per Firm Unit and $0.55 per Option Unit, or $8,650,000 in the aggregate, will be payable to the representatives of the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

NOTE 7. SHAREHOLDERS’ DEFICIT

Preference shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2023, there were no preference shares issued or outstanding.

Class A ordinary shares — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of September 30, 2023, there were 23,797,600 Class A ordinary shares issued and outstanding, including 23,000,000 Class A ordinary shares subject to possible redemption and classified as temporary equity. The remaining 797,600 Class A ordinary shares from the sale of the Private Placement Units are non-redeemable and are classified as permanent equity.

Class B ordinary shares — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share. As of September 30, 2023, there were 5,750,000 Class B ordinary shares issued and outstanding. Of the 5,750,000 Class B ordinary shares outstanding, up to 750,000 shares were subject to forfeiture to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the initial shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. On July 28, 2023, the underwriters exercised the over-allotment option in full, so those 5,750,000 Class B ordinary shares are no longer subject to forfeiture.

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law.

The Founder Shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of a Business Combination, and may be converted at any time prior to the Business Combination, at the option of the holder, on a one-for-one basis (unless otherwise provided in the business combination agreement), subject to adjustment for share sub-divisions, share dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of Class A ordinary shares outstanding after such conversion (not including the Class A ordinary shares underlying the Private Placement Units), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the Business Combination, excluding any Class A ordinary shares or equity-linked securities or rights exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the Business Combination and any Private Placement Units issued to the Sponsor, officers or directors upon conversion of Working Capital Loans, provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

In addition, only holders of Founder Shares will have the right to vote on the appointment of directors prior to the completion of the Company’s initial Business Combination and on a vote to continue the Company in a jurisdiction outside the Cayman Islands.

Warrants —As of September 30, 2023,there were 11,898,800 warrants outstanding (including 11,500,000 Public Warrants and 398,800 Private Placement Warrants). Each whole Public Warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of the initial Business Combination. Pursuant to the warrant agreement, a warrant holder may exercise its Public Warrants only for a whole number of Class A ordinary shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will expire five years after the completion of the initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement of which this prospectus forms a part or a new registration statement covering the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants and thereafter will use our commercially reasonable efforts to cause the same to become effective within 60 business days following the initial Business Combination and to maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth (60 business days after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.

Once the warrants become exercisable, the Company may call the warrants for redemption for cash:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and

●

if, and only if, the closing price of the ordinary shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A ordinary shares and equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination as described elsewhere in this prospectus) on each of 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before the Company sends to the notice of redemption to the warrant holders and there is an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.

If and when the warrants become redeemable by the Company for cash, the Company may exercise the redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary shares (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares or Private Placement Units held by the initial shareholders or such affiliates, as applicable, prior to such issuance), (the “Newly Issued Price”) (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day after the day on which the Company consummate the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination. The Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants sold as part of the Units in the Initial Public Offering.

Table of Contents

HAYMAKER ACQUISITION CORP. 4

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2023

The Company accounts for the 11,898,800 warrants issued in connection with the Initial Public Offering (including 11,500,000 Public Warrants and 398,800 Private Placement Warrants) in accordance with the guidance contained in ASC 815-40. Such guidance provides that the warrants described above are not precluded from equity classification. Equity-classified contracts are initially measured at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.

NOTE 8. FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial assets and liabilities reflects its management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:


Level 1:		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:		Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:		Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

Level 1 assets include investments in a money market fund that invest solely in U.S. Treasury securities. At September 30, 2023, assets held in the Trust Account were comprised of $233,366,459 in money market funds which are invested primarily in U.S. Treasury Securities.

NOTE 9. SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions that occurred after the unaudited condensed balance sheets date and up to the date the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Haymaker Acquisition Corp. 4. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Haymaker Sponsor IV LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

All statements other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this section regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. When used in this Quarterly Report, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s final prospectus for its initial public offering (the “Initial Public Offering”) filed with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto included in this Quarterly Report under “Item 1. Financial Statements”.

Overview

We are a blank check company incorporated in Cayman Islands on March 7, 2023 formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We intend to focus our search for an initial business combination with a business in the consumer and consumer-related products and services industries.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities for the period from March 7, 2023 (inception) through September 30, 2023, were organizational activities, those necessary to prepare for our Initial Public Offering, described below and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. We do not expect to generate any operating revenues until after the completion of our initial business combination. We generate non-operating income in the form of interest income on investments held in our trust account after the Initial Public Offering. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2023, we had a net income of $864,290, which consisted of interest earned on investments held in our trust account of $1,066,459, offset by general and administrative expenses of $202,169.

For the for the period from March 7, 2023 (inception) through September 30, 2023, we had a net income of $854,809, which consisted of interest earned on investments held in our trust account of $1,066,459, offset by general and administrative expenses of $211,650.

Table of Contents

Factors That May Adversely Affect our Results of Operations

Our results of operations and our ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, the ongoing effects of the COVID-19 pandemic, including resurgences and the emergence of new variants, and geopolitical instability, such as the military conflict in Ukraine. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial business combination.

Liquidity, Capital Resources, and Going Concern

For the period from March 7, 2023 (inception) through September 30, 2023, net cash used in operating activities was $646,133. The company had a net income of $854,809, which was affected by interest of $1,066,459 earned on investments held in our trust account and changes in operating assets and liabilities which used $434,483 of cash.

The Registration Statement on Form S-1 initially filed with the SEC on July 3, 2023, as amended, for the Company’s Initial Public Offering was declared effective on July 25, 2023 (File No. 333- 273117) (the “Registration Statement”). On July 28, 2023, the Company consummated the Initial Public Offering of 23,000,000 units, (the “Units” and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), including 3,000,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $230,000,000. Commencing on September 15, 2023, the holders of the Units may elect to separately trade the underlying Class A ordinary shares and warrants.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 797,600 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to the Sponsor, including 30,000 Private Placement Units in connection with the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $7,976,000.

Following the closing of the Initial Public Offering on July 28, 2023, an amount of $232,300,000 ($10.10 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account.

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the funds held in the trust account and not previously released to us to pay our taxes (which interest shall be net of taxes payable and excluding deferred underwriting commissions) to complete our initial business combination. We may withdraw interest to pay our taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our taxes. To the extent that our ordinary shares or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

As of September 30, 2023, the Company had $365,055 in cash held outside of the trust account and working capital of $714,538. The Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern one year from the date that these unaudited condensed financial statements are issued.

The Company will have until July 28, 2025 (the “Combination Period”) to consummate a Business Combination. If a Business Combination is not consummated by July 28, 2025, there will be a mandatory liquidation and subsequent dissolution of the Company. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after July 28, 2025. The Company intends to complete the initial Business Combination before the mandatory liquidation date. However, there can be no assurance that the Company will be able to consummate any Business Combination by July 28, 2025.

Table of Contents

Contractual Obligations

Registration Rights

The holders of (i) the 5,750,000 Class B ordinary shares (the “Founder Shares”) which were issued to the Sponsor on March 15, 2023, (ii) the Private Placement Units, including Class A ordinary shares and warrants contained therein, and (iii) any additional units (the “Working Capital Units”), including Class A ordinary shares and warrants contained therein, that may be issued upon conversion of working capital loans, and any Class A ordinary shares issuable upon conversion of the Founder Shares, Class A ordinary shares issuable upon the exercise of the warrants underlying the Private Placement Units, and any Class A ordinary shares issuable upon the exercise of the warrants underlying the Working Capital Units, will be entitled to registration rights pursuant to a registration rights agreement dated July 25, 2023, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the Company’s initial business combination.

Promissory Note - Related Party

Underwriters Agreement

The underwriters were paid a cash underwriting discount of $0.20 per Firm Unit, or $4,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.35 per Firm Unit and $0.55 per Option Unit, or $8,650,000 in the aggregate, will be payable to the representatives of the underwriters for deferred underwriting commissions). The deferred fee will become payable to the underwriters from the amounts held in the trust account solely in the event that the Company completes an initial business combination, subject to the terms of the underwriting agreement.

Critical Accounting Policies

The preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting policies:

Net Income Per Share

The Company has two classes of shares, which are referred to as redeemable Class A ordinary shares and non-redeemable Class A and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per share is computed by dividing net income by the weighted average number ordinary shares outstanding for the period. The calculation of diluted income per share does not consider the effect of the warrants issued in connection with the Initial Public Offering since the exercise of the warrants are contingent upon the occurrence of future events.

Table of Contents

Class A Ordinary Shares Subject to Possible Redemption

The Company’s Class A ordinary shares that were sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the initial business combination and in connection with certain amendments to the Company’s Amended and Restated Memorandum and Articles of Association. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will only redeem its Public Shares. However, the threshold in its Amended and Restated Memorandum and Articles of Association would not change the nature of the underlying shares as redeemable and thus Public Shares are required to be disclosed outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are reflected in additional paid-in capital, or in the absence of additional paid-in capital, in accumulated deficit.

Recent Accounting Standards

The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the accompanying financial statement.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Table of Contents

Item 4. Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Certifying Officers carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2023. Based upon their evaluation, our Certifying Officers concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were effective.

Changes in Internal Control over Financial Reporting

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

To the knowledge of our management team, there is no litigation currently pending or contemplated against us, any of our officers or directors in their capacity as such or against any of our property.

ITEM 1A. RISK FACTORS

As a smaller reporting company under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Quarterly Report. However, as of the date of this Quarterly Report, other than as set forth below, there have been no material changes with respect to those risk factors previously disclosed in the Registration Statement for our initial public offering. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risks could arise that may also affect our business or ability to consummate an initial business combination. We may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with the SEC.

Military or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition of potential target companies, which could make it more difficult for us to consummate an initial business combination.

Military or other conflicts in Ukraine, the Middle East or elsewhere may lead to increased volume and price volatility for publicly traded securities, or affect the operations or financial condition of potential target companies, and to other company or industry-specific, national, regional or international economic disruptions and economic uncertainty, any of which could make it more difficult for us to identify a business combination target and consummate an initial business combination on acceptable commercial terms, or at all.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Use of Proceeds

On July 28, 2023, we consummated our initial public offering of 23,000,000 units (the “Units”), including 3,000,000 Units issued pursuant to the full exercise of the underwriters’ over-allotment option. Each Unit consists of one Class A ordinary share, par value $0.0001 per share, and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share.

The Units were sold at a price of $10.00 per Unit, generating gross proceeds to us of $230,000,000. Cantor Fitzgerald & Co. and William Blair & Company, L.L.C. acted as book runners and representatives of the underwriters.

Simultaneously with the closing of the initial public offering, we completed the sale of an aggregate of 797,600 Units (the “Private Placement Units”) to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds of $7,976,000.

A total of $232,300,000, or $10.10 per Unit, comprised of $226,000,000 of the net proceeds from the initial public offering and a portion of the $7,976,000 of the proceeds of the sale of the Private Placement Units (which amount includes $8,650,000 of the underwriter’s deferred discount), was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee.

The proceeds held in the trust account may be invested by the trustee only in U.S. government securities with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. The specific investments in our trust account may change from time to time.

Table of Contents

Other than as described above, there has been no material change in the planned use of the proceeds from our initial public offering and the private placement as is described in our final prospectus related to our initial public offering. There has been no material change in the planned use of proceeds from our initial public offering and private placement as described in the Registration Statement.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.


Exhibit No.		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial and Accounting Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101

*	Filed herewith.

**	Furnished herewith.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Haymaker Acquisition Corp. 4

Date: November 9, 2023	By:	/s/ Andrew R. Heyer
		Name: Andrew R. Heyer
		Title: Chief Executive Officer
		(Principal Executive Officer)

Date: November 9, 2023	By:	/s/ Christopher Bradley
		Name: Christopher Bradley
		Title: Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION OF THE

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

RULE 13a-14(a) AND RULE 15d-14(a)

UNDER THE

SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew R. Heyer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Haymaker Acquisition Corp. 4;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

b) (Paragraph intentionally omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 9, 2023
	By:	/s/ Andrew R. Heyer
		Andrew R. Heyer
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF THE

PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

RULE 13a-14(a) AND RULE 15d-14(a)

UNDER THE

SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Bradley, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Haymaker Acquisition Corp. 4;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

b) (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 9, 2023
	By:	/s/ Christopher Bradley
		Christopher Bradley
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION OF THE

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Haymaker Acquisition Corp. 4 (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Andrew R. Heyer, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.


Date: November 9, 2023
	By:	/s/ Andrew R. Heyer
		Andrew R. Heyer
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION OF THE

PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Haymaker Acquisition Corp. 4 (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Christopher Bradley, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


Date: November 9, 2023
	By:	/s/ Christopher Bradley
		Christopher Bradley
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Document and Entity Information - shares	7 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 09, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41757
Entity Registrant Name	HAYMAKER ACQUISITION CORP. 4
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	86-2213850
Entity Address, Address Line One	501 Madison Avenue, Floor 5
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	616-9600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Central Index Key	0001970509
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Units, each consisting of one Class A Ordinary Share and one-half of one redeemable Warrant
Document and Entity Information
Title of 12(b) Security	Units, each consisting of one Class A Ordinary Share and one-half of one redeemable Warrant
Trading Symbol	HYAC U
Security Exchange Name	NYSE
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A Ordinary Shares, par value $0.0001 per share
Trading Symbol	HYAC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		23,797,600
Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
Document and Entity Information
Title of 12(b) Security	Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
Trading Symbol	HYAC WS
Security Exchange Name	NYSE
Non-redeemable Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding		5,750,000

CONDENSED BALANCE SHEET (UNAUDITED)	Sep. 30, 2023 USD ($)
Current assets:
Cash	$ 365,055
Prepaid expenses	469,353
Total current assets	834,408
Cash and investments held in Trust Account	233,366,459
TOTAL ASSETS	234,200,867
Current liabilities:
Accrued expenses	34,870
Accrued offering costs	85,000
Total current liabilities	119,870
Deferred underwriting fee payable	8,650,000
Total Liabilities	8,769,870
Commitments and Contingencies
Shareholders' Deficit:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
Accumulated deficit	(7,936,117)
Total Shareholders' Deficit	(7,935,462)
TOTAL LIABILITIES, REDEEMABLE CLASS A ORDINARY SHARES AND SHAREHOLDERS' DEFICIT	234,200,867
Class A Ordinary Shares Subject To Redemption
Current liabilities:
Class A ordinary shares subject to possible redemption, $0.0001 par value, 23,000,000 shares at redemption value of $10.15	233,366,459
Class A ordinary shares not subject to possible redemption
Shareholders' Deficit:
Ordinary shares	80
Class B Ordinary Shares
Shareholders' Deficit:
Ordinary shares	$ 575

CONDENSED BALANCE SHEET (UNAUDITED) (Parenthetical)	Sep. 30, 2023 $ / shares shares
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred shares, shares authorized (in shares)	1,000,000
Preferred shares, shares issued (in shares)	0
Preferred shares, shares outstanding (in shares)	0
Class A ordinary shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares authorized (in shares)	500,000,000
Ordinary shares, shares outstanding (in shares)	797,600
Class A Ordinary Shares Subject To Redemption
Class A ordinary shares subject to possible redemption, par value (in dollars per share) \| $ / shares	$ 0.0001
Class A ordinary shares subject to possible redemption (in shares)	23,000,000
Class A ordinary shares subject to possible redemption, redemption value per share \| $ / shares	$ 10.15
Class A ordinary shares not subject to possible redemption
Ordinary shares, shares issued (in shares)	797,600
Ordinary shares, shares outstanding (in shares)	797,600
Class B Ordinary Shares
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares authorized (in shares)	50,000,000
Ordinary shares, shares issued (in shares)	5,750,000
Ordinary shares, shares outstanding (in shares)	5,750,000

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended	7 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Loss from operations	$ (202,169)	$ (211,650)
Other income:
Interest earned on cash and investments held in Trust Account	1,066,459	1,066,459
Net income	864,290	854,809
Class A ordinary shares subject to possible redemption
Other income:
Net income	$ 621,726	$ 471,743
Weighted average shares outstanding, basic (in shares)	16,175,824	7,111,111
Weighted average shares outstanding, diluted (in shares)	16,175,824	7,111,111
Basic net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Diluted net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Non-redeemable Class A ordinary shares
Other income:
Net income	$ 242,564	$ 383,066
Weighted average shares outstanding, basic (in shares)	6,310,949	5,774,379
Weighted average shares outstanding, diluted (in shares)	6,310,949	5,774,379
Basic net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Diluted net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Non-redeemable Class B ordinary shares
Other income:
Weighted average shares outstanding, basic (in shares)	6,310,949	5,774,379
Weighted average shares outstanding, diluted (in shares)	6,310,949	5,774,379
Basic net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Diluted net loss per ordinary share (in dollar per share)	$ 0.04	$ 0.07
Nonrelated party
General and administrative expenses	$ 157,653	$ 167,134
Related party
General and administrative expenses	$ 44,516	$ 44,516

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED) - USD ($)	Ordinary Shares Class A ordinary shares	Ordinary Shares Class B Ordinary Shares	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Mar. 06, 2023	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Mar. 06, 2023	0	0
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
Issuance of Class B ordinary shares to Sponsor		$ 575	24,425		25,000
Issuance of Class B ordinary shares to Sponsor (in shares)		5,750,000
Net income (loss)				(5,550)	(5,550)
Ending balance at Mar. 31, 2023		$ 575	24,425	(5,550)	19,450
Ending balance (in shares) at Mar. 31, 2023		5,750,000
Beginning balance at Mar. 06, 2023	$ 0	$ 0	0	0	$ 0
Beginning balance (in shares) at Mar. 06, 2023	0	0
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
Sale of 797,600 Private Placement Units (in shares)					20,000,000
Allocation of issuance costs					$ (98,295)
Net income (loss)					854,809
Ending balance at Sep. 30, 2023	$ 80	$ 575		(7,936,117)	(7,935,462)
Ending balance (in shares) at Sep. 30, 2023	797,600	5,750,000
Beginning balance at Mar. 31, 2023		$ 575	24,425	(5,550)	19,450
Beginning balance (in shares) at Mar. 31, 2023		5,750,000
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
Net income (loss)				(3,931)	(3,931)
Ending balance at Jun. 30, 2023		$ 575	24,425	(9,481)	15,519
Ending balance (in shares) at Jun. 30, 2023		5,750,000
CONDENSED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
Sale of 797,600 Private Placement Units	$ 80		7,975,920		7,976,000
Sale of 797,600 Private Placement Units (in shares)	797,600
Fair value of Public Warrants at issuance			1,242,000		1,242,000
Allocation of issuance costs			(98,295)		(98,295)
Accretion for Class A ordinary shares to redemption amount			$ (9,144,050)	(8,790,926)	(17,934,976)
Net income (loss)				864,290	864,290
Ending balance at Sep. 30, 2023	$ 80	$ 575		$ (7,936,117)	$ (7,935,462)
Ending balance (in shares) at Sep. 30, 2023	797,600	5,750,000

CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (UNAUDITED) (Parenthetical) - shares	3 Months Ended	7 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Number of units issued		20,000,000
Private Placement
Number of units issued	797,600

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)	7 Months Ended
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)	Sep. 30, 2023 USD ($)
Cash Flows from Operating Activities:
Net income	$ 854,809
Adjustments to reconcile net income to net cash used in operating activities:
Income from assets held in Trust Account	(1,066,459)
Changes in operating assets and liabilities:
Prepaid expenses	(469,353)
Accrued expenses	34,870
Net cash used in operating activities	(646,133)
Cash Flows from Financing Activities:
Investment into Trust Account	(232,300,000)
Net cash used in investing activities	(232,300,000)
Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid	226,000,080
Proceeds from sale of Unit Purchase Option	7,975,920
Proceeds from promissory note - related party	300,000
Repayment of promissory note - related party	(372,550)
Payment of offering costs	(592,262)
Net cash provided by financing activities	233,311,188
Net Change in Cash	365,055
Cash - Beginning of period	0
Cash - End of period	365,055
Non-cash investing and financing activities:
Offering costs included in accrued offering costs	85,000
Offering costs paid by Sponsor in exchange for issuance of founder shares	24,425
Deferred underwriting fee payable	8,650,000
Offering costs paid by Sponsor as a draw to the promissory note	$ 72,550

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

7 Months Ended

Sep. 30, 2023

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Going Concern and Liquidity

Risks and Uncertainties

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

7 Months Ended

Sep. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Cash and Investments Held in Trust Account

Class A Ordinary Shares Subject to Possible Redemption

As of September 30, 2023, the Class A ordinary shares reflected in the condensed balance sheet is reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(1,242,000)
Issuance costs allocated to Class A ordinary shares		(13,326,517)
Plus:
Accretion of carrying value to redemption value		17,934,976
Class A ordinary shares subject to possible redemption	$	233,366,459

Offering Costs Associated with the Initial Public Offering

Income Taxes

Concentration of Credit Risk

Fair Value of Financial Instruments

Net Income Per Ordinary Share

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):


					For the period from
					March 7, 2023
	For the Three Months				(inception)
	Ended September 30, 2023				through September 30, 2023
			Non-redeemable				Non-redeemable
	Redeemable		Class A and		Redeemable		Class A and
	Class A		Class B		Class A		Class B
Basic and diluted net income per ordinary share
Numerator:
Allocation of net income	$	621,726	$	242,564	$	471,743	$	383,066
Denominator:
Basic and diluted weighted average ordinary shares outstanding		16,175,824		6,310,949		7,111,111		5,774,379
Basic and diluted net income per ordinary share	$	0.04	$	0.04	$	0.07	$	0.07

Derivative Financial Instruments

Warrants

The warrants met all of the criteria for equity classification and accounted for as such.

Recent Accounting Standards

INITIAL PUBLIC OFFERING

7 Months Ended

Sep. 30, 2023

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING

NOTE 3. INITIAL PUBLIC OFFERING

The registration statement for the Company’s Initial Public Offering was declared effective on July 25, 2023. On July 28, 2023, the Company consummated the Initial Public Offering of 23,000,000 Units, at a price of $10.00 per Unit, including 3,000,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full, generating gross proceeds of $230,000,000. Each Unit consisted of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per whole share, subject to adjustment (see Note 7).

Commencing on September 15, 2023, the holders of the Units may elect to separately trade the underlying Class A ordinary shares and Public Warrants.

PRIVATE PLACEMENT

7 Months Ended

Sep. 30, 2023

PRIVATE PLACEMENT

PRIVATE PLACEMENT

NOTE 4. PRIVATE PLACEMENT

RELATED PARTY TRANSACTIONS

7 Months Ended

Sep. 30, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

Promissory Note - Related Party

Administrative Support Agreement

Working Capital Loans

COMMITMENTS AND CONTINGENCIES

7 Months Ended

Sep. 30, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 6. COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights Agreement

Underwriting Agreement

SHAREHOLDERS' DEFICIT

7 Months Ended

Sep. 30, 2023

SHAREHOLDERS' DEFICIT

SHAREHOLDERS' DEFICIT

NOTE 7. SHAREHOLDERS’ DEFICIT

Once the warrants become exercisable, the Company may call the warrants for redemption for cash:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and

●

FAIR VALUE MEASUREMENTS

7 Months Ended

Sep. 30, 2023

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

NOTE 8. FAIR VALUE MEASUREMENTS


Level 1:		Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:		Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:		Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

SUBSEQUENT EVENTS

7 Months Ended

Sep. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 9. SUBSEQUENT EVENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

7 Months Ended

Sep. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Cash and Investments Held in Trust Account

Cash and Investments Held in Trust Account

Class A Ordinary Shares Subject to Possible Redemption

As of September 30, 2023, the Class A ordinary shares reflected in the condensed balance sheet is reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(1,242,000)
Issuance costs allocated to Class A ordinary shares		(13,326,517)
Plus:
Accretion of carrying value to redemption value		17,934,976
Class A ordinary shares subject to possible redemption	$	233,366,459

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Income Taxes

Concentration of Credit Risk

Fair Value of Financial Instruments

Net Income Per Ordinary Share

The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):


					For the period from
					March 7, 2023
	For the Three Months				(inception)
	Ended September 30, 2023				through September 30, 2023
			Non-redeemable				Non-redeemable
	Redeemable		Class A and		Redeemable		Class A and
	Class A		Class B		Class A		Class B
Basic and diluted net income per ordinary share
Numerator:
Allocation of net income	$	621,726	$	242,564	$	471,743	$	383,066
Denominator:
Basic and diluted weighted average ordinary shares outstanding		16,175,824		6,310,949		7,111,111		5,774,379
Basic and diluted net income per ordinary share	$	0.04	$	0.04	$	0.07	$	0.07

Derivative Financial Instruments

Warrants

The warrants met all of the criteria for equity classification and accounted for as such.

Recent Accounting Standards

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

7 Months Ended

Sep. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of Class A ordinary shares reflected in the condensed balance sheet

As of September 30, 2023, the Class A ordinary shares reflected in the condensed balance sheet is reconciled in the following table:


Gross proceeds	$	230,000,000
Less:
Proceeds allocated to Public Warrants		(1,242,000)
Issuance costs allocated to Class A ordinary shares		(13,326,517)
Plus:
Accretion of carrying value to redemption value		17,934,976
Class A ordinary shares subject to possible redemption	$	233,366,459

Schedule of basic and diluted net income per ordinary share


					For the period from
					March 7, 2023
	For the Three Months				(inception)
	Ended September 30, 2023				through September 30, 2023
			Non-redeemable				Non-redeemable
	Redeemable		Class A and		Redeemable		Class A and
	Class A		Class B		Class A		Class B
Basic and diluted net income per ordinary share
Numerator:
Allocation of net income	$	621,726	$	242,564	$	471,743	$	383,066
Denominator:
Basic and diluted weighted average ordinary shares outstanding		16,175,824		6,310,949		7,111,111		5,774,379
Basic and diluted net income per ordinary share	$	0.04	$	0.04	$	0.07	$	0.07

DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (Details) - USD ($)		1 Months Ended	3 Months Ended	7 Months Ended
	Jul. 28, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2023
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued				20,000,000
Price per share			$ 10.00	$ 10.00
Gross proceeds	$ 230,000,000	$ 25,000
Amount of net proceeds placed in trust account	$ 232,300,000
Transaction costs				$ 13,424,812
Cash underwriting fees				4,000,000
Deferred underwriting fees				8,650,000
Other offering costs				$ 774,812
Threshold minimum aggregate fair market value as a percentage of the net assets held in the Trust Account				80.00%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination				50.00%
Agreed minimum per unit sold amount held in trust account				$ 10.10
Redemption price per share				$ 10.10
Condition for future business combination threshold net tangible assets			$ 5,000,001	$ 5,000,001
Threshold percentage of public shares subject to redemption without the company's prior written consent				15.00%
Price per public share considered for reduction of funds in the trust account				$ 10.10
Cash			$ 365,055	$ 365,055
Working capital deficit				$ 714,538
Initial Public Offering
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued	23,000,000
Price per share	$ 10.00
Gross proceeds	$ 230,000,000
Initial Public Offering \| Class A ordinary shares
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Price per share	$ 10.00
Over-allotment
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued	3,000,000			3,000,000
Gross proceeds				$ 7,976,000
Private Placement
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued			797,600
Private Placement \| Sponsor \| Haymaker Sponsor IV LLC
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued				797,600
Price per share			$ 10.00	$ 10.00
Gross proceeds				$ 7,976,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended	7 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) $ / shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Minimum net tangible assets prior to or upon consummation of the initial business combination for redemption of public shares	$ 5,000,001	$ 5,000,001
Redemption price per share \| $ / shares		$ 10.10
Offering costs		$ 13,424,812
Cash underwriting fees		4,000,000
Deferred underwriting fees		8,650,000
Other offering costs		774,812
Offering costs as a reduction of temporary equity		13,326,517
Offering costs as a reduction of permanent equity	98,295	98,295
Unrecognized tax benefits	0	0
Unrecognized tax benefits accrued for interest and penalties	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Summary of reconciliation of Class A ordinary shares reflected in the balance sheet (Details)	3 Months Ended	7 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Issuance costs allocated to Class A ordinary shares		$ 13,326,517
Accretion of carrying value to redemption value	$ 17,934,976
Class A Ordinary Shares Subject To Redemption
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gross proceeds		230,000,000
Proceeds allocated to Public Warrants		(1,242,000)
Issuance costs allocated to Class A ordinary shares		(13,326,517)
Accretion of carrying value to redemption value		17,934,976
Class A ordinary shares subject to possible redemption	$ 233,366,459	$ 233,366,459

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income Per Ordinary Share (Details)	Sep. 30, 2023 shares
Private Placement
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of securities called by warrants	11,898,800

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basic and diluted net income per ordinary share (Details) - USD ($)	1 Months Ended	3 Months Ended		7 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023
Numerator:
Allocation of net income	$ (5,550)	$ 864,290	$ (3,931)	$ 854,809
Redeemable Class A ordinary shares
Numerator:
Allocation of net income		$ 621,726		$ 471,743
Denominator:
Weighted average shares outstanding, basic (in shares)		16,175,824		7,111,111
Weighted average shares outstanding, diluted (in shares)		16,175,824		7,111,111
Basic net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07
Diluted net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07
Non-redeemable Class A ordinary shares
Numerator:
Allocation of net income		$ 242,564		$ 383,066
Denominator:
Weighted average shares outstanding, basic (in shares)		6,310,949		5,774,379
Weighted average shares outstanding, diluted (in shares)		6,310,949		5,774,379
Basic net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07
Diluted net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07
Non-redeemable Class B ordinary shares
Denominator:
Weighted average shares outstanding, basic (in shares)		6,310,949		5,774,379
Weighted average shares outstanding, diluted (in shares)		6,310,949		5,774,379
Basic net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07
Diluted net loss per ordinary share (in dollar per share)		$ 0.04		$ 0.07

INITIAL PUBLIC OFFERING (Details) - USD ($)		1 Months Ended	7 Months Ended
INITIAL PUBLIC OFFERING (Details) - USD ($)	Jul. 28, 2023	Mar. 31, 2023	Sep. 30, 2023
INITIAL PUBLIC OFFERING
Number of units issued			20,000,000
Price per share			$ 10.00
Gross proceeds	$ 230,000,000	$ 25,000
Exercise price of warrants			$ 11.50
Class A ordinary shares
INITIAL PUBLIC OFFERING
Number of shares issuable per warrant			1
Initial Public Offering
INITIAL PUBLIC OFFERING
Number of units issued	23,000,000
Price per share	$ 10.00
Gross proceeds	$ 230,000,000
Initial Public Offering \| Public warrant
INITIAL PUBLIC OFFERING
Number of warrants in a unit	0.5
Initial Public Offering \| Class A ordinary shares
INITIAL PUBLIC OFFERING
Price per share	$ 10.00
Number of shares in a unit	1
Initial Public Offering \| Class A ordinary shares \| Public warrant
INITIAL PUBLIC OFFERING
Number of shares issuable per warrant	1
Exercise price of warrants	$ 11.50
Over-allotment
INITIAL PUBLIC OFFERING
Number of units issued	3,000,000		3,000,000
Gross proceeds			$ 7,976,000

PRIVATE PLACEMENT (Details) - USD ($)		1 Months Ended	3 Months Ended	7 Months Ended
PRIVATE PLACEMENT (Details) - USD ($)	Jul. 28, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2023
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued				20,000,000
Price per share			$ 10.00	$ 10.00
Issuance of Class B ordinary shares to Sponsor	$ 230,000,000	$ 25,000
Private Placement
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued			797,600
Private Placement \| Sponsor
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued				797,600
Price per share			$ 10.00	$ 10.00
Private Placement \| Class A ordinary shares
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of shares in a unit				1
Private Placement \| Private Placement Warrants
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of warrants in a unit				0.5
Over-allotment
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued	3,000,000			3,000,000
Issuance of Class B ordinary shares to Sponsor				$ 7,976,000
Over-allotment \| Sponsor
DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Number of units issued				30,000

RELATED PARTY TRANSACTIONS - Founder Shares (Details) - USD ($)			1 Months Ended	7 Months Ended
	Jul. 28, 2023	Mar. 15, 2023	Mar. 31, 2023	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Gross proceeds	$ 230,000,000		$ 25,000
Number of shares no longer subject to forfeiture	0
Non-redeemable Class B ordinary shares
RELATED PARTY TRANSACTIONS
Maximum number of shares that were subject to forfeiture				750,000
Ownership percentage of issued and outstanding ordinary shares after the Initial Public Offering				20.00%
Number of shares no longer subject to forfeiture	5,750,000
Founder Shares \| Related party
RELATED PARTY TRANSACTIONS
Number of shares no longer subject to forfeiture	750,000
Founder Shares \| Sponsor
RELATED PARTY TRANSACTIONS
Ownership percentage of issued and outstanding ordinary shares after the Initial Public Offering		20.00%
Number of shares no longer subject to forfeiture	0
Founder Shares \| Sponsor \| Non-redeemable Class B ordinary shares
RELATED PARTY TRANSACTIONS
Number of shares issued		5,750,000
Gross proceeds		$ 25,000
Maximum number of shares that were subject to forfeiture		750,000

RELATED PARTY TRANSACTIONS - Promissory Note (Details) - USD ($)		7 Months Ended
	Mar. 13, 2023	Sep. 30, 2023	Jul. 28, 2023
RELATED PARTY TRANSACTIONS
Proceeds from promissory note - related party		$ 300,000
Notes Payable, Current, Related Party, Type [Extensible Enumeration]			Related party
Promissory Note - Related Party \| Sponsor \| Note
RELATED PARTY TRANSACTIONS
Maximum loan	$ 300,000
Proceeds from promissory note - related party	$ 272,550

RELATED PARTY TRANSACTIONS - Administrative Support Agreement (Details) - USD ($)		3 Months Ended
	Jul. 25, 2023	Sep. 30, 2023
Administrative Support Agreement
RELATED PARTY TRANSACTIONS
Period to complete business combination	24 months
Administrative Support Agreement \| Related party
RELATED PARTY TRANSACTIONS
Expense incurred for services under agreement		$ 44,516
Administrative Support Agreement \| Affiliate \| Chief Executive Officer
RELATED PARTY TRANSACTIONS
Amount per month for office space, utilities and administrative services	$ 20,000
Administrative Support Agreement \| Affiliate \| Chief Financial Officer
RELATED PARTY TRANSACTIONS
Amount per month for office space, utilities and administrative services	$ 20,000
Advisory services agreement \| Related party
RELATED PARTY TRANSACTIONS
Contingent fee payable		$ 44,516

RELATED PARTY TRANSACTIONS - Working Capital Loans (Details) - Working Capital Loans	7 Months Ended
	Sep. 30, 2023 USD ($) $ / shares
RELATED PARTY TRANSACTIONS
Outstanding loans	$ 0
Sponsor or an affiliate of the Sponsor, or officers and directors
RELATED PARTY TRANSACTIONS
Maximum amount of loan convertible into units	1,500,000
Proceeds from the Trust Account used for repayment	$ 0
Share price \| $ / shares	$ 10.00

COMMITMENTS AND CONTINGENCIES (Details)		7 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jul. 28, 2023 shares	Sep. 30, 2023 USD ($) item $ / shares shares
COMMITMENTS AND CONTINGENCIES
Maximum number of demands, excluding short form demands \| item		3
Number of units issued \| shares		20,000,000
Price per share		$ 10.00
Cash underwriting fees per unit		$ 0.20
Cash underwriting fees \| $		$ 4,000,000
Deferred underwriting fees per firm unit		$ 0.35
Deferred underwriting fees per option unit		$ 0.55
Deferred underwriting fees \| $		$ 8,650,000
Over-allotment
COMMITMENTS AND CONTINGENCIES
Number of units issued \| shares	3,000,000	3,000,000
Aggregate purchase price \| $		$ 30,000,000

SHAREHOLDERS' DEFICIT - Preference shares (Details)	Sep. 30, 2023 $ / shares shares
SHAREHOLDERS' DEFICIT
Preferred shares, shares authorized (in shares)	1,000,000
Preferred shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred shares, shares issued (in shares)	0
Preferred shares, shares outstanding (in shares)	0

SHAREHOLDERS' DEFICIT - Ordinary shares (Details)		7 Months Ended
SHAREHOLDERS' DEFICIT - Ordinary shares (Details)	Mar. 15, 2023 shares	Sep. 30, 2023 Vote $ / shares shares	Jul. 28, 2023 shares
Ordinary shares
Ordinary shares, votes per share \| Vote		1
Number of shares no longer subject to forfeiture			0
Founder Shares \| Related party
Ordinary shares
Number of shares no longer subject to forfeiture			750,000
Founder Shares \| Sponsor
Ordinary shares
Ownership percentage of issued and outstanding ordinary shares after the Initial Public Offering	20.00%
Number of shares no longer subject to forfeiture			0
Ratio to be applied to the stock in the conversion		1
Class A ordinary shares
Ordinary shares
Ordinary shares, shares authorized (in shares)		500,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Number of votes per share \| Vote		1
Shares outstanding		23,797,600
Ordinary shares, shares outstanding (in shares)		797,600
Ratio to be applied to the stock in the conversion		1
Class A ordinary shares \| Founder Shares
Ordinary shares
Ownership percentage of issued and outstanding ordinary shares after the Initial Public Offering		20.00%
Non-redeemable Class B ordinary shares
Ordinary shares
Ordinary shares, shares authorized (in shares)		50,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Ordinary shares, votes per share \| Vote		1
Ordinary shares, shares issued (in shares)		5,750,000
Ordinary shares, shares outstanding (in shares)		5,750,000
Maximum number of shares that were subject to forfeiture		750,000
Ownership percentage of issued and outstanding ordinary shares after the Initial Public Offering		20.00%
Number of shares no longer subject to forfeiture			5,750,000
Non-redeemable Class B ordinary shares \| Founder Shares \| Sponsor
Ordinary shares
Maximum number of shares that were subject to forfeiture	750,000
Class A ordinary shares subject to possible redemption
Ordinary shares
Class A ordinary shares subject to possible redemption (in shares)		23,000,000

SHAREHOLDERS' DEFICIT - Warrants (Details)	7 Months Ended
SHAREHOLDERS' DEFICIT - Warrants (Details)	Sep. 30, 2023 D $ / shares shares	Jul. 28, 2023 $ / shares shares
Warrants
Warrants outstanding	11,898,800
Exercise price of warrants \| $ / shares	$ 11.50
Minimum threshold days for exercise of warrants	30 days
Expiration term	5 years
Maximum threshold period for filing registration statement after business combinations \| D	15
Maximum threshold period for registration statement to become effective after business combination \| D	60
Redemption price per public warrant (in dollars per share) \| $ / shares	$ 0.01
Minimum threshold written notice period for redemption of public warrants	30 days
Redemption period	30 days
Stock price trigger for redemption of public warrants (in dollars per share) \| $ / shares	$ 18.00
Threshold trading days for redemption of public warrants \| D	20
Threshold consecutive trading days for redemption of public warrants \| D	30
Initial Public Offering
Warrants
Warrants outstanding	11,898,800
Class A ordinary shares
Warrants
Number of shares issuable per warrant	1
Share price \| $ / shares	$ 9.20
Percentage of gross proceeds on total equity proceed	60.00%
Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)	115.00%
Adjustment of exercise price of warrants based on market value and newly issued price 2 (as a percent)	180.00%
Public warrant
Warrants
Warrants outstanding	11,500,000
Public warrant \| Initial Public Offering
Warrants
Warrants outstanding	11,500,000
Public warrant \| Class A ordinary shares \| Initial Public Offering
Warrants
Number of shares issuable per warrant		1
Exercise price of warrants \| $ / shares		$ 11.50
Private Placement Warrants
Warrants
Warrants outstanding	398,800
Threshold period for not to transferable, assignable or salable any of their shares or warrants after the completion of the initial business combination	30 days
Private Placement Warrants \| Initial Public Offering
Warrants
Warrants outstanding	398,800

FAIR VALUE MEASUREMENTS (Details)	Sep. 30, 2023 USD ($)
FAIR VALUE MEASUREMENTS
Cash and investments held in Trust Account	$ 233,366,459

Haymaker Acquisition Cor... (NYSE:HYAC)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

Click Here for more Haymaker Acquisition Cor... Charts.

Haymaker Acquisition Cor... (NYSE:HYAC)
Historical Stock Chart
Von Nov 2023 bis Nov 2024

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

HYAC Haymaker Acquisition Corp 4

News Haymaker Acquisition Corp 4

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen

Trends

Toplisten

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

HYAC Haymaker Acquisition Corp 4

News Haymaker Acquisition Corp 4

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen