Haymaker Acquisition Corp. 4 Finalizes $26M Preferred Stock Issuance and Upsizes PIPE to $167.1M Ahead of Postponed Merger Vote

summarizeSummary

Haymaker Acquisition Corp. 4 announced a $26 million Series A Preferred Stock issuance and finalized an upsized $167.1 million PIPE financing, while also postponing its shareholder and warrantholder meetings to April 2, 2026, and extending the redemption deadline.

check_boxKey Events

• New Preferred Stock Issuance

  PubCo entered into a Securities Exchange Agreement to issue 26,000 shares of Series A Convertible Perpetual Preferred Stock, with a liquidation preference of $1,000 per share, totaling $26 million. These shares accrue dividends at an annual rate of 9.0% and are convertible into PubCo Class A Common Stock at the greater of $18.00 per share or the 5-day volume-weighted average price.

• PIPE Financing Upsized and Finalized

  The aggregate PIPE investment increased by $61.6 million to a total of $167.1 million, with shares of PubCo Class A Common Stock priced at $10.00 per share. This follows previous disclosures of the PIPE financing.

• Shareholder and Warrantholder Meetings Postponed

  The special meeting of warrantholders and the extraordinary general meeting of shareholders, both related to the business combination, were postponed from March 30, 2026, to April 2, 2026.

• Redemption Deadline Extended

  The deadline for shareholders to deliver redemption requests was extended from March 26, 2026, to April 1, 2026, in connection with the postponed meetings.

auto_awesomeAnalysis

This filing provides critical updates regarding the financing structure for Haymaker Acquisition Corp. 4's business combination with Suncrete. The issuance of $26 million in Series A Convertible Perpetual Preferred Stock introduces a new class of securities with a 9% annual dividend and a liquidation preference, representing a significant financing component. Concurrently, the PIPE financing has been finalized at $167.1 million, up from $105.5 million, providing substantial capital at a price of $10.00 per share, which is a discount to the current market price. The postponement of the shareholder and warrantholder meetings, along with the extension of the redemption deadline, suggests the company is working to secure sufficient support and manage redemptions to ensure the successful completion of the business combination. Investors should monitor the outcome of the upcoming meetings and the finalization of the merger.