Haymaker Acquisition Corp. 4 is a SPAC — a blank check company with no operations, revenue, or products. Its sole purpose is to acquire a private business and take it public through a merger. Haymaker 4 raised $230M in a July 2023 IPO, placing proceeds into a trust account while searching for a target. As of late 2025, the trust held approximately $258M, with a per-share redemption value of roughly $11.41. Haymaker 4 has signed a definitive agreement to merge with Suncrete, a concrete-related business, and has arranged approximately $167M in PIPE financing to fund the deal. If the Suncrete deal does not close, Haymaker 4 must complete another business combination by July 28, 2026, or liquidate and return trust funds to shareholders. The management team — led by CEO Christopher Bradley and VP Andrew Heyer — previously ran Haymaker I, II, and III, which merged with OneSpaWorld, ARKO/GPM Investments, and biote Corp., respectively. The sponsor acquires founder shares at nominal cost before the IPO, representing roughly 20% of post-IPO shares, which become valuable only if a deal closes — creating an incentive to complete a deal that may not always align with public shareholders' interests. Haymaker 4's stated focus is on consumer and consumer-related industries, though it is not contractually restricted to that sector.