Company: HYAC-WT
Filing Date: 2025-06-04
Form Type: PRE 14A
Source: 0001104659-25-056473
Chunk: 37

Company: Haymaker Acquisition Corp. 4
Filing Date: 2025-06-04
Form: PRE 14A
Chunk 37
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 a SPAC’s NYSE-listed securities will be immediately suspended from trading if the SPAC is unable to complete its initial business combination within three years of its initial listing, which, in our case, is July 26, 2026. The delisting of our securities by NYSE could adversely affect the trading market for our securities, as price quotations may not be as readily obtainable, which would likely have a material adverse effect on the market price of our securities and the Company’s ability to raise additional capital. If NYSE delists our securities, we intend to apply to have our securities listed on an over-the-counter market. In this over-the-counter market, we could face significant material adverse consequences, including: • limited availability of market quotations for our securities; • reduced liquidity for our securities; • a determination that our ordinary shares are a “penny stock” which will require brokers trading in our ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; • reduced ability to complete an initial business combination with a target company contemplating a NYSE listing, including the initial business combination; • a limited amount of news and analyst coverage; and • a decreased ability to issue additional securities or obtain additional financing in the future. 18 As stated above, our Class A ordinary shares may be subject to the regulations of the SEC relating to the market for “penny stocks.” The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive (i) the purchaser’s written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary