Company: RMIX
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001104659-25-110488
Chunk: 266

Company: Suncrete, Inc.
Filing Date: 2025-11-12
Form: S-4
Chunk 266
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 U.S. Heavy Materials Provider companies. The Haymaker Board’s comparison of these ratios allowed the Haymaker Board to conclude that the enterprise value of Suncrete implied by the terms of the Business Combination represented an Adjusted EBITDA multiple and free cash flow multiple that were less than that of the selected public companies. This analysis further supported the Haymaker Board’s determination that the terms of the Business Combination were fair to and in the best interest of Haymaker and its shareholders. Satisfaction of 80% Test It is a requirement under the Existing Organizational Documents and the NYSE listing requirements that the business or assets acquired in an Initial Business Combination have a fair market value equal to at least 80% of the balance of the funds in the Trust Account (net of amounts disbursed to Haymaker’s management for working capital purposes and excluding the deferred underwriting discounts and commissions) at the time of the execution of a definitive agreement for an Initial Business Combination. In connection with its evaluation and approval of the Business Combination, the Haymaker Board determined that the fair market value of Suncrete exceeded $276 million based on, among other things, revenue multiples. As of September 30, 2025, the balance of the funds in the Trust Account was approximately $254.6 million, 80% thereof representing approximately $203.7 million. In reaching its conclusion that the Business

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Combination meets the 80% test, the Haymaker Board used as a fair market value the enterprise value of approximately $972.6 million, which was implied based on the terms of the transactions agreed to by the parties in negotiating the Business Combination. In determining whether the purchase price represents the fair market value of Suncrete, the Haymaker Board considered all of the factors described in the subsection titled “ The Business Combination — Haymaker Board’s Reasons for the Approval of the Business Combination ,” and the fact that the purchase price for Suncrete was the result of an arm’s-length negotiation. As a result, the Haymaker concluded that the fair market value of the businesses acquired was significantly in excess of 80% of the assets held in the Trust Account. In light of the financial background and experience of the members of Haymaker’s management team and the Haymaker Board, the Haymaker Board believes that the members of Haymaker’s management team and the Haymaker Board are qualified to determine whether the Business Combination meets the 80% test. The Haymaker Board did not seek or obtain an opinion of an outside fairness or valuation advisor