# EDGAR Filing Document

**Accession Number:** 0001970509
**File Stem:** 0001104659-25-111335
**Filing Date:** 2025-11
**Character Count:** 147427
**Document Hash:** a25b614d1fb58f4bb19a0276b6c05d43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-111335.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-111335

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Haymaker Acquisition Corp. 4
- **CENTRAL INDEX KEY:** 0001970509
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41757
- **FILM NUMBER:** 251478807

**BUSINESS ADDRESS:**
- **STREET 1:** 501 MADISON AVENUE, FLOOR 5
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2126169600

**MAIL ADDRESS:**
- **STREET 1:** 501 MADISON AVENUE, FLOOR 5
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? HAYMAKER ACQUISITION CORP. 4_September 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

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

**For the quarterly period ended September 30, 2025**

**or**

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

**For the transition period from** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **to** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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<br>incorporation or organization) |  | (I.R.S. Employer<br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **501 Madison Avenue, Floor 5** |  |  |
| **New York, NY** |  | **10022** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

---

**(212) 616-9600**

(Registrant's telephone number, including area code)

**Not Applicable**

(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 whichregistered** |
| 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 (§232.405 of this chapter) during the preceding 12 months (or for 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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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 13, 2025, there were 23,425,499 Class A Ordinary Shares, par value $0.0001 per share, and 5,750,000 Class B Ordinary Shares, par value $0.0001 per share, of the registrant issued and outstanding.

------

[**Table of Contents**](#TOC)

#### HAYMAKER ACQUISITION CORP. 4

#### FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_238369) | [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_238369) |  |
| [Item 1.](#Item1FinancialStatements_185691)  | [Financial Statements.](#Item1FinancialStatements_185691) | 6 |
|  | [Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024](#CONDENSEDBALANCESHEET_664837)  | 6 |
|  | [Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#STATEMENTSOFOPERATIONS_288128) | 7 |
|  | [Condensed Consolidated Statements of Changes in Shareholders' Deficit for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#CHANGESINSHAREHOLDERSDEFICIT_760154) | 8 |
|  | [Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#STATEMENTOFCASHFLOWS_447804)  | 9 |
|  | [Notes to Unaudited Condensed Consolidated Financial Statements](#NOTE1DESCRIPTIONOFORGANIZATIONBUSINESSOP) | 10 |
| [Item 2.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF). | 24 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur). | 31 |
| [Item 4.](#Item4ControlsandProcedures_72277) | [Controls and Procedures](#Item4ControlsandProcedures_72277). | 31 |
| [**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_709096) | [**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_709096) |  |
| [Item 1.](#Item1LegalProceedings_171077) | [Legal Proceedings.](#Item1LegalProceedings_171077) | 33 |
| [Item 1A.](#ITEM1ARISKFACTORS_926307) | [Risk Factors](#ITEM1ARISKFACTORS_926307). | 33 |
| [Item 2.](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM2UNREGISTEREDSALESOFEQUITYSECURITIES). | 33 |
| [Item 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES_320969) | [Defaults Upon Senior Securities](#ITEM3DEFAULTSUPONSENIORSECURITIES_320969). | 34 |
| [Item 4.](#ITEM4MINESAFETYDISCLOSURES_578378) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_578378). | 34 |
| [Item 5.](#ITEM5OTHERINFORMATION_38786) | [Other Information](#ITEM5OTHERINFORMATION_38786). | 34 |
| [Item 6.](#ITEM6EXHIBITS_227006) | [Exhibits](#ITEM6EXHIBITS_227006). | 34 |
| [**SIGNATURE**](#SIGNATURES_689400) | [**SIGNATURE**](#SIGNATURES_689400) | 36 |

---

[**Table of Contents**](#TOC)

Unless otherwise stated in this Report (as defined below), or the context otherwise requires, references to:

● "2024 Annual Report" are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC (as defined below) on March 14, 2025;

● "2025 AGM" are to our annual general meeting of shareholders held on July 24, 2025;

● "Administrative Services Agreement" are to the Administrative Services Agreement, dated July 25, 2023, we entered into with an affiliate of our Vice President, for office space, administrative and support services;

● "Advisory Services Agreement" are to the Advisory Services Agreement, dated July 25, 2023, we entered into with an affiliate our Chief Financial Officer for services rendered prior to the consummation of our initial Business Combination (as defined below);

● "Amended and Restated Articles" are to our Amended and Restated Memorandum and Articles of Association, as amended and currently in effect;

● "ASC" are to the FASB (as defined below) Accounting Standards Codification;

● "ASU" are to the FASB Accounting Standards Update;

● "Board of Directors" or "Board" are to our board of directors;

● "Business Combination" are to a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses;

● "Class A Ordinary Shares" are to our Class A ordinary shares, par value $0.0001 per share;

● "Class B Ordinary Shares" are to our Class B ordinary shares, par value $0.0001 per share;

● "Combination Period" are to the period (was initially 24 months prior to the Extension Amendment (as defined below)) from the closing of the Initial Public Offering (as defined below) to July 28, 2026 (or such earlier date as determined by the Board), subject to monthly extensions pursuant to the Extension Amendment, that we have to consummate an initial Business Combination. The Combination Period may be further extended pursuant to an amendment to the Amended and Restated Articles and consistent with applicable laws, regulations and stock exchange rules;

● "Company," "our," "we" or "us" are to Haymaker Acquisition Corp. 4, a Cayman Islands exempted company;

● "Continental" are to Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and warrant agent of our Public Warrants (as defined below);

● "Exchange Act" are to the Securities Exchange Act of 1934, as amended;

● "Extension Amendment" are to the amendment, as approved at the 2025 AGM, to the Amended and Restated Articles that extended the Combination Period on a monthly basis for up to twelve times from July 28, 2025 to July 28, 2026.

● "Extension Promissory Note" are to that certain non-interest bearing, unsecured promissory note, in an aggregate principal amount of up to $4,500,000, issued to the Sponsor on July 28, 2025 in connection with the Extension Amendment;

● "FASB" are to the Financial Accounting Standards Board;

[**Table of Contents**](#TOC)

● "Founder Shares" are to the Class B Ordinary Shares initially purchased by our Sponsor prior to the Initial Public Offering and the Class A Ordinary Shares that will be issued upon the (i) automatic conversion of the Class B Ordinary Shares at the time of our Business Combination as described herein (for the avoidance of doubt, such Class A Ordinary Shares will not be "Public Shares" (as defined below)) and (ii) conversion at any time prior to our initial Business Combination of an equal number of shares of Class B Ordinary Shares at the option of the holder, in each case as described in this Report;

● "GAAP" are to the accounting principles generally accepted in the United States of America;

● "Initial Public Offering" or "IPO" are to the initial public offering that we consummated on July 28, 2023;

● "Investment Company Act" are to the Investment Company Act of 1940, as amended;

● "IPO Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $300,000 issued to our Sponsor on March 15, 2023;

● "IPO Registration Statement" are to the Registration Statement on Form S-1 initially filed with the SEC on July 3, 2023, as amended, and declared effective on July 25, 2023 (File No. 333- 273117);

● "Management" or our "Management Team" are to our executive officers and directors;

● "NYSE" are to the New York Stock Exchange;

● "NYSE Three Year Requirement" are to the requirement pursuant to the NYSE Rules (as defined below) that a SPAC (as defined below) must consummate a Business Combinations within three years of its initial listing;

● "NYSE Rules" are to the continued listing rules of NYSE, as they exist as of the date of this Report;

● "Ordinary Shares" are to the Class A Ordinary Shares and the Class B Ordinary Shares, together;

● "Option Units" are to the 3,000,000 Units (as defined below) issued pursuant to the exercise of the underwriters' over-allotment option in full in the Initial Public Offering;

● "Private Placement" are to the private placement of Private Placement Units (as defined below) that occurred simultaneously with the closing of our Initial Public Offering;

● "Private Placement Shares" are to the Class A Ordinary Shares included within the Private Placement Units purchased by our Sponsor in the Private Placement;

● "Private Placement Units" are to the units issued to our Sponsor in the Private Placement, which Private Placement Units are identical to the Units sold in the Initial Public Offering, subject to certain limited exceptions as described in this Report;

● "Private Placement Warrants" are to the warrants included within the Private Placement Units purchased by our Sponsor in the Private Placement;

● "Public Shares" are to the Class A Ordinary Shares sold as part of the Units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);

● "Public Shareholders" are to the holders of our Public Shares, including our Management Team to the extent the members of our Management Team purchase Public Shares, provided that each member of our Management Team's status as a "Public Shareholder" will only exist with respect to such Public Shares;

[**Table of Contents**](#TOC)

● "Public Warrants" are to the redeemable warrants sold as part of the Units in our Initial Public Offering (whether they were subscribed for in our Initial Public Offering or purchased in the open market);

● "Report" are to this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025;

● "SEC" are to the U.S. Securities and Exchange Commission;

● "Securities Act" are to the Securities Act of 1933, as amended;

● "SPACs" are to special purpose acquisition companies;

● "Sponsor" are to Haymaker Sponsor IV LLC, a Delaware limited liability company;

● "Trust Account" are to the U.S.-based trust account in which an amount of $232,300,000 from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units in the Private Placement was placed following the closing of the Initial Public Offering;

● "Unit Subscription Agreement" are to the Unit Subscription Agreement, dated July 25, 2023 we entered into with the Sponsor governing the Sponsor's purchase of the Private Placement Units in the Private Placement;

● "Units" are to the units sold in our Initial Public Offering, which consist of one Public Share and one-half of one Public Warrant;

● "Warrants" are to the Private Placement Warrants and the Public Warrants, together;

● "WCL Units" are to any units of the post-Business Combination company issued, at a price of $10.00 per unit, upon conversion of up to $1,500,000 of Working Capital Loans (as defined below) at the option of the lender, upon consummation of the initial Business Combination; and

● "WCL Promissory Note" are to that certain unsecured promissory note in the principal amount of up to $1,500,000 issued to the Sponsor on June 10, 2024 in connection with Working Capital Loans (as defined below) from the Sponsor;

● "Working Capital Loans" are to funds that, in order to provide working capital or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our directors and officers may, but are not obligated to, loan us.

[**Table of Contents**](#TOC)

#### PART I – FINANCIAL INFORMATION
**Item 1. Financial Statements.**

#### HAYMAKER ACQUISITION CORP. 4

#### CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash | $6704 | $101126 |
| &nbsp;&nbsp;Prepaid expenses | 59527 | 181367 |
| **Total current assets** | **66231** | **282493** |
| Cash and marketable securities held in Trust Account | 254644430 | 249760654 |
| **TOTAL ASSETS** | $**254710661** | $**250043147** |
| **LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT:** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accrued expenses | $1491479 | $392388 |
| &nbsp;&nbsp;WCL Promissory Note - related party | 755000 | 400000 |
| &nbsp;&nbsp;Extension Promissory Note  | 1125000 |  |
| &nbsp;&nbsp;Total current liabilities | **3371479** | **792388** |
| &nbsp;&nbsp;Deferred underwriting fee payable | 8650000 | 8650000 |
| **Total Liabilities** | **12021479** | **9442388** |
| **Commitments and Contingencies** |  |  |
| Class A Ordinary Shares subject to possible redemption, $0.0001 par value, 22,627,899 and 23,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024 at redemption values of $11.25 and $10.86 per share, respectively | 254644430 | 249760654 |
| **Shareholders' Deficit:** |  |  |
| &nbsp;&nbsp;Preference shares, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Class A Ordinary Shares, $0.0001 par value; 500,000,000 shares authorized; 797,600 shares issued and outstanding (excluding 22,627,899 and 23,000,000 shares subject to possible redemption) as of September 30, 2025 and December 31, 2024, respectively | 80 | 80 |
| &nbsp;&nbsp;Class B Ordinary Shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 issued and outstanding as of September 30, 2025 and December 31, 2024 | 575 | 575 |
| &nbsp;&nbsp;Additional paid-in capital |  |  |
| &nbsp;&nbsp;Accumulated deficit | (11955903) | (9160550) |
| **Total Shareholders' Deficit** | **(11955248)** | **(9159895)** |
| **TOTAL LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT** | $**254710661** | $**250043147** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months** | **For the Three Months** | **For The Nine Months** | **For The Nine Months** |
|  | **Ended September 30,**  | **Ended September 30,**  | **Ended September 30,**  | **Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| General and administrative expenses | $946561 | $217491 | $1490353 | $531587 |
| General and administrative expenses - related party | 60000 | 60000 | 180000 | 180000 |
| &nbsp;&nbsp;**Loss from operations** | **(1006561)** | **(277491)** | **(1670353)** | **(711587)** |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;Interest earned on cash and marketable securities held in Trust Account | 2597546 | 3154569 | 7895697 | 9397868 |
| Total other income, net | 2597546 | 3154569 | 7895697 | 9397868 |
| **Net income** | $**1590985** | $**2877078** | $**6225344** | $**8686281** |
| Weighted average shares outstanding of Class A Ordinary Shares subject to possible redemption, basic and diluted | 22724969 | 23000000 | 22907316 | 23000000 |
| **Basic and diluted net income per share, Class A Ordinary Shares subject to possible redemption** | $**0.05** | $**0.10** | $**0.21** | $**0.29** |
| Weighted average shares outstanding of non-redeemable Class A and Class B Ordinary Shares, basic and diluted | 6547600 | 6547600 | 6547600 | 6547600 |
| **Basic and diluted net income per share, non-redeemable Class A and Class B Ordinary Shares** | $**0.05** | $**0.10** | $**0.21** | $**0.29** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT**

**(UNAUDITED)**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | <br>**Additional** <br>**Paid-in Capital** | <br>**Accumulated** <br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance at December 31, 2024** | **797600** | $**80** | **5750000** | $**575** | $— | $**(9160550)** | $**(9159895)** |
| Accretion of Class A Ordinary Shares to redemption amount |  |  |  |  |  | (2634676) | (2634676) |
| Net income |  |  |  |  |  | 2275706 | 2275706 |
| **Balance at March 31, 2025 (unaudited)**  | **797600** | **80** | **5750000** | **575** |  | **(9519520)** | **(9518865)** |
| Accretion of Class A Ordinary Shares to redemption amount |  |  |  |  |  | (2663475) | (2663475) |
| Net income |  |  |  |  |  | 2358653 | 2358653 |
| **Balance at June 30, 2025 (unaudited)**  | **797600** | **80** | **5750000** | **575** | **—** | **(9824342)** | **(9823687)** |
| Accretion of Class A Ordinary Shares to redemption amount |  |  |  |  |  | (3722546) | (3722546) |
| Net income |  |  |  |  |  | 1590985 | 1590985 |
| **Balance at September 30, 2025 (unaudited)**  | **797600** | $**80** | **5750000** | $**575** | $**—** | $**(11955903)** | $**(11955248)** |

---

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Class A** | **Class A** | **Class B** | **Class B** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | <br>**Additional**<br>**Paid-in Capital** | <br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance at December 31, 2023** | **797600** | $**80** | **5750000** | $**575** | $**—** | $**(8220291)** | $**(8219636)** |
| Accretion of Class A Ordinary Shares to redemption amount | **—** | **—** | **—** | **—** | **—** | (3103752) | (3103752) |
| Net income |  |  |  |  |  | 2866208 | 2866208 |
| **Balance at March 31, 2024 (unaudited)**  | **797600** | **80** | **5750000** | **575** | **—** | **(8457835)** | **(8457180)** |
| Accretion of Class A Ordinary Shares to redemption amount | **—** | **—** | **—** | **—** | **—** | (3139547) | (3139547) |
| Net income |  |  |  |  |  | 2942995 | 2942995 |
| **Balance at June 30, 2024 (unaudited)**  | **797600** | **80** | **5750000** | **575** | **—** | **(8654387)** | **(8653732)** |
| Accretion of Class A Ordinary Shares to redemption amount |  |  |  |  |  | (3154569) | (3154569) |
| Net income |  |  |  |  |  | 2877078 | 2877078 |
| **Balance at September 30, 2024 (unaudited)**  | **797600** | $**80** | **5750000** | $**575** | $**—** | $**(8931878)** | $**(8931223)** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine**<br>**Months Ended**<br>**September 30,** <br>**2025** | **For the Nine**<br>**Months Ended**<br>**September 30,** <br>**2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net income | $6225344 | $8686281 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;Interest earned on cash and marketable securities held in Trust Account | (7895697) | (9397868) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Prepaid expenses | 121840 | 13583 |
| &nbsp;&nbsp;Prepaid insurance |  | 143737 |
| &nbsp;&nbsp;Accrued expenses | 1099091 | 299107 |
| &nbsp;&nbsp;**Net cash used in operating activities** | **(449422)** | **(255160)** |
| **Cash Flows from Investing Activities:** |  |  |
| Payment of extension fee into Trust Account | (1125000) |  |
| Cash withdrawn from Trust Account in connection with redemption | 4136921 |  |
| &nbsp;&nbsp;**Net cash provided by investing activities** | **3011921** | **—** |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from promissory notes - related party | 1480000 | 150000 |
| Payment of offering costs |  | (85000) |
| Redemption of common stock | (4136921) |  |
| &nbsp;&nbsp;**Net cash provided by financing activities** | **(2656921)** | **65000** |
| **Net Change in Cash** | **(94422)** | **(190160)** |
| Cash - Beginning of period | 101126 | 205975 |
| **Cash - End of period** | $**6704** | $**15815** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

#### 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.

The Company had a wholly-owned subsidiary, Haymaker Merger Sub I, Inc.("Merger Sub"), a Delaware corporation incorporated on September 30, 2025, which was formed solely in contemplation of the proposed Business Combination with Suncrete, Inc. (the "Suncrete Business Combination"). Merger Sub has not commenced any operations and has only nominal assets and no liabilities or contingent liabilities, nor any outstanding commitments other than in connection with the Suncrete Business Combination.

As of September 30, 2025, the Company had not commenced any operations. All activity for the period from March 7, 2023 (inception) through September 30, 2025 relates to the Company's formation and the initial public offering consummated on July 28, 2023 (the "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 revenue 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 Private Placement (as defined below). The Company has selected December 31 as its fiscal year end.

The Registration Statement on Form S-1 for the Initial Public Offering, initially filed with the U.S. Securities and Exchange Commission (the "SEC") on July 3, 2023, as amended (File No. 333-273117), was declared effective on July 25, 2023 (the "IPO Registration Statement"). On July 28, 2023, the Company consummated the Initial Public Offering of 23,000,000 units (the "Units"), at price of $10.00 per Unit, including 3,000,000 Units (the "Option Units") issued pursuant to the exercise of the underwriters' over-allotment option in full (the "Over-Allotment Option"), generating gross proceeds of $230,000,000 (see Note 3). Each Unit consists of one of the Company's Class A ordinary shares, par value $0.0001 per share (the "Class A Ordinary Shares", and with respect to the Class A Ordinary Shares included in the Units, the "Public Shares") and one-half of one redeemable warrant (each a "Public Warrant," and together with the Private Placement Warrants (as defined below), the "Warrants"). Each whole Warrant entitles the holder to purchase one Class A Ordinary Share at a price of $11.50 per share.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the "Private Placement") of 797,600 Units (the "Private Placement Units" and, with respect to the shares of the Class A Ordinary Shares and warrants included in the Private Placement Units, the "Private Placement Shares" and "Private Placement Warrants," respectively) to Haymaker Sponsor IV LLC (the "Sponsor") at a price of $10.00 per Private Placement Unit, generating gross proceeds of $7,976,000 (see 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 in the Private Placement was placed in a U.S.-based trust account (the "Trust Account"), with Continental Stock Transfer & Trust Company ("Continental") acting as trustee, 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 of 1940, as amended (the "Investment Company Act"), which invest only in direct U.S. government treasury obligations and/or held as cash or cash items (including in a demand deposit account at bank), 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.

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 ("Management") has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied generally

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

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 (excluding the amount of deferred underwriting discounts held in the Trust Account and taxes payable on the income earned on the Trust Account, if any) 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.

The Company will provide the holders of the Public Shares (the "Public Shareholders") 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 not previously released to the Company to pay its tax obligations. There will be no redemption rights upon completion of a Business Combination with respect to the Warrants. These Public Shares were 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 ("FASB") Accounting Standards Codification ("ASC") Topic 480, "Distinguishing Liabilities from Equity" ("ASC 480").

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 Ordinary Shares (as defined in Note 2) 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, as amended by the Extension Amendment at the 2025 annual general meeting ("AGM") on July 24, 2025 (the "Amended and Restated Articles"), conduct the redemptions pursuant to the tender offer rules of the 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 Articles 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 has until July 28, 2026 (subject to monthly extensions pursuant to the Extension Amendment), or until such earlier date as its board of directors (the "Board") may approve, unless otherwise extended in accordance with the Amended and Restated Articles, to complete a Business Combination (the "Combination Period").

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 the Combination Period 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**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

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 has 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 Account 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").

On July 24, 2025, the Company held the 2025 AGM at which the Company's shareholders approved a proposal to amend the Company's amended and restated memorandum and articles of association which extended the date by which the Company has to consummate a Business Combination on a monthly basis for up to twelve times from July 28, 2025 to July 28, 2026. As a result of the Extension Amendment, holders of 372,101 Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.12 per share. Approximately $4,136,911 was removed from the Trust Account to redeem such shares and 23,425,499 Class A Ordinary Shares remain outstanding after the redemption has been effected. Upon payment of the redemption, approximately $251,570,445 remained in the Trust Account prior to any additional contribution made by the Sponsor pursuant to the Extension Promissory Note.

In connection with the Extension Amendment, the Sponsor agreed to make monthly payments, each in an amount equal to the lesser of (i) $0.025 for each outstanding Class A Ordinary Share, and (ii) $375,000, directly to the Trust Account. In exchange for such contributions, the Company issued to the Sponsor the Extension Promissory Note, in an aggregate principal amount of up to $4,500,000, on July 28, 2025. The Extension Promissory Note bears no interest and is repayable by the Company to the Sponsor upon the earlier date of (i) the consummation of a Business Combination, and (ii) the last day the Company has to complete a Business Combination in accordance with the Company's Amended and Restated Articles. Such date may be accelerated upon the occurrence of an "Event of Default" (as defined in the Extension Promissory Note). Any outstanding principal under the Promissory Note may be prepaid at any time by the Company, at its election and without penalty. As of September 30, 2025 and December 31, 2024, the Company had $1,125,000 and $0 drawn on the Extension Promissory Note, respectively. On July 28, 2025, August 28, 2025 and September 30, 2025, extension contributions of $375,000 each were made by the Sponsor.

#### Going Concern and Liquidity
As of September 30, 2025, the Company had $6,704 in cash held outside of the Trust Account and a working capital deficit of $3,305,248. The Company's obligations due within one year of the date the accompanying unaudited condensed consolidated financial statements are issued are expected to exceed those amounts. 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 the accompanying unaudited condensed consolidated financial statements are issued. Management plans to address this uncertainty through a Business Combination. If a Business Combination is not consummated by the end of the Combination Period, currently July 28, 2026 (subject to monthly extensions pursuant to the Extension Amendment), there will be a mandatory liquidation and subsequent dissolution of the Company, which raises substantial doubt about the Company's ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the Combination Period. The Company intends to complete the initial Business Combination before the end of the Combination Period. However, there can be no assurance that the Company will be able to consummate any Business Combination by the end of the Combination Period.

#### Risks and Uncertainties
The Company's ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company's control. The Company's ability to consummate an initial Business Combination could be impacted by, among other things, changes in laws or regulations, downturns in the financial markets or in economic conditions, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. Results of Operations

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

#### NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are 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 consolidated 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 consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with SEC on March 14, 2025. The interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any future periods.

**Principles of Consolidation**

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

#### 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 of 2002, 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 accompanying unaudited condensed consolidated financial statements with those of another public company that is neither an emerging growth company nor an emerging growth company that 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 the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accompanying unaudited condensed consolidated financial statements 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 accompanying

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

unaudited condensed consolidated financial statements, 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
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, 2025 and December 31, 2024.

**Cash and Marketable Securities Held in Trust Account**

At September 30, 2025 and December 31, 2024, substantially all the assets held in the Trust Account amounting to $254,644,430 and $249,760,654, respectively, were held in money market funds, which are invested primarily in treasury securities. All of the Company's investments held in the Trust Account are presented on the accompanying unaudited condensed balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on cash and marketable securities held in Trust Account in the accompanying 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
The Public Shares contain a redemption feature that 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 Business Combination and in connection with certain amendments to the Amended and Restated Articles. 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, the Amended and Restated Articles 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 Articles 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, 2025 and December 31, 2024, the Class A Ordinary Shares reflected in the accompanying condensed consolidated balance sheets are reconciled in the following table:

---

| | |
|:---|:---|
| **Class A Ordinary Shares subject to possible redemption, December 31, 2024** | $**249760654** |
| Plus: |  |
| Accretion of carrying value to redemption value | 2634676 |
| **Class A Ordinary Shares subject to possible redemption, March 31, 2025** | **252395330** |
| Plus: |  |
| Accretion of carrying value to redemption value | 2663475 |
| **Class A Ordinary Shares subject to possible redemption, June 30, 2025** | **255058805** |
| Less: |  |
| Redemption | (4136921) |
| Plus: |  |
| Accretion of carrying value to redemption value | 3722546 |
| **Class A Ordinary Shares subject to possible redemption, September 30, 2025** | $**254644430** |

---

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Offering Costs Associated with the Initial Public Offering**

The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, "Other Assets and Deferred Costs", 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 unaudited condensed consolidated 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 accompanying unaudited condensed consolidated 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, 2025 and December 31, 2024. The Company is currently not 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 accompanying unaudited condensed consolidated financial statements, if any.

#### Concentration of Credit Risk
The Company has significant cash balances at financial institutions, which throughout the year, regularly exceed the Federal Deposit Insurance Corporation coverage 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 consolidated balance sheets, 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, (i) Class A Ordinary Shares and (ii) non-redeemable Class A Ordinary Shares and Class B ordinary shares, par value of $0.0001 per share (the "Class B Ordinary Shares", and together with the Class A Ordinary Shares, the "Ordinary Shares").

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

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 Public Warrants (including the full exercise of the Over-Allotment Option) and the Private Placement Warrants to purchase an aggregate of 11,898,800 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 ordinary share is the same as basic net income per ordinary share for the three and nine months ended September 30, 2025 and 2024. 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 Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Three Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  | **For the Nine Months Ended September 30,**  |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | <br>**Redeemable**<br>**Class A** | **Non-Redeemable** <br>**Class A and** <br>**Class B** | <br>**Redeemable**<br>**Class A** | **Non-Redeemable** <br>**Class A and** <br>**Class B** | <br>**Redeemable**<br>**Class A** | **Non-Redeemable** <br>**Class A and** <br>**Class B** | <br>**Redeemable**<br>**Class A** | **Non-Redeemable** <br>**Class A and** <br>**Class B** |
| *Basic and diluted net income per ordinary share* |  |  |  |  |  |  |  |  |
| Numerator: |  |  |  |  |  |  |  |  |
| Allocation of net income, as adjusted | $1235118 | $355867 | $2239532 | $637546 | $4841498 | $1383846 | $6761445 | $1924836 |
| Denominator: |  |  |  |  |  |  |  |  |
| Basic and diluted weighted average shares outstanding | 22724969 | 6547600 | 23000000 | 6547600 | 22907316 | 6547600 | 23000000 | 6547600 |
| Basic and diluted net income per ordinary share | $0.05 | $0.05 | $0.10 | $0.10 | $0.21 | $0.21 | $0.29 | $0.29 |

---

#### 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 FASB 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 accompanying unaudited condensed consolidated statements 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 accompanying unaudited condensed consolidated statements of operations.

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

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

#### Recent Accounting Standards
In August 2020, the FASB issued Accounting Standards Update ("ASU") No. 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 simplified accounting for convertible instruments by removing major separation models required under current GAAP. As a result of ASU 2020-06, more convertible debt instruments are accounted for as a single liability measured at its amortized cost and more convertible preferred stock are 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 were effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption was 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 accompanying unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Except as provided above, 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 consolidated financial statements.

#### NOTE 3. INITIAL PUBLIC OFFERING
The IPO Registration Statement 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 Option Units issued pursuant to the full exercise of the Over-Allotment Option in full, generating gross proceeds of $230,000,000. Each Unit consisted of one Public Share and one-half of one 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 September 15, 2023, the holders of the Units may elect to separately trade the Public 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 Private Placement Unit in the Private Placement to the Sponsor, including 30,000 Private Placement Units issued in connection with the full exercise of the Over-Allotment Option, generating gross proceeds of $7,976,000. Each Private Placement Unit consists of one Private Placement Share and one-half of one 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 Over-Allotment Option was not exercised in full or in part, so

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

that the Sponsor would 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 Over-Allotment Option was exercised 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 in the IPO Registration Statement) until the earlier of (i) nine 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 that 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 "IPO 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 IPO Promissory Note. On July 28, 2023, the Company repaid the outstanding balance under the IPO Promissory Note in full. Borrowings under the IPO Promissory Note are no longer available to the Company subsequent to the Initial Public Offering.

On June 10, 2024, the Company issued a promissory note (the "WCL Promissory Note") in the principal amount of up to $1,500,000 to the Sponsor. The WCL Promissory Note was issued in connection with advances the Sponsor may make in the future to the Company from time to time for working capital expenses. The WCL Promissory Note is non-interest bearing and payable upon the earlier of (i) completion of the Company's initial Business Combination or (ii) the date the winding up of the Company is effective. At the election of the Sponsor, all or a portion of the unpaid principal amount of the WCL Promissory Note may be converted into WCL Units at a price of $10.00 per WCL Unit, which will be identical to the Private Placement Units. These WCL Units and their underlying securities are entitled to the registration rights set forth in the WCL Promissory Note. As of September 30, 2025 and December 31, 2024, the Company had $755,000 and $400,000 drawn on this WCL Promissory Note, respectively.

In connection with the Extension Amendment, the Sponsor agreed to make monthly payments, each in an amount equal to the lesser of (i) $0.025 for each outstanding Class A Ordinary Share, and (ii) $375,000, directly to the Trust Account. In exchange for such contributions, the Company issued to the Sponsor the Extension Promissory Note, in an aggregate principal amount of up to $4,500,000, on July 28, 2025. The Extension Promissory Note bears no interest and is repayable by the Company to the Sponsor upon the earlier date of (i) the consummation of a Business Combination, and (ii) the last day the Company has to complete a Business Combination in accordance with its Amended and Restated Articles. Such date may be accelerated upon the occurrence of an "Event of Default" (as defined in the Extension Promissory Note). Any outstanding principal under the Promissory Note may be prepaid at any time by the Company, at its election and without penalty. As of September 30, 2025 and December 31, 2024, the Company had $1,125,000 and $0 drawn on the Extension Promissory Note, respectively.

#### Support Agreements
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. Pursuant to an administrative services agreement, dated July 25, 2023, the Company agreed to pay to an affiliate of the Company's Vice President up to $20,000 per month for these services during the Combination Period. Upon completion of an initial Business Combination or the Company's liquidation, any remaining monthly payments from the Combination Period will be accelerated and due at the closing of the initial Business Combination or liquidation. For the three and nine months ended September 30, 2025 and 2024, the Company incurred expenses of $60,000 and $180,000, $60,000 and $180,000, respectively, for services under this agreement, which were included in general and administrative expenses – related party on the accompanying unaudited condensed consolidated statements of operations.

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

In addition, pursuant to an advisory services agreement, dated July 25, 2023, following the commencement of the Initial Public Offering, the Company 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, 2025 and December 31, 2024, the contingent fee payable for these services amounted to $180,000 and $240,000, respectively.

#### 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 (the "Working Capital Loans"). If the Company completes the initial Business Combination, the Company will repay such Working Capital Loans. 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 Working Capital Loans, but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into units of the post-Business Combination company, at a price of $10.00 per unit at the option of the lender, upon consummation of the initial Business Combination (the "WCL Units"). The WCL Units would be identical to the Private Placement Units. There were no working capital loans outstanding at September 30, 2025 and December 31, 2024.

#### NOTE 6. COMMITMENTS AND CONTINGENCIES

#### Registration Rights Agreement
The holders of the Founder Shares, the Private Placement Units and any WCL Units (and any underlying Class A Ordinary Shares thereunder) 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 rights agreement, dated as of July 25, 2023. 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 "piggyback" 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 underwriters fully exercised the Over-Allotment Option to purchase an additional 3,000,000 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 Unit, or $4,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.35 per 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 entered into on July 25, 2023.

**Advisory Services Agreement**

On November 29, 2023, the Company engaged Roth Capital Partners, LLC ("Roth") to provide advisory services in connection with the Company's proposed Business Combination. Pursuant to the agreement, Roth is entitled to an advisory fee of $30,000 per month, calculated from the closing of the Company's Initial Public Offering to the public filing with SEC of the business combination agreement for the Business Combination. The advisory fee is contingent upon the successful completion of the Business Combination and is payable only upon its closing. As of September 30, 2025 and December 31, 2024, the contingent fee payable for these services was approximately $782,000 and $512,000, respectively. No amounts have been accrued for this fee as payment is contingent upon the consummation of the Business Combination.

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

#### 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 Board. As of September 30, 2025 and December 31, 2024, 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 Class A Ordinary Shares are entitled to one vote for each share. As of September 30, 2025 and December 31, 2024, there were 23,425,499 and 23,797,600 Class A Ordinary Shares issued and outstanding, including 22,627,899 and 23,000,000 Class A Ordinary Shares subject to possible redemption and classified as temporary equity, respectively. The remaining 797,600 Class A Ordinary Shares from the sale of the Private Placement Units are non-redeemable and are classified as permanent deficit.

**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, 2025 and December 31, 2024, 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 Over-Allotment Option was not exercised in full or in part, so that the Sponsor would collectively own 20% of the Company's issued and outstanding Ordinary Shares after the Initial Public Offering. On July 28, 2023, the Over-Allotment Option was exercised in full, so those 750,000 Class B Ordinary Shares are no longer subject to forfeiture.

Shareholders of record of the Ordinary Shares 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 subdivisions, 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 WCL 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, 2025 and December 31, 2024, 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

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

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 the Company entered into with Continental on July 25, 2023 (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.

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 IPO Registration Statement 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 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 day 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 subdivisions, 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 in the IPO Registration Statement) 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 the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares or Private Placement Units held by the Sponsor 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 consummates 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.

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The Company accounts for 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Level 3: Unobservable inputs based on an 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 invests solely in U.S. government securities. At September 30, 2025, assets held in the Trust Account were comprised of $254,644,430 in money market funds, which were invested primarily in U.S. government securities. At December 31, 2024, assets held in the Trust Account were comprised of $249,760,654 in money market funds, which were invested primarily in U.S. government securities.

**NOTE 9. SEGMENT INFORMATION**

ASC 280 establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. "Operating segments" are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Financial Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, Management has determined that there is only one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income that also is reported on the unaudited condensed consolidated statements of operations as net income. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income and total assets, which include the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **December 31,** <br>**2024** |
| Trust Account | $254644430 | $249760654 |
| Cash | $6704 | $101126 |

---

[**Table of Contents**](#TOC)

**HAYMAKER ACQUISITION CORP. 4**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **For the Three**<br>**Months Ended**<br>**September 30,** <br>**2025** | **For the Three**<br>**Months Ended**<br>**September 30,** <br>**2024** |
| General and administrative expenses | $1006561 | $277491 |
| Interest earned on cash and marketable securities held in Trust Account | $2597546 | $3154569 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Nine**<br>**Months Ended**<br>**September 30,** <br>**2025** | **For the Nine**<br>**Months Ended**<br>**September 30,** <br>**2024** |
| General and administrative expenses | $1670353 | $711587 |
| Interest earned on cash and marketable securities held in Trust Account | $7895697 | $9397868 |

---

The CODM reviews interest earned on the Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Trust Agreement.

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar transaction within the Combination Period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative expenses, as reported on the unaudited condensed consolidated statements of operations, are the significant segment expenses provided to the CODM on a regular basis. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

#### NOTE 10. SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the accompanying condensed consolidated balance sheet date and up to the date the accompanying unaudited condensed consolidated financial statements were issued. Based upon this review, except from the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the accompanying unaudited condensed consolidated financial statements.

On October 9, 2025, the Company, Suncrete, Inc., a Delaware corporation and direct wholly owned subsidiary of the Company ("PubCo"), Haymaker Merger Sub I, Inc., a Delaware corporation and a direct wholly owned subsidiary of PubCo, Haymaker Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of PubCo, and Concrete Partners Holding, LLC, a Delaware limited liability company, entered into a Business Combination Agreement, dated as of October 9, 2025. For additional information, refer to the Company's Current Report on Form 8-K, initially filed with the SEC on October 10, 2025, as amended on October 14, 2025.

[**Table of Contents**](#TOC)

#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

#### Cautionary Note Regarding Forward-Looking Statements
All statements other than statements of historical fact included in this Report including, without limitation, statements under this Item regarding our financial position, business strategy and the plans and objectives of Management for future operations, are forward-looking statements. When used in this 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 SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

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

#### Overview
We are a blank check company incorporated in the Cayman Islands on March 7, 2023, formed for the purpose of entering into a Business Combination with one or more businesses. To date, our efforts have been limited to organizational activities, activities related to our Initial Public Offering, and, since the closing of our Initial Public Offering, searching for a Business Combination target. We are focusing our search for an initial Business Combination with a business in the consumer and consumer-related products and services industries. On October 9, 2025, we entered into the Suncrete Business Combination Agreement, as more fully disclosed under "*Suncrete Business Combination*" below.

On July 24, 2025, we held the 2025 AGM at which our shareholders approved, among other things, the Extension Amendment which extended the date by which we have to consummate a Business Combination on a monthly basis for up to twelve times from July 28, 2025 to July 28, 2026. As a result of the Extension Amendment, holders of 372,101 Class A Ordinary Shares exercised their right to redeem their shares for cash at a redemption price of approximately $11.12 per share. Approximately $4,136,911 was removed from the Trust Account to redeem such shares and 23,425,499 Class A Ordinary Shares remain outstanding after the redemption was effected. Upon payment of the redemption, approximately $251,570,445 remained in the Trust Account prior to any additional contribution made by the Sponsor pursuant to the Extension Promissory Note.

We must complete our initial Business Combination by July 28, 2026 (subject to monthly extensions pursuant to the Extension Amendment), the end of our Combination Period. If our initial Business Combination is not consummated by the end of the Combination Period, then we will distribute all amounts in the Trust Account to our Public Shareholders (net of taxes paid or payable and up to $100,000 to pay dissolution expenses). We may seek to further extend the Combination Period consistent with applicable laws, regulations and stock exchange rules by amending our Amended and Restated Articles. Such an extension would require the approval of our Public Shareholders, who will be provided the opportunity to redeem all or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our Trust Account and our capitalization, and may affect our ability to maintain our listing on NYSE. In addition, NYSE's rules currently require SPACs (such as us) to complete our initial Business Combination in accordance with the NYSE Three Year Requirement. If we do not meet the NYSE Three Year Requirement, our securities will likely be subject to a suspension of trading and delisting from NYSE. Our Sponsor may also, in its discretion, explore transactions under which it would sell its interest in our Company to another sponsor entity, which may result in a change to our Management Team.

**Recent Developments**

***Suncrete Business Combination***

On October 9, 2025, the Company, Suncrete, Inc., a Delaware corporation and direct wholly owned subsidiary of us ("New Suncrete" or "PubCo"), Haymaker Merger Sub I, Inc., a Delaware corporation and a direct wholly owned subsidiary of PubCo ("Merger Sub I"), Haymaker Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of PubCo ("Merger Sub II"

[**Table of Contents**](#TOC)

and together with Merger Sub I, the "Merger Subs"), and Concrete Partners Holding, LLC, a Delaware limited liability company ("Suncrete"), entered into a Business Combination Agreement (the "Suncrete Business Combination Agreement") in connection with a proposed Business Combination (the "Suncrete Business Combination").

Pursuant to the Suncrete Business Combination Agreement, and subject to the terms and conditions contained therein, the Suncrete Business Combination will be effected in three steps: (a) We will change our jurisdiction of incorporation from the Cayman Islands to the State of Delaware (the "Domestication" and the time at which the Domestication becomes effective, the "Domestication Effective Time"), (b) immediately following the Domestication Effective Time, Merger Sub I will merge with and into us (the "Initial Merger"), with we surviving the Initial Merger as a wholly owned subsidiary of PubCo (the time at which the Initial Merger becomes effective, the "Initial Merger Effective Time"); and (c) immediately following the Initial Merger Effective Time, Merger Sub II will merge with and into Suncrete (the "Acquisition Merger" and, together with the Initial Merger, the "Mergers", and collectively with the Domestication and all other transactions contemplated by the Suncrete Business Combination Agreement, the "Business Combination"), with Suncrete surviving the Acquisition Merger as a wholly owned subsidiary of New Suncrete.

*Conversion of Securities*

In connection with the Domestication, we will change our jurisdiction of incorporation from the Cayman Islands to the State of Delaware by (i) deregistering as a Cayman Islands exempted company and (ii) continuing and domesticating as a Delaware corporation.

At the Domestication Effective Time, by virtue of the Domestication and without any action on the part of us, any Merger Sub, Suncrete, PubCo or the holders of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each Class B Ordinary Share that is issued and outstanding immediately prior to the Domestication Effective Time will convert automatically, on a one-for-one basis, into a share of Class B Common Stock of the post-Domestication Company, par value $0.0001 per share ("SPAC Class B Common Stock");

&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately following the conversion described in clause (a) above, each Class A Ordinary Share that is then-issued and outstanding will convert automatically, on a one-for-one basis, into a share of Class A Common Stock of the post-Domestication Company, par value $0.0001 per share ("SPAC Class A Common Stock");

&nbsp;&nbsp;&nbsp;&nbsp;(c) each unit of us prior to the Domestication, each such unit comprised of one Class A Ordinary Share and one-half of one SPAC Cayman Warrant (as defined below) (a "SPAC Cayman Unit") that is then issued and outstanding will convert automatically, on a one-for-one basis, into a unit of us following the Domestication, each such unit comprised of one share of SPAC Class A Common Stock and one-half of one SPAC Delaware Warrant (as defined below) (a "SPAC Delaware Unit"); and

&nbsp;&nbsp;&nbsp;&nbsp;(d) each then issued and outstanding warrant to purchase Class A Ordinary Shares prior to the Domestication (a "SPAC Cayman Warrant") will convert automatically, on a one-for-one basis, into one warrant to purchase SPAC Class A Common Stock (a "SPAC Delaware Warrant").

At the Initial Merger Effective Time, by virtue of the Initial Merger and without any action on the part of us, any Merger Sub, Suncrete, PubCo or the holders of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each share of Common Stock of Merger Sub I, par value $0.0001 per share, issued and outstanding immediately prior to the Initial Merger Effective Time will be redeemed for par value;

&nbsp;&nbsp;&nbsp;&nbsp;(b) each share of SPAC Class A Common Stock issued and outstanding immediately prior to the Initial Merger Effective Time will be canceled and converted into one share of Class A Common Stock of PubCo, par value $0.0001 per share ("PubCo Class A Common Stock");

&nbsp;&nbsp;&nbsp;&nbsp;(c) each share of SPAC Class B Common Stock issued and outstanding immediately prior to the Initial Merger Effective Time will be canceled and converted into one share of Class B Common Stock of PubCo, par value $0.0001 per share ("PubCo Class B Common Stock" and, together with the PubCo Class A Common Stock, the "PubCo Common Stock");

[**Table of Contents**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;(d) each then-outstanding and unexercised SPAC Delaware Warrant will automatically be assumed and converted into a warrant to acquire one share of PubCo Class A Common Stock, subject to the same terms and conditions applicable to the corresponding former SPAC Cayman Warrant immediately prior to the Initial Merger Effective Time (each such resulting warrant, an "Assumed SPAC Warrant"); and

&nbsp;&nbsp;&nbsp;&nbsp;(e) each SPAC Delaware Unit issued and outstanding immediately prior to the Initial Merger Effective Time will be detached into one share of PubCo Class A Common Stock and one-half of one Assumed SPAC Warrant.

At the Acquisition Merger Effective Time, by virtue of the Acquisition Merger and without any action on the part of us, any Merger Sub, Suncrete, PubCo or the holders of any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each Common Unit of Suncrete (each, a "Company Common Unit") (other than any Company Incentive Units, as defined in Suncrete's existing Amended and Restated Limited Liability Company Agreement (as amended, the "Company LLC Agreement")) issued and outstanding immediately prior to the Acquisition Merger Effective Time will be canceled and converted into the right to receive, in the aggregate, shares of PubCo Class B Common Stock and PubCo Class A Common Stock, as applicable, equal to the applicable exchange ratio, as calculated pursuant to the Suncrete Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) each Preferred Unit of Suncrete (each, a "Company Preferred Unit") issued and outstanding immediately prior to the Acquisition Merger Effective Time will be canceled and converted into the right to receive shares of PubCo Class B Common Stock and PubCo Class A Common Stock, as applicable, equal to the applicable exchange ratio, as calculated pursuant to the Suncrete Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(c) each Senior Preferred Unit of Suncrete ("Company Senior Preferred Unit") issued and outstanding immediately prior to the Acquisition Merger Effective Time will be canceled and converted into the right to receive a cash payment in the amount equal to the Unreturned Senior Preferred Contribution (as defined in the Company LLC Agreement) with respect to such Company Senior Preferred Unit, calculated in accordance with the terms set forth in the Company LLC Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) each Company Incentive Unit issued and outstanding immediately prior to the Acquisition Merger Effective Time will be automatically cancelled and converted into the right to receive a number of restricted shares of PubCo Class A Common Stock equal to the Company Incentive Unit Share Consideration (as defined in the Suncrete Business Combination Agreement) with respect to such Company Incentive Unit (each, a "Rollover Equity Award"); provided, that each holder of a Rollover Equity Award will enter into a side letter agreement at the Acquisition Merger Effective Time pursuant to which each such holder will agree that their Rollover Equity Award will be subject to the same terms and conditions (including applicable vesting, expiration and forfeiture provisions) that applied to such Company Incentive Unit immediately prior to the Acquisition Merger Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;(e) each Company Unit held in treasury of Suncrete as of immediately prior to the Acquisition Merger Effective Time will thereupon be cancelled without any conversion thereof and no payment or distribution will be made within respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;(f) each share of PubCo Class B Common Stock issued and outstanding immediately prior to the Acquisition Merger Effective Time will be converted into and exchanged, on a one-for-one basis, into one share of PubCo Class A Common Stock (subject to clause (h) below);

&nbsp;&nbsp;&nbsp;&nbsp;(g) each Unit of Merger Sub II issued and outstanding immediately prior to the Acquisition Merger Effective Time will be converted into and exchanged for one validly issued, fully paid and non-assessable unit of Suncrete;

&nbsp;&nbsp;&nbsp;&nbsp;(h) upon distribution by the Sponsor of the Dothan Founder Shares (as defined below) to Dothan Independent GP, LP ("Dothan Independent"), each Dothan Founder Share will be converted into and exchanged, on a one-for-one basis, into one share of PubCo Class B Common Stock; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to certain waivers, approvals, consents or authorizations and the satisfaction of certain contractual requirements, PubCo will issue 2,500,000 shares of PubCo Class B Common Stock to Dothan Independent.

[**Table of Contents**](#TOC)

*Termination*

The Suncrete Business Combination Agreement may be terminated under certain customary and limited circumstances prior to the closing of the Mergers, including:

&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of Suncrete and us;

&nbsp;&nbsp;&nbsp;&nbsp;(b) by either party if the Acquisition Merger Effective Time has not occurred prior to June 9, 2026 (the "Outside Date"), subject to extension in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;(c) by either party if there is a final non-appealable governmental order preventing the consummation of the transactions contemplated by the Suncrete Business Combination Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) by Suncrete if any of the Required SPAC Proposals fails to receive the requisite vote for approval at the SPAC Shareholders' Meeting (subject to any adjournment, postponement or recess of such meeting);

&nbsp;&nbsp;&nbsp;&nbsp;(e) by Suncrete as a result of a breach by us, PubCo or Merger Subs that gives rise to a failure of a condition precedent and cannot or has not been cured by the earlier of the Outside Date or 30 days after receipt of notice from us (and a breach by Suncrete is not the proximate cause of the failure of such condition precedent);

&nbsp;&nbsp;&nbsp;&nbsp;(f) by us as a result of a breach by Suncrete that gives rise to a failure of a condition precedent and cannot or has not been cured by the earlier of the Outside Date or 30 days after receipt of notice from Suncrete (and a breach by us, PubCo, or Merger Subs is not the proximate cause of the failure of such condition precedent); or

&nbsp;&nbsp;&nbsp;&nbsp;(g) by Suncrete prior to obtaining shareholder approval at our Meeting, if our Board of Directors fails to make, amends, changes, withdraws, modifies, withholds or qualifies its recommendation to our shareholders that they approve the Required SPAC Proposals, or fails to include such recommendation in the registration statement in connection with the Suncrete Business Combination.

If the Suncrete Business Combination Agreement is validly terminated in accordance with its terms, none of the parties will have any liability or any further obligation under the Suncrete Business Combination Agreement with certain limited exceptions, including liability arising out of any fraud or willful breach.

For additional information, refer to the Company's Current Report on Form 8-K, initially filed with the SEC on October 10, 2025, as amended on October 14, 2025.

#### Results of Operations
We have neither engaged in any operations nor generated any revenue to date. Our only activities for the period from March 7, 2023 (inception) through September 30, 2025 were organizational activities, those necessary to prepare for our Initial Public Offering, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. We do not expect to generate any operating revenue until after the completion of our initial Business Combination. We have generated non-operating income in the form of interest income on investments held in our Trust Account after the Initial Public Offering. There has been no significant change in our financial or trading position since the date of our audited financial statements, as filed in our 2024 Annual Report. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well as for due diligence expenses.

For the three months ended September 30, 2025, we had a net income of $1,590,985, which consisted of interest earned on marketable securities held in our Trust Account of $2,597,546, offset by general and administrative expenses of $1,006,561.

For the nine months ended September 30, 2025, we had a net income of $6,225,344, which consisted of interest earned on marketable securities held in our Trust Account of $7,895,697, offset by general and administrative expenses of $1,670,353.

For the three months ended September 30, 2024, we had a net income of $2,877,078, which consisted of interest earned on marketable securities held in our Trust Account of $3,154,569, offset by general and administrative expenses of $277,491.

[**Table of Contents**](#TOC)

For the nine months ended September 30, 2024, we had a net income of $8,686,281, which consisted of interest earned on marketable securities held in our Trust Account of $9,397,868, offset by general and administrative expenses of $711,587.

#### 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, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time 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 nine months ended September 30, 2025, net cash used in operating activities was $449,422. We had a net income of $6,225,344, which was affected by interest of $7,895,697 earned on marketable securities held in our Trust Account and changes in operating assets and liabilities, which used $1,220,931 of cash.

For the nine months ended September 30, 2024, net cash used in operating activities was $255,160. We had a net income of $8,686,281, which was affected by interest of $9,397,868 earned on marketable securities held in our Trust Account and changes in operating assets and liabilities, which used $456,427 of cash.

On July 28, 2023, we consummated the Initial Public Offering of 23,000,000 Units, including 3,000,000 Option Units issued pursuant to the full exercise of the Over-Allotment Option, generating gross proceeds for our Company of $230,000,000. Commencing on September 15, 2023, the holders of the Units may elect to separately trade the underlying the Public Shares and Public Warrants.

Simultaneously with the closing of the Initial Public Offering, pursuant to the Unit Subscription Agreement, we consummated the sale of 797,600 Private Placement Units to the Sponsor, including 30,000 Private Placement Units issued in connection with the full exercise of the Over-Allotment Option, at a price of $10.00 per Private Placement Unit in the Private Placement, including 30,000 Private Placement Units in connection with the full exercise of the Over-Allotment Option, generating gross proceeds for our Company 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 in the Private Placement was placed in the 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, if any) 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, 2025, we had $6,704 in cash held outside of the Trust Account and working capital deficit of $3,305,248. Our obligations due within one year of the date of the unaudited condensed consolidated financial statements included elsewhere in this Report are expected to exceed those amounts. Our liquidity condition raises substantial doubt about our ability to continue as a going concern one year from the date that the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Report were issued.

We currently have until July 28, 2026 (subject to monthly extensions pursuant to the Extension Amendment) 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

[**Table of Contents**](#TOC)

and our subsequent dissolution after the end of the Combination Period. We intend to complete the initial Business Combination before the end of the Combination Period; however, there can be no assurance that we will be able to do so.

#### Contractual Obligations
*Registration Rights*

The holders of (i) the 5,750,000 Founder Shares, which were issued to the Sponsor on March 15, 2023, including any Class A Ordinary Shares issuable upon conversion of the Founder Shares, (ii) the Private Placement Units, including any Private Placement Shares issuable upon the exercise of the Private Placement Warrants underlying the Private Placement Units, and (iii) any WCL Units that may be issued upon conversion of any Working Capital Loans, including any Class A Ordinary Shares issuable upon the exercise of the warrants underlying the WCL Units, will be entitled to registration rights pursuant to the Registration Rights Agreement, requiring us 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 our initial Business Combination.

*IPO Promissory Note*

On March 13, 2023, the Sponsor agreed to loan us an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to the IPO Promissory Note. This loan was non-interest bearing and payable on the earlier of December 31, 2023 or the date on which we consummated the Initial Public Offering. Prior to the Initial Public Offering, we had borrowed $272,550 under the IPO Promissory Note. On July 28, 2023, we repaid the outstanding balance under the IPO Promissory Note in full, and borrowings under the IPO Promissory Note are no longer available.

*Underwriters Agreement*

Simultaneously with the Initial Public Offering and sale of 20,000,000 Units, the underwriters fully exercised the Over-Allotment Option to purchase an additional 3,000,000 Option Units at an offering price of $10.00 per Unit for an aggregate purchase price of $30,000,000. The underwriters were paid a cash underwriting discount of $0.20 per Unit, or $4,000,000 in the aggregate, upon the closing of the Initial Public Offering. In addition, $0.35 per Unit and $0.55 per Unit in the Over-Allotment Option, 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 of the Initial Public Offering from the amounts held in the Trust Account solely in the event that we complete an initial Business Combination, subject to the terms of the underwriting agreement we entered into on July 25, 2023 with the representatives of the underwriters in the Initial Public Offering.

*Administrative Services Agreement*

Pursuant to the Administrative Services Agreement, we pay an affiliate of our Vice President $20,000 per month for office space, secretarial and administrative services provided to members of our Management Team. Upon completion of our initial Business Combination or our liquidation, any remaining monthly payments from the Combination Period will be accelerated and due at the closing of our initial Business Combination or our liquidation. For the three and nine months ended September 30, 2025 and 2024, we incurred expenses of $60,000 and $180,000, $60,000 and $180,000 respectively, for services under the Administrative Services Agreement.

*Advisory Services Agreement with an affiliate of our Chief Financial Officer*

Pursuant to the Advisory Services Agreement, we pay an affiliate of our Chief Financial Officer $20,000 per month for services rendered prior to the consummation of our initial Business Combination; such amounts are accrued and will only be payable upon the successful completion of our initial Business Combination. As of September 30, 2025 and December 31, 2024, the contingent fee payable for the services under the Advisory Services Agreement amounted to $180,000 and $240,000, respectively.

[**Table of Contents**](#TOC)

*Advisory Services Agreement with Roth*

On November 29, 2023, we engaged Roth Capital Partners, LLC ("Roth") to provide advisory services in connection with our proposed Business Combination. Pursuant to the agreement, Roth is entitled to an advisory fee of $30,000 per month, calculated from the closing of our Initial Public Offering to the public filing with SEC of the business combination agreement for the Business Combination. The advisory fee is contingent upon the successful completion of the Business Combination and is payable only upon its closing. As of September 30, 2025 and December 31, 2024, the contingent fee payable for these services was approximately $782,000 and $512,000, respectively. No amounts have been accrued for this fee as payment is contingent upon the consummation of the Business Combination.

*WCL Promissory Note*

On June 10, 2024, we issued the WCL Promissory Note in the principal amount of up to $1,500,000 to the Sponsor. The WCL Promissory Note was issued in connection with advances the Sponsor may make in the future to us from time to time for working capital expenses as Working Capital Loans. The WCL Promissory Note is non-interest bearing and payable upon the earlier of (i) completion of our initial Business Combination or (ii) the date our winding up is effective. At the election of the Sponsor, all or a portion of the unpaid principal amount of the WCL Promissory Note may be converted into WCL Units at a price of $10.00 per WCL Unit, which will be identical to the Private Placement Units. These WCL Units and their underlying securities are entitled to the registration rights set forth in the WCL Promissory Note. As of September 30, 2025, we had $755,000 drawn on this WCL Promissory Note.

*Extension Promissory Note*

In connection with the Extension Amendment, the Sponsor agreed to make monthly payments, each in an amount equal to the lesser of (i) $0.025 for each outstanding Class A Ordinary Share, and (ii) $375,000, directly to the Trust Account. In exchange for such contributions, we issued to the Sponsor the Extension Promissory Note, in an aggregate principal amount of up to $4,500,000, on July 28, 2025. The Extension Promissory Note bears no interest and is repayable by us to the Sponsor upon the earlier date of (i) the consummation of a Business Combination, and (ii) the last day we have to complete a Business Combination in accordance with our Amended and Restated Articles. Such date may be accelerated upon the occurrence of an "Event of Default" (as defined in the Extension Promissory Note). Any outstanding principal under the Promissory Note may be prepaid at any time by us, at our election and without penalty. As of September 30, 2025 and December 31, 2024, the Company had $1,125,000 and $0 drawn on the Extension Promissory Note, respectively.

#### Critical Accounting Estimates and Policies
The preparation of financial statements and related disclosures in conformity with GAAP 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 unaudited condensed consolidated 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***

We have two classes of Ordinary Shares, the (i) redeemable Class A Ordinary Shares (ii) non-redeemable Class A Ordinary Shares and Class B Ordinary Shares. Income and losses are shared pro rata between the two classes of Ordinary Shares. Net income per share is computed by dividing net income by the weighted average number of Ordinary Shares outstanding for the period. The calculation of diluted income per share does not consider the effect of the Warrants since the exercise of the Warrants are contingent upon the occurrence of future events.

[**Table of Contents**](#TOC)

***Class A Ordinary Shares Subject to Possible Redemption***

The Public Shares contain a redemption feature that allows for the redemption of such Public Shares in connection (i) with our liquidation, (ii) if there is a shareholder vote or tender offer in connection with the initial Business Combination and (iii) with certain amendments to the Amended and Restated Articles. In accordance with FASB ASC Topic 480, "Distinguishing Liabilities from Equity" ("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 our 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 we did not specify a maximum redemption threshold, our Amended and Restated Articles provides that currently, we will only redeem our Public Shares. However, the threshold in the Amended and Restated Articles would not change the nature of the underlying shares as redeemable and thus Public Shares are required to be disclosed outside of permanent equity. We recognize change 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***

In August 2020, the FASB issued ASU Topic 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 simplified accounting for convertible instruments by removing major separation models required under current GAAP. As a result of ASU 2020 - 06, more convertible debt instruments are accounted for as a single liability measured at its amortized cost and more convertible preferred stock are 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 were effective for smaller reporting companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption was permitted, but no earlier than fiscal years beginning after December 15, 2020. We adopted ASU 2020 - 06 effective March 7, 2023 (inception). The adoption of ASU 2020 - 06 did not have an impact on the unaudited condensed consolidated financial statements included elsewhere in this Report.

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted would have a material effect on the unaudited condensed consolidated financial statements included elsewhere in this Report.

#### 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.

#### Item 4. Controls and Procedures.
**Evaluation of Disclosure Controls and Procedures**

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (the "Certifying Officer"), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our Management, including our Certifying Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e)

[**Table of Contents**](#TOC)

under the Exchange Act. Based on the foregoing, our Certifying Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

**Changes in Internal Control over Financial Reporting**

There have been no changes to our internal control over financial reporting during the quarterly period ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

[**Table of Contents**](#TOC)

#### PART II - OTHER INFORMATION

#### Item 1. Legal Proceedings.
**To the knowledge of our Management Team, there is no material 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 Report. For additional risks relating to our operations, other than as set forth below, see the section titled "*Risk Factors*" contained in our (i) IPO Registration Statement, (ii) 2024 Annual Report, (iii) Quarterly Reports on Form 10-Q for the quarterly period ended September 31, 2023 and March 31, 2025, as filed with the SEC on November 9, 2023 and May 15, 2025, respectively, and (iv) Definitive Proxy Statement on Schedule 14A, as filed with the SEC on July 1, 2025. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. For risks associated with the Suncrete Business Combination, please refer to the related Registration Statement on Form S-4 and the proxy statement that the Company will file with the SEC. Additional risks could arise that may also affect our 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.

***SEC review delays caused by any government shutdown may delay or interfere with our ability to complete our initial Business Combination.***

Each year, the U.S. Congress must pass all spending bills in the federal budget. If spending bills are not timely passed, a government shutdown could occur, and the work of many parts of the federal government, including the SEC, would be required to halt except for the work of federal employees who are deemed essential. A government shutdown commenced on October 1, 2025 and has continued through the date of this Report. As the SEC has remained closed during the shutdown, the delayed SEC review process with respect to the registration statement related to our initial Business Combination may result in a delay in or interference with our ability to consummate our initial Business Combination. Possible future shutdowns of the federal government could result in further delays in or interference with our ability to consummate our initial Business Combination.

#### Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

#### Unregistered Sales of Equity Securities
None.

#### Use of Proceeds
There have been no offerings of registered securities and therefore no planned use of proceeds from such offerings during the quarterly period covered by the Report. For a description of the use of proceeds generated in our Initial Public Offering and Private Placement, see Part II, Item 2 of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the SEC on September 8, 2023. There has been no material change in the planned use of proceeds from our Initial Public Offering and Private Placement as described in the IPO Registration Statement. The specific investments in our Trust Account may change from time to time.

#### Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On July 24, 2025, we held the 2025 AGM and our shareholders approved, among other things, the Extension Amendment, which extended the Combination Period for up to twelve times from July 28, 2025 (which was 24 months from the closing of the Initial Public Offering) to July 28, 2026 (or such earlier date as determined by the Board). In connection with the vote to approve the Extension Amendment, Public Shareholders holding 372,101 Public Shares properly exercised their right to redeem such Public Shares for a pro rata portion of the funds in the Trust Account. We paid cash in the aggregate amount of approximately $4,136,911, or approximately $11.12 per share, to such redeeming Public Shareholders in connection with the Extension Amendment.

[**Table of Contents**](#TOC)

#### Item 3. Defaults Upon Senior Securities.
None.

#### Item 4. Mine Safety Disclosures.
Not applicable.

#### Item 5. Other Information.
**Trading Arrangements**

During the quarterly period ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) promulgated under the Exchange Act) adopted or terminated any "Rule 10b5-1 trading arrangement" or any "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

**Additional Information**

None.

#### Item 6. Exhibits.
The following exhibits are filed as part of, or incorporated by reference into, this Report.

---

| | |
|:---|:---|
| **No.** | **Description of Exhibit** |
| 2.1 | [Business Combination Agreement, dated as of October 9, 2025, by and among the Company, Concrete Partners Holding, LLC, Suncrete, Inc., Haymaker Merger Sub I, Inc., and Haymaker Merger Sub II, LLC (incorporated by reference to Exhibit 2.1 of the Company's Form 8-K/A filed with the SEC on October 14, 2025) † +](https://www.sec.gov/Archives/edgar/data/1970509/000110465925099332/tm2528611d1_ex2-1.htm) |
| 10.1 | [Form of Company Equityholder Support Agreement. (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K/A filed with the SEC on October 14, 2025)](https://www.sec.gov/Archives/edgar/data/1970509/000110465925099332/tm2528611d1_ex10-1.htm) |
| 10.2 | [Sponsor Support Agreement. (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K/A filed with the SEC on October 14, 2025)+](https://www.sec.gov/Archives/edgar/data/1970509/000110465925099332/tm2528611d1_ex10-2.htm) |
| 10.3 | [Form of PIPE Subscription Agreement. (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K/A filed with the SEC on October 14, 2025)](https://www.sec.gov/Archives/edgar/data/1970509/000110465925099332/tm2528611d1_ex10-3.htm) |
| 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.\*](hyac-20250930xex31d1.htm) |
| 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.\*](hyac-20250930xex31d2.htm) |
| 32.1 | [Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](hyac-20250930xex32d1.htm) |
| 101.INS | Inline XBRL Instance Document.\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.\* |
| 104 | Cover Page Interactive Data File (Embedded as Inline XBRL document and contained in Exhibit 101).\* |

---

\* Filed herewith.

\*\* Furnished herewith.

&nbsp;&nbsp;&nbsp;&nbsp;† Exhibits and/or schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that the registrant may request confidential treatment pursuant to Rule 24b-2 under the Exchange Act for any exhibits or schedules so furnished.

[**Table of Contents**](#TOC)

+ Certain personally identifiable information has been omitted from this exhibit pursuant to Item 601(a)(6) of Regulation S-K.

[**Table of Contents**](#TOC)

#### SIGNATURE
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** | **Haymaker Acquisition Corp. 4** |
| Dated: November 13, 2025 | By: | /s/ Christopher Bradley |
|  |  | Name: Christopher Bradley |
|  |  | Title: Chief Executive Officer and Chief Financial Officer |
|  |  | *(Principal Executive Officer and Principal Financial and Accounting Officer)* |

---

## Exhibit 31.1

**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, Christopher Bradley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Haymaker Acquisition Corp. 4;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. I am 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed, based on my 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 13, 2025 | By: | /s/ Christopher Bradley |
|  |  | Christopher Bradley |
|  |  | Chief Executive Officer |
|  |  | *(Principal Executive Officer)* |

---

------

## Exhibit 31.2

**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:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Haymaker Acquisition Corp. 4;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. I am 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. I have disclosed, based on my 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 13, 2025 | By: | /s/ Christopher Bradley |
|  |  | Christopher Bradley |
|  |  | Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

------

## Exhibit 32.1

**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 on Form 10-Q of Haymaker Acquisition Corp. 4 (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher Bradley, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. 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 13, 2025 | By: | /s/ Christopher Bradley |
|  |  | Christopher Bradley |
|  |  | Chief Executive Officer and Chief Financial Officer |
|  |  | *(Principal Executive Officer and Principal Financial Officer)* |

---

------