HAYMAKER ACQUISITION CORP. 4 FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025
HAYMAKER ACQUISITION CORP. reported its financial results for the quarter ended June 30, 2025. The company had a net loss of $1.4 million, or $0.06 per share, compared to a net loss of $1.1 million, or $0.05 per share, in the same period last year. As of June 30, 2025, the company had cash and cash equivalents of $14.4 million, compared to $15.6 million as of March 31, 2025. The company’s total assets were $16.4 million, and its total liabilities were $1.4 million. The company’s Class A Ordinary Shares and Warrants are listed on the New York Stock Exchange under the ticker symbols HYAC U and HYAC WS, respectively.
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 have not selected any 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.
Recent Developments
On July 24, 2025, we held the 2025 AGM at which our shareholders approved 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.
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. On July 28, 2025, the first contribution of $375,000 was made by the Sponsor.
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 June 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.
For the three months ended June 30, 2025, we had a net income of $2,358,653, which consisted of interest earned on investments held in our Trust Account of $2,663,475, offset by general and administrative expenses of $304,822.
For the six months ended June 30, 2025, we had a net income of $4,634,359, which consisted of interest earned on investments held in our Trust Account of $5,298,151, offset by general and administrative expenses of $663,792.
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.
Liquidity, Capital Resources and Going Concern
As of June 30, 2025, we had $9,971 in cash held outside of the Trust Account and working capital deficit of $1,173,687. Our obligations due within one year of the date of the unaudited condensed financial statements 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 financial statements 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 and our subsequent dissolution after the end of the Combination Period.
Contractual Obligations
We have various contractual obligations, including the IPO Promissory Note, the Underwriters Agreement, the Administrative Services Agreement, the Advisory Services Agreement, and the WCL Promissory Note.
Critical Accounting Estimates and Policies
We have identified the following critical accounting policies: net income per share, Class A Ordinary Shares subject to possible redemption, and recent accounting standards.
