Haymaker Acquisition Corp 4
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Haymaker Acquisition Corp 4 AI Insights
Informational only. Not investment advice.Snapshot
- Pre-revenue SPAC with $0 revenue TTM - entire $8.9M net income from $2.6M interest on trust assets, not operations[Interest Income]
- Trading at 1.37x book ($332.9M cap vs $242.7M equity) - 37% premium to liquidation value typical of deal speculation[P/B Ratio]
- Near-zero liquidity: $6.7K cash, -$3.3M working capital, 491 daily volume - highly illiquid position[Cash and Equivalents]
Watch Triggers
- P/B Ratio: Falls below 1.0x — Signals market pricing deal failure - potential arb to NAV floor
- Net Common Stock Issuance: Accelerating redemptions beyond -$4M quarterly — Trust depletion reduces deal capacity and sponsor incentive
- Volume: Spikes above 50K daily — Often precedes deal announcement or material news
Bull Case
Trust assets of $254.7M provide downside floor near $8.29/share book value if no deal materializes and liquidation occurs
Minimal debt (0.8% D/E) and clean balance sheet positions for flexible deal structuring with target company
Bear Case
37% premium to book means immediate 27% downside to NAV if deal fails - paying $11.37 implied for $8.29 in assets
491 daily volume creates severe liquidity risk - position sizing limited, exit difficult in stress scenario
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
SPAC will either announce merger target or face redemption pressure within 12-24 months
- Typical SPAC lifecycle requires deal or liquidation
- Trust assets generating income but depleting via operating costs
- Premium to NAV suggests market expects deal announcement
Valuation Context
Caveats
Public Strategies Rankings
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HYAC Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$323.53M | — | ||
$326.84M | — | ||
0.00 | — | ||
$0 | — | ||
$-0.05 | — | ||
0% | — | ||
0% | — | ||
$-756,680 | — | ||
-0.62% | -5.4% | — | |
Beta 5Y (Monthly) | unknown | — |
HYAC Dividend History
HYAC Stock Splits
HYAC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/30/26 | 12/31/25 | 10-K | |
11/13/25 | 09/30/25 | 10-Q | |
08/13/25 | 06/30/25 | 10-Q | |
05/15/25 | 03/31/25 | 10-Q | |
03/14/25 | 12/31/24 | Unknown | |
11/13/24 | 09/30/24 | 10-Q | |
08/13/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
12/31/23 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
09/08/23 | 06/30/23 | 10-Q | |
03/31/23 | 03/31/23 | 424B4 |