Haymackers acquires 4(HYAC), blocks SPAC risk through a no-recourse agreement, and merges with Suncrete to enhance "flexibility."

Special Purpose Acquisition Company (SPAC) Haymaker Acquisition Corp. 4 (HYAC) is gaining market attention as it enhances its financial stability and the likelihood of completing a deal with Suncrete before the corporate merger. With agreements signed with institutional investors and expanded additional funding, HYAC’s “non-redemption” plan is taking shape.

According to an announcement released on the 25th (local time), Suncrete and Haymaker Acquisition Corp. 4 (HYAC) have signed a non-redeemable agreement with some institutional investors. Under this agreement, investors will purchase a total of 4.4 million Class A public shares and waive their redemption rights, also promising not to exercise voting rights before the transaction is completed. This is interpreted as a mechanism to reduce the core variable in SPAC deals—“redemption risk.”

Specifically, the agreement structure focuses on suppressing existing shareholders’ cash outflows while stabilizing cash inflows. Haymaker expects that, based on the non-redeemable shares, the value will be approximately $10.75 per share. Coupled with the previously announced PIPE (private investment in public equity) of $105.5 million (about 1.519 trillion KRW), which is planned to be completed as scheduled, analysts believe the minimum cash requirement is highly likely to be met.

The market views this move as a “substantive signal of increased likelihood of deal success.” Some interpret it as significant because, given the nature of SPACs, a surge in shareholder redemptions could lead to deal failure; thus, preemptively blocking this is crucial. An investment banker commented, “In the current shrinking SPAC market, non-redemption agreements effectively serve as a survival mechanism,” adding, “The participation of institutional investors is a factor that enhances transaction credibility.”

Previously, Suncrete had signed support agreements with most warrant holders, solidifying the deal foundation. The warrants’ exchange terms are set at $2.25 per share plus 0.075 shares of Class A stock, and the PIPE size has been increased from the original $82.5 million (about 1.188 trillion KRW) to $105.5 million. This is understood as a move to secure “growth funds” needed for future acquisitions and equipment expansion.

Suncrete’s business expansion is also accelerating. Last October, it significantly expanded its production base by acquiring a ready-mix concrete business in Oklahoma City. Through this deal, it added over 20 production plants, more than 100 mixer trucks, and over 200 personnel, strengthening its presence in the southern region. Industry experts view this as a “pre-IPO strategic expansion to increase corporate value.”

After the merger, the combined entity will be listed on NASDAQ under the name Suncrete, Inc., with the stock ticker changing to RMIX. The initial enterprise value is estimated at approximately $972.6 million (about 1.4006 trillion KRW).

Market attention now shifts to whether the actual deal can be finalized and how the stock price will perform afterward. Even amid the overall slowdown in the SPAC market, whether Haymaker Acquisition Corp. 4 (HYAC) can build a stable structure to become a “success story” remains highly watched. Commentators say, “This deal is not just about going public; it is a litmus test for the stability of the capital structure and growth strategy.”