NEW YORK – Haymaker Acquisition Corp. 4 ("Haymaker"), a blank check company, has entered into a material definitive agreement by issuing a promissory note in the principal amount of up to $1.5 million to Haymaker Sponsor IV LLC, it was disclosed in a recent SEC filing. The note was issued to facilitate future advances by the sponsor for the company's working capital expenses.
The promissory note, dated Monday, June 10, 2024, is non-interest bearing and is payable at the earlier of the completion of Haymaker's initial business combination or the effective date of the company's winding up. Moreover, the sponsor has the option to convert any unpaid principal into units of the company at $10.00 per unit. These units are identical to those issued privately to the sponsor after Haymaker's initial public offering.
The units obtained through conversion will be subject to the same registration rights as those in the initial private placement. The securities issued pursuant to the note are exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, due to their private nature.
This financial move comes as Haymaker, listed on the New York Stock Exchange under ticker symbols HYAC (Class A ordinary shares), HYAC U (units), and HYAC WS (warrants), continues to work towards its goal of completing a business combination. The company's Class A ordinary shares and warrants are currently traded on the NYSE, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50.
The issuance of the promissory note is part of Haymaker's broader strategy to secure the necessary capital to support its ongoing operations and strategic initiatives. This information is based on the company's latest 8-K filing with the Securities and Exchange Commission.
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