m_and_a
confidence high
sentiment neutral
materiality 0.70
Suncrete enters Series A Preferred exchange; PIPE raised to $167.1M; meetings postponed
Suncrete, Inc.
- Issues 26,000 Series A Convertible Preferred shares ($1,000 liquidation preference, 9% dividend) in exchange for all Senior Preferred Units.
- New $61.6M PIPE subscription brings total PIPE commitment to $167.1M for the business combination with Haymaker Acquisition Corp. 4.
- Shareholder and warrantholder meetings postponed from March 30 to April 2, 2026; redemption request deadline extended to April 1.
- Series A Preferred convertible at greater of $18.00 or 5-day VWAP; redeemable at company's option; convertible into Class A common.
- Exchange closes automatically immediately prior to Acquisition Merger, subject to Available Cash condition of less than $250M.