Black Hawk Acquisition Corp SEC 10-Q Report

Black Hawk Acquisition Corp, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the quarter ending February 28, 2025. The report provides a comprehensive overview of the company's financial performance and operational activities, highlighting its progress and future outlook as it seeks to effect a business combination.

Financial Highlights

• Net Income: $658,379. The company reported a net income for the three months ended February 28, 2025, primarily due to interest income from investments held in the Trust Account.
• Basic and diluted net income per share, Class A ordinary shares subject to possible redemption: $0.07. This reflects the earnings per share for redeemable shares.
• Basic and diluted net income per share, non-redeemable Class A ordinary shares: $0.07. This indicates the earnings per share for non-redeemable shares.

Business Highlights

• Business Model and Operations: Black Hawk Acquisition Corporation is a blank check company focused on effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. The company is in its early stages and has not commenced any operations beyond formation and IPO-related activities.
• IPO and Trust Account: The company completed its IPO on March 22, 2024, raising $69 million through the sale of 6,900,000 units. An additional $2.355 million was raised through a private placement with the Sponsor. The proceeds are held in a trust account and will be used to fund a business combination.
• Segment Reporting: The company operates as a single segment, with the Chief Executive Officer acting as the chief operating decision maker. The focus is on managing formation and operational costs and maximizing interest earned on investments held in the Trust Account.
• Recent Developments: As of March 2025, Black Hawk Acquisition Corporation entered into a non-binding letter of intent with a potential business combination target. An exclusivity agreement was signed, and a $100,000 deposit was made by the target to cover transaction-related costs.
• Future Outlook: The company is actively seeking a business combination target and has a 15-month period from the IPO closing date to complete a transaction, with the possibility of extending this period to 21 months. The management is focused on identifying a suitable target that meets the criteria for a successful business combination.
• Operational Challenges and Risks: The company faces uncertainties related to geopolitical events, such as conflicts in Ukraine and the Middle East, which may impact its ability to consummate a business combination. Additionally, the company must manage its liquidity and operational costs effectively to ensure it can continue as a going concern.

SEC Filing: Black Hawk Acquisition Corp [ BKHA ] - 10-Q - Apr. 10, 2025