Black Hawk Acquisition Corporation Units

Black Hawk Acquisition Corporation Units (BKHA) reported net income of $1.3 million for fiscal year 2025, driven primarily by $2.3 million in interest earned on investments held in its Trust Account. This income offset an operating loss of $916K, which consisted of $796K in general and administrative expenses and $120K in related party administrative fees. The company's total assets stood at $23.9 million as of November 30, 2025, with $23.8 million held in the Trust Account. The company entered into a Business Combination Agreement with Vesicor Therapeutics, Inc. on April 26, 2025, and has extended its deadline to complete an initial business combination to December 22, 2026. Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the required timeframe.

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