0001829126-26-002021
SEC filingBlack 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.
Black Hawk Acquisition Corporation reported net income of $1,329,557 for the fiscal year ended November 30, 2025, representing a decrease from the $1,915,703 net income reported for the prior fiscal year. The company's financial performance was driven by $2,244,975 in interest income earned on investments held in the Trust Account, which offset operating expenses totaling $915,510. The company has no operating revenues and has not engaged in any operations beyond organizational activities and identifying a target company for an initial business combination. The company's IPO was consummated on March 22, 2024, generating gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit.
The company has generated no operating revenues to date. Its only income has been from interest earned on investments held in the Trust Account. The company does not expect to generate any operating revenues until after the completion of its initial business combination. All activities from inception through November 30, 2025, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination.
The company reported a loss from operations of $916,000 for the fiscal year ended November 30, 2025, consisting of general and administrative expenses of $795,510 and related party administrative fees of $120,000. This operating loss was more than offset by interest income of $2,244,975 and a change in fair value of derivative liability of $92, resulting in net income of $1,329,557. The company expects to incur increased expenses as a result of being a public company for legal, financial reporting, accounting and auditing compliance, as well as for due diligence expenses in connection with searching for and completing a business combination.
As of November 30, 2025, the company had cash of $39,521 and a working capital deficit of $1,431,443. Total assets were $23,851,000, with $23,800,000 held in the Trust Account as investments. Total liabilities were $3,900,000, including $2,400,000 in deferred underwriting fee payable. Shareholders' deficit was $3,800,000. Net cash used in operating activities was $650,000 for the year ended November 30, 2025. The company's liquidity needs prior to the consummation of the IPO were satisfied through a payment from the Sponsor of $25,000 for the Founder Shares and a loan under an unsecured promissory note from the Sponsor of $250,000.
The company entered into a Business Combination Agreement with Vesicor Therapeutics, Inc. on April 26, 2025, and intends to consummate this business combination subject to customary closing conditions. The company has extended its deadline to complete an initial business combination to December 22, 2026, through monthly extension payments of $150,000 deposited into the trust account. Management has determined that conditions raise substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the Combination Period. If unable to complete a business combination by December 22, 2026, the company will redeem the remaining outstanding public shares for a pro rata portion of the funds held in the trust account and seek to liquidate and dissolve.