BKHA
Black Hawk Acquisition Corporation11.25
+0.00+0%
Dec 15, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
46.73MP/E (TTM)
43.27Basic EPS (TTM)
0.26Dividend Yield
0%Recent Filings
10-K
FY2025 results
Black Hawk Acquisition, a blank check company, posted FY2025 net income of $1.33M from $2.24M interest income on trust assets, offset by $0.80M G&A and $0.12M related party fees—down from $1.92M in FY2024 amid extension costs. No revenue; trust holds ~$22.7M post heavy redemptions at July 2025 extension vote. Cash at $39.5K with $1.43M working capital deficit flags liquidity strain. Signed April 26, 2025 business combination with Vesicor Therapeutics, pending approvals. Sponsor funds monthly $150K extensions via notes to December 2026. No quarterly breakdowns disclosed. Officers split time across ventures.
8-K
Sponsor note issued
Black Hawk Acquisition Corp. issued a convertible promissory note on February 12, 2026, to sponsor Black Hawk Management LLC for up to $300,000 in working capital advances. The note carries 10% annual interest and matures upon DeSPAC or liquidation, with sponsor election for cash repayment or conversion to post-combination shares at $1.00 each. Funds extend runway. Conversion shares get registration rights.
8-K
Vesicor appoints new CFO, director
Vesicor Therapeutics, Black Hawk Acquisition Corp's merger target, replaced its CFO after Michael Bowen's death on January 27, 2026, appointing Mitchell Creem—CEO of Pioneer Acquisition Corp with 35 years in healthcare finance—effective immediately. The board added independent director Frederick Woodruff Field, Radar Pictures CEO, that same day. No employment agreement for Creem. Leadership continuity holds amid the pending deal.
10-Q
Q3 FY2025 results
Black Hawk Acquisition Corporation swung to a modest net income of $154,401 for Q3 FY2025 ended August 31, 2025, down sharply from $883,767 a year earlier, as operating losses widened to $341,265 from $84,903 amid higher general and administrative expenses, yet offset by $494,519 in trust interest income. Year-to-date through nine months, net income reached $1,333,322, edging up from $1,164,002, with trust interest climbing to $2,028,053 from $1,633,661 while expenses rose. The trust balance shrank to $23.3M after $51.0M in redemptions tied to a shareholder vote extending the business combination deadline monthly through December 2026 via $150,000 deposits, supporting a signed merger deal with Vesicor Therapeutics valuing it at $70M pre-money—all stock, no cash outlay, targeting Q4 2025 close. Cash dwindled to $15,000, offset by a $350,076 related-party convertible note at 6% interest. Redemptions hit hard.
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