B
Black Hawk Acquisition Corp
BKHARCIK 0002000775NasdaqEmerging GrowthBiological Products, (No Diagnostic Substances)FY ends Nov 30
Period
FY 2025
Revenue
—
Net Income
$1.33M
Total Assets
$23.88M
Equity
$-3.85M
Shares Out
4.15M
Op. Cash Flow
$-650.3K
Business
Black Hawk Acquisition Corp is a blank check (SPAC) company formed to identify, evaluate and complete a merger, share exchange, asset acquisition, recapitalization or other business combination with one or more target businesses. It offers units, ordinary shares and rights via a public offering and maintains proceeds in a trust account to fund an initial business combination and related working capital. The company’s activities center on sourcing acquisition opportunities, conducting due diligence and structuring transactions, leveraging its management team and sponsor relationships. It pursues targets without industry or geographic limitation and intends to provide acquired companies access to the U.S. public capital markets, including potential transactions involving entities operating in China or other international jurisdictions.
Summary from filing dated 2025-02-07
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 |
|---|---|---|---|
| General and administrative expenses | 795,510 | 492,131 | |
| Related party administrative fees | 120,000 | 83,945 | |
| Loss from Operations | −915,510 | −576,076 | |
| Interest income | 1,798 | 7,515 | |
| Interest earned on investments held in Trust Account | 2 | 2 | |
| Interest expense | −15,454 | — | |
| Change in fair value of derivative liability | 92 | — | |
| Total other income, net | 2 | 2 | |
| Net income | 1 | 2 | |
| Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 5 | 5 | |
| Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | 0.19 | 0.29 | |
| Basic and diluted weighted average shares outstanding, non-redeemable Class A ordinary shares | 2 | 2 | |
| Basic and diluted net income per share, non-redeemable Class A ordinary shares | 0.19 | 0.29 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2023 2023-11-30 | FY 2023 2023-09-30 |
|---|---|---|---|---|---|
| Cash | 39,521 | 264,842 | 125,100 | — | |
| Prepaid expenses | 11,269 | 49,229 | — | — | |
| Total Current Assets | 50,790 | 314,071 | 156,000 | — | |
| Investments held in Trust Account | 24 | 72 | 0 | — | |
| Total Assets | 24 | 72 | 263,000 | — | |
| Due to target company | 575,000 | 0 | — | — | |
| Accrued offering costs and expenses | 296,410 | 70,978 | — | — | |
| Accrued interest expenses | 15,454 | — | — | — | |
| Convertible notes related party | 595,369 | 0 | — | — | |
| Total Current Liabilities | 1 | 70,978 | 256,853 | — | |
| Deferred underwriting fee payable | 2 | 2 | — | — | |
| Total Liabilities | 4 | 2 | 256,853 | — | |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 500,000,000 shares authorized; 6,900,000 shares and 6,900,000 share issued and outstanding at redemption value of $11.22 and $10.41 as of November 30, 2025 and 2024, respectively | 24 | 72 | — | — | |
| Additional paid-in capital | 4,538 | — | 24,828 | — | |
| Accumulated deficit | −4 | −2 | −18,853 | — | |
| Total Shareholders Deficit | −4 | −2 | 6,147 | — | |
| Total Liabilities and Shareholders Deficit | 24 | 72 | 263,000 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 |
|---|---|---|---|
| Interest earned on investments held in Trust Account | −2 | −2 | |
| Change in fair value of derivative liability | −92 | — | |
| Prepaid expenses | 37,960 | −49,229 | |
| Accrued offering costs and expenses | 240,885 | 64,125 | |
| Net Cash Used in Operating Activities | −650,321 | −553,665 | |
| Purchase of investment held in Trust Account | — | −69 | |
| Cash deposited in Trust Account | −750,000 | — | |
| Cash withdrawn from Trust to pay redeemed public shareholders | 51 | — | |
| Net Cash Provided by (Used in) Investing Activities | 50 | −69 | |
| Proceeds from issuance of promissory note to related party | 600,000 | — | |
| Proceeds from due to target company | 575,000 | — | |
| Proceeds from sale of public units | — | 69 | |
| Proceeds from sale of private placement units | — | 2 | |
| Proceeds from issuance of ordinary shares to underwriter | — | 690,000 | |
| Proceeds from due from related party | — | 30,900 | |
| Payment of underwriter compensation | — | −690,000 | |
| Repayment of promissory note - related party | — | −250,000 | |
| Payment of offering costs | — | −1 | |
| Payment to redeemed public shareholders | −51 | — | |
| Net Cash (Used in) Provided by Financing Activities | −50 | 70 | |
| Net Change in Cash | −225,321 | 139,742 | |
| Issuance of convertible note - recognition of derivative liability | 4,630 | — | |
| Reclassification of Derivative Liability to APIC | 4,538 | — | |
| Conversion of Class B to Class A shares | — | 172 | |
| Initial classification of common stock subject to possible redemption | — | 69 | |
| Accretion of additional paid in capital to accumulated deficit | — | 2 | |
| Remeasurement of common stock subject to possible redemption | 3 | 2 | |
| Deferred underwriting fee payable | — | 2 |
Filings
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