Black Hawk Acquisition Corp. Files Q3 10-Q

TL;DR

Black Hawk Acquisition Corp. (BKHAU) filed its Q3 10-Q. SPAC still looking for a deal.

AI Summary

Black Hawk Acquisition Corp. filed its 10-Q for the period ending August 31, 2024. The company, a blank check company, reported its financial status and operational details. Its fiscal year ends on November 30th, and this filing covers the third quarter of its fiscal year.

Why It Matters

This filing provides insight into the financial health and operational status of Black Hawk Acquisition Corp., a special purpose acquisition company (SPAC), which is crucial for investors tracking its progress towards a business combination.

Risk Assessment

Risk Level: medium — As a SPAC, Black Hawk Acquisition Corp. faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• 1130 — Fiscal Year End (Indicates when the company's financial year concludes.)
• 2024-08-31 — Reporting Period End Date (The date through which the financial information in the 10-Q is reported.)
• 2023-11-30 — Previous Fiscal Year End (Provides a comparison point for financial performance.)

Key Players & Entities

• Black Hawk Acquisition Corp. (company) — Filer of the 10-Q
• 0001829126-24-006401 (filing_id) — Accession Number for the filing
• 20240831 (date) — End of the reporting period
• 6770 (sic_code) — Standard Industrial Classification for Blank Checks
• BKHAU (ticker) — Trading symbol for Black Hawk Acquisition Corp.

FAQ

Key Financial Figures

• $0.0001 — each consisting of one ordinary share, $0.0001 par value , and one-fifth (1/5) of one
• $10.05 — able for distribution will be less than $10.05. In order to protect the amounts held

Filing Documents

• blackhawk_10q.htm (10-Q) — 395KB
• blackhawk_ex31-1.htm (EX-31.1) — 15KB
• blackhawk_ex31-2.htm (EX-31.2) — 15KB
• blackhawk_ex32-1.htm (EX-32.1) — 6KB
• blackhawk_ex32-2.htm (EX-32.2) — 6KB
• 0001829126-24-006401.txt ( ) — 2540KB
• bkhau-20240831.xsd (EX-101.SCH) — 33KB
• bkhau-20240831_cal.xml (EX-101.CAL) — 27KB
• bkhau-20240831_def.xml (EX-101.DEF) — 125KB
• bkhau-20240831_lab.xml (EX-101.LAB) — 178KB
• bkhau-20240831_pre.xml (EX-101.PRE) — 156KB
• blackhawk_10q_htm.xml (XML) — 261KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Balance Sheets as of August 31, 2024 and November 30, 2023 (Unaudited) 1 2 3 4

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4.

Controls and Procedures

Controls and Procedures 19

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BLACK HAWK ACQUISITION CORPORATION BALANCE SHEETS (Unaudited) August 31, 2024 November 30, 2023 Assets: Current Assets Cash $ 323,846 $ 125,100 Due from related party - 30,900 Prepaid expenses 68,658 - Total Current Assets 392,504 156,000 Deferred offering costs - 107,000 Investments held in Trust Account 70,978,661 - Total Assets $ 71,371,165 $ 263,000 Liabilities, Shares Subject to Redemption and Shareholders' Equity (Deficit) Current Liabilities Accrued offering costs and expenses $ 50,509 $ 6,853 Promissory note – related party - 250,000 Total Current Liabilities 50,509 256,853 Deferred underwriting fee payable 2,415,000 - Total Liabilities 2,465,509 256,853 Commitments and Contingencies – see Note 6 Class A ordinary shares subject to possible redemption, $ 0.0001 par value; 500,000,000 shares authorized; 6,900,000 shares and 0 share issued and outstanding at redemption value of $ 10.29 and $ 0.00 as of August 31, 2024 and November 30, 2023, respectively 70,978,661 - Shareholders' Equity (Deficit) Class A ordinary shares, $ 0.0001 par value; 450,000,000 shares authorized; 2,029,500 shares and 0 share issued and outstanding as of August 31, 2024 and November 30, 2023, respectively 203 - Class B ordinary shares, $ 0.0001 par value; 50,000,000 shares authorized; 0 share and 1,725,000 shares issued and outstanding as of August 31, 2024 and November 30, 2023, respectively - 172 Additional paid-in capital - 24,828 Accumulated deficit ( 2,073,208 ) ( 18,853 ) Total Shareholders' Equity (Deficit) ( 2,073,005 ) 6,147 Total Liabilities and Shareholders' Equity (Deficit) $ 71,371,165 $ 263,000 The accompanying notes are an integral part of the unaudited financial statements. 1 BLACK HAWK ACQUISITION CORPORATION (Unaudited) For the Three Months Ended August 31, 2024

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (Unaudited) Note 1 — Description of Organization and Business Operations Black Hawk Acquisition Corporation (the "Company") is a blank check company incorporated under the laws of the Cayman Islands with limited liability on September 28, 2023. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities ("Business Combination"). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of August 31, 2024, the Company had not commenced any operations. All activities through August 31, 2024 are related to the Company's formation and the initial public offering ("IPO" as defined below), and subsequent to the IPO, identifying a target company for an initial business combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO and, subsequent to the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the IPO. The Company has selected November 30 as its fiscal year end. The Company's sponsor is Black Hawk Management LLC (the "Sponsor"), a Delaware limited liability company. The registration statement for the Company's IPO became effective on March 20, 2024. On March 22, 2024, the Company consummated the IPO of 6,900,000 units (which does n

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View this 10-Q filing on SEC EDGAR