Fri, Jun 28, 8:21 PM (115 days ago)
Black Hawk Acquisition Corporation's Form 10-Q for the quarter ended May 31, 2024, provides an overview of the company's financial health and operations. The company, a blank check entity, completed its IPO on March 22, 2024, raising $69 million. As of May 31, 2024, it held $70 million in a trust account, primarily invested in U.S. government securities. The company reported net income of $310,936 for the quarter, driven by $670,140 in interest income, offsetting $359,204 in administrative expenses. Cash flow from financing activities was $70 million, with $366,670 in cash on hand. Significant uncertainties include the ability to complete a business combination within 15-21 months and global conflicts impacting operations. The company has substantial doubt about its ability to continue as a going concern if it fails to merge within the specified timeframe.