Black Hawk Acquisition Corp (NASDAQ: BKHA) is a blank-check special purpose acquisition company incorporated in the Cayman Islands on September 28, 2023, formed for the purpose of completing a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses. It generates no operating revenue. The company raised $69,000,000 in gross proceeds through an IPO of 6,900,000 units at $10.00 per unit on March 22, 2024, and simultaneously raised $2,355,000 through the sale of 235,500 Private Placement Units to its sponsor. A total of $69,345,000 was placed into a trust account invested in U.S. government treasury bills with maturities of 185 days or less or qualifying money market funds. On April 26, 2025, the company entered into a Business Combination Agreement with Vesicor Therapeutics, Inc. and BH Merger Sub, Inc. Kent Louis Kaufman serves as Chief Executive Officer and Chairman, as of the 10-K filed March 6, 2026.

Revenue model

No operating revenue. The company holds IPO proceeds in a trust account invested in U.S. government treasury obligations, with funds outside the trust used to identify and evaluate acquisition targets. Revenue generation depends entirely on the completion of a business combination.

Products and services

SPAC units consisting of ordinary shares and warrants, sold at $10.00 per unit in the IPO (March 22, 2024). Trust account assets are invested in U.S. government treasury bills with maturities of 185 days or less or qualifying money market funds under Rule 2a-7 of the Investment Company Act of 1940.

Customers and end markets

No customers or commercial end markets. The intended counterparty is a private acquisition target. The announced target is Vesicor Therapeutics, Inc., per the Business Combination Agreement dated April 26, 2025.

Value-chain role

Blank-check acquisition vehicle. Raises public capital, holds it in trust, and deploys it to acquire a private operating business through a business combination transaction.

Geographic exposure

Incorporated in the Cayman Islands. Listed in the United States. No disclosed operating geographic footprint.

Source: SEC 10-K, filed 2026-03-06

Industry: Biological Products, (No Diagnostic Substances)