Black Hawk Acquisition Corp BKHA
We are a Cayman Islands company incorporated on September 28, 2023, as an exempted company with limited liability. We chose to incorporate in the Cayman Islands due to (i) its tax-neutrality, which allows international transactions to be structured efficiently without an additional layer of tax and (ii) simplicity of establishment and flexibility of administration, including easy migration to another jurisdiction, the existence of statutory procedures for merger or consolidation, and no takeover code or bespoke public company filing requirements.
We were formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which we refer to as a "target business." On April 26, 2025, we entered into a Business Combination Agreement with Vesicor Therapeutics, Inc. and BH Merger Sub, Inc., pursuant
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| SG&A | $795.5K | $492.1K | — |
| Operating income | -$915.5K | -$576.1K | — |
| Interest expense | $15.5K | $2.5M | — |
| Net income | $1.3M | $1.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $0 | $0 | $125.1K |
| Total current assets | $50.8K | $314.1K | $156.0K |
| Other intangibles | $5.0M | — | — |
| Total assets | $23.9M | $72.1M | $263.0K |
| Accounts payable | $15.5K | — | — |
| Total current liabilities | $1.5M | $71.0K | $256.9K |
| Total liabilities | $3.9M | $2.5M | $256.9K |
| Retained earnings | -$3.9M | -$2.2M | -$18.9K |
| Total equity | -$3.8M | -$2.2M | $6.1K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$650.3K | -$553.7K | — |
| Investing cash flow | $50.3M | -$69.3M | — |
| Financing cash flow | -$49.8M | $70.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001829126-26-004046.
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