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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Net income | — | $1.9M | $1.3M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Item 3.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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