Financial Performance - The company had a net loss of $30,701 for the three months ended February 29, 2024, attributed to formation and operating costs[77]. - As of February 29, 2024, the company had cash of $59,402 and a working capital deficit of $159,616[81]. - The company has not engaged in any operations or generated revenues to date, with expectations to do so only after completing a business combination[74]. IPO and Fundraising - The company completed its IPO on March 22, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[78]. - An additional $2,355,000 was raised through the sale of 235,500 Private Placement Units at the same price[78]. - The underwriters received a cash underwriting discount of 1.0% of the gross proceeds, totaling $690,000, and a deferred fee of 3.5% amounting to $2,415,000 payable upon closing a business combination[88]. Trust Account and Investments - The company placed a total of $69,345,000 in a trust account, which will be invested in U.S. government treasury bills or money market funds[79]. Future Expenses and Obligations - The company expects to incur significant expenses related to being a public company and for due diligence in connection with a business combination[76]. - The company has incurred a total of $250,000 under a promissory note from the Sponsor, which is due on the earlier of September 30, 2024, or the closing of the IPO[85]. - The company has no off-balance sheet arrangements or contractual obligations as of February 29, 2024[84].
Black Hawk Acquisition Corporation(BKHAU) - 2024 Q1 - Quarterly Report