Financial Performance - The company had net income of $310,936 for the three months ended May 31, 2024, with interest income of $670,140 offsetting general and administrative expenses of $335,259[88]. - The company has not engaged in any operations or generated any revenues to date, and does not expect to do so until after completing an initial business combination[85]. IPO and Trust Account - The company generated gross proceeds of $69,000,000 from the IPO of 6,900,000 units at $10.00 per unit[89]. - A total of $69,345,000 was placed in a trust account, which will be invested in U.S. government treasury bills or money market funds[90]. - Upon closing a business combination, underwriters will receive a deferred fee of 3.5% of the gross proceeds of the IPO, amounting to $2,415,000[98]. Cash and Working Capital - As of May 31, 2024, the company had cash of $366,670 and working capital of $423,720[92]. Costs and Expenses - The company expects to incur significant costs related to being a public company and for due diligence expenses in connection with searching for a business combination[87]. - The company has incurred and expects to continue incurring significant professional costs to remain a publicly traded company[95]. - The company entered into an Administrative Services Agreement to pay the Sponsor $10,000 per month for office space and administrative services[97]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of May 31, 2024[96].
Black Hawk Acquisition Corporation(BKHAU) - 2024 Q2 - Quarterly Report