Financial Performance - The company had a net income of $883,767 for the three months ended August 31, 2024, with interest income of $968,670 offsetting general and administrative expenses of $54,903[89]. - For the nine months ended August 31, 2024, the company reported a net income of $1,164,002, driven by interest income of $1,638,810 against general and administrative expenses of $420,863[89]. 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[90]. - An additional $2,355,000 was raised through the sale of 235,500 Private Placement Units at $10.00 each, bringing total gross proceeds to $71,355,000[90]. Cash and Working Capital - As of August 31, 2024, the company had cash of $323,846 and working capital of $341,995[93]. - The company placed $69,345,000 in a trust account, which will be invested in U.S. government treasury bills or money market funds[91]. Future Costs and Operations - The company expects to incur significant costs related to being a public company and pursuing a business combination, which may impact its liquidity[96]. - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and identifying a target for a business combination[86]. Administrative Agreements - The company has entered into an Administrative Services Agreement to pay the Sponsor $10,000 per month for support services[98]. - Upon closing a business combination, underwriters will receive a deferred fee of 3.5% of the IPO gross proceeds, totaling $2,415,000[99].
Black Hawk Acquisition Corporation(BKHAU) - 2024 Q3 - Quarterly Report