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]. - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the specified period[82]. 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 from the sale of 235,500 Private Placement Units at the same price, totaling gross proceeds of $71,355,000[78]. - The underwriters received a cash underwriting discount of 1.0% of the gross proceeds from the IPO, amounting to $690,000[88]. - A deferred fee of 3.5% of the gross proceeds from the IPO, totaling $2,415,000, will be paid upon the closing of a business combination[88]. Trust Account and Investments - The company placed $69,345,000 in a trust account, which will be invested in U.S. government treasury bills or money market funds[79]. Future Expenses - 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 no off-balance sheet arrangements as of February 29, 2024[84].
Black Hawk Acquisition Corporation(BKHA) - 2024 Q1 - Quarterly Report