Financial Performance - The company had a 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]. - For the six months ended May 31, 2024, the company reported a net income of $280,235, with total general and administrative expenses of $365,960[88]. 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[89]. - 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[89]. Cash and Investments - As of May 31, 2024, the company had cash of $366,670 and working capital of $423,720[92]. - 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[90]. Future Expenses and Agreements - The company expects to incur significant costs related to being a public company and for due diligence expenses in connection with identifying a target for a business combination[87]. - The company has entered into an Administrative Services Agreement to pay the Sponsor $10,000 per month for office space and administrative services[97]. - Upon closing a business combination, underwriters will receive a deferred fee of 3.5% of the gross proceeds from the IPO, totaling $2,415,000[98]. Business Operations - 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[85].
Black Hawk Acquisition Corporation(BKHA) - 2024 Q2 - Quarterly Report