Financial Performance - The Company had a net income of $658,379 for the three months ended February 28, 2025, primarily from interest income of $767,148, offset by general and administrative expenses of $78,769 [94]. - As of February 28, 2025, the Company had cash of $101,528 and working capital of $135,561 [98]. 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 [95]. - 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 [96]. - The underwriters are entitled to a deferred fee of 3.5% of the gross proceeds of the IPO, amounting to $2,415,000, payable upon completion of a business combination [103]. - The Company plans to use net proceeds from the IPO and private placement primarily for its initial business combination and related expenses [97]. Business Strategy and Future Plans - The Company expects to incur significant expenses related to being a public company and due diligence costs for potential business combinations [93]. - The Company entered into a non-binding letter of intent with a business combination target on March 10, 2025, with a subsequent exclusivity period until the end of April 2025 [91]. - The Company has incurred and expects to continue incurring significant professional costs to remain publicly traded and pursue a business combination [100]. Financial Obligations - The Company has no off-balance sheet arrangements or contractual obligations as of February 28, 2025 [101][108].
Black Hawk Acquisition Corporation(BKHAU) - 2025 Q1 - Quarterly Report