Based on the provided financial report articles, I generated the title for the article: "Quarterly Report (10-Q) for the period ended February 28, 2026 of BKHAU, Inc." Please note that the title may not be exact, as the provided text is a financial report and may not contain a specific title.

Overview

Black Hawk Acquisition Corporation is a blank check company incorporated in the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company has not yet selected a specific business combination target and has not initiated any substantive discussions with potential targets.

Recent Developments

• On April 26, 2025, the company entered into a Business Combination Agreement with Vesicor, under which Vesicor will reincorporate in Delaware and merge with a subsidiary of Black Hawk. This will result in Vesicor becoming a wholly-owned subsidiary of the combined company, which will be listed on Nasdaq under the name Vesicor.

• The transaction values Vesicor at a pre-money equity value of $70 million. Existing Vesicor shareholders and management will roll over 100% of their equity into the combined company.

• The transaction is subject to regulatory approvals, shareholder approvals, and other customary closing conditions. It is expected to be completed by the second quarter of 2026.

• On April 29, 2025, the company’s board of directors appointed a new chairperson of the Audit Committee and Compensation Committee.

• On July 8, 2025, the company held an Extraordinary General Meeting where shareholders approved an extension of the business combination deadline to December 22, 2026. This resulted in the redemption of 4,775,923 public ordinary shares for a total payment of $51.0 million.

Results of Operations

• The company has not engaged in any operations or generated any revenue to date. Its activities have been limited to organizational tasks and those necessary to complete the IPO and identify a business combination target.

• For the three months ended February 28, 2026, the company had net income of $139,805, consisting of general and administrative expenses, related party fees, interest expense, and interest income.

• For the three months ended February 28, 2025, the company had net income of $658,379, consisting of general and administrative expenses, related party fees, and interest income.

Liquidity and Capital Resources

• The company completed its IPO on March 22, 2024, raising $69 million. An additional $2.355 million was raised through a private placement.

• As of February 28, 2026, the company had $178,407 in cash and a working capital deficit of $2,105,080.

• The company expects to incur significant costs in pursuing a business combination and maintaining its public company status. Management has determined that these conditions raise substantial doubt about the company’s ability to continue as a going concern.

• The company has entered into an administrative services agreement with its sponsor, as well as an underwriting agreement that includes a deferred fee payable upon completion of a business combination.

Critical Accounting Policies and Estimates

• The company has not identified any critical accounting policies or estimates that would materially affect its financial statements.

Outlook

The company’s ability to continue as a going concern is dependent on its successful completion of a business combination within the combination period. While the company has entered into an agreement with Vesicor, there is no assurance that this or any other transaction will be successfully completed. The company’s future remains uncertain.