[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","al7c2flmubc636swwxlwdikv0","revision",2,"title","Black Hawk Acquisition Corp. 2026年8月财报：现金短缺且业务合并待审批","originalTitle","10-Q - Black Hawk Acquisition Corp (0002000775) (Filer)","summary","Black Hawk Acquisition Corp. 2026年8月31日现金为12,052美元，营运资本赤字2,294,124美元，财务报表显示净收入1,074,736美元。公司业务合并与Vesicor Therapeutics, Inc. 仍待审批，且面临持续经营的不确定性。公司与Meteora签订多项协议，包括股票购买和股权购买协议。","reason","Black Hawk Acquisition Corp. 财务状况显示现金短缺及持续经营不确定性，且业务合并进展受制于监管和股东审批。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-06T20:05:32.000Z","discoveredAt","2026-10-07T01:08:01.289Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","frTy_2RWgP34",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","a5aed7e5-30a4-47f9-a049-3e1deaafcd3e","Black Hawk Acquisition Corp. 财报与合并进展",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)

☒ 根据《1934年证券交易法》第13或15(d)条的季度报告

截至 2026年8月31日的季度

☐ 根据《1934年证券交易法》第13或15(d)条的过渡报告

从至的过渡期

委员会文件编号: 001-41984

Black Hawk Acquisition Corporation

(注册人根据其章程所指定的全称)

\n \n \n \n \n \n \n \n \n

开曼群岛		00-0000000 N/A
(注册或组织地)		(美国国税局雇主识别号)

4125 Blackhawk Plaza Circle, Suite 166

丹维尔, CA 94506

(主要执行办公室地址)

电话: (925) 217-4482

(发行人电话号码)

检查是否发行人(1)在前12个月内根据《交易法》第13或15(d)条提交了所有要求的报告(或在注册人需要提交此类报告的较短期间内)，以及(2)在过去90天内已遵守此类提交要求。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前12个月内根据规章S-T第405条(本章第232.405条)提交了所有要求提交的交互式数据文件(或在注册人需要提交此类文件的较短期间内)。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速申报者、加速申报者、非加速申报者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中“大型加速申报者”、“加速申报者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

大型加速申报者	☐	加速申报者	☐
非加速申报者	☒	较小报告公司	☒
		新兴成长公司	☒

如果是一家新兴成长公司，请通过勾选方框表明注册人是否选择不使用《交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司(根据《交易法》第12b-2条的定义)。是 ☒ 否 ☐

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

每类的名称	交易代码	每种注册的交易所名称
单位，每单位包括一股普通股, 面值0.0001美元，以及五分之一(1/5)的权益，使持有人在我们首次业务合并完成后有权获得一股普通股	BKHAU	纳斯达克全球市场
面值0.0001美元的普通股	BKHA	纳斯达克全球市场
权利，每项权利在我们首次业务合并完成后使持有者有权获得一股普通股	BKHAR	纳斯达克全球市场

截至2026年10月6日，4,153,577\n普通股，包括底层单位的普通股，每股面值0.0001美元，已发行并流通在外。

Black Hawk Acquisition Corporation

10-Q表格 2026年8月31日季度

		第
第一部分 – 财务信息

第1项。	财务报表	1
	截至2026年8月31日和2025年11月30日的合并资产负债表（未审）	1
	截至2026年8月31日和2025年8月31日的三个月和九个月的合并损益表（未审）	2
	截至2026年8月31日和2025年8月31日的三个月和九个月的合并股东权益变动表（未审）	3
	截至2026年8月31日和2025年8月31日的九个月合并现金流量表（未审）	4
	合并财务报表附注（未审）	5
第2项。	管理层讨论与分析	22
第3项。	关于市场风险的定量和定性披露	30
第4项。	控制与程序	30

第二部分 – 其他信息

第1项。	法律诉讼	31
第1A项。	风险因素	31
第2项。	未注册的股权证券销售和资金使用	31
第3项。	高级证券违约	31
第4项。	矿山安全披露	31
第5项。	其他信息	31
第6项。	附录	32

签名	33

第一部分 – 财务信息

第1项。财务报表

BLACK HAWK ACQUISITION CORPORATION
合并资产负债表
（未审）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年8月31日			2025年11月30日
资产：
流动资产
现金	$	12,052			$	39,521
预付费用		29,315				11,269
流动资产合计		41,367				50,790

信托账户中的投资		25,993,300				23,827,149
总资产	$	26,034,667			$	23,877,939

负债、可赎回股份和股东权益
流动\n 负债
应付\n 目标公司	$	568,733			$	575,000
应付\n 关联方		7,400				-
应付关联方\n - 管理费用		30,000				-
应付账款和应计费用		126,479				296,410
应计利息费用		90,513				15,454
可转换票据 - 关联方		1,512,366				595,369
流动负债合计		2,335,491				1,482,233

应付承销费用		2,415,000				2,415,000
总负债		4,750,491				3,897,233

承诺和或有事项 – 参见第6号注释
A类普通股，可能被赎回，面值$0.0001\n；450,000,000\n股已授权；2,124,077\n股和2,124,077\n股已发行和流通在外，按2026年8月31日和2025年11月30日的赎回价值$12.24和$11.22\n		25,993,300				23,827,149

股东权益
A类普通股，面值$0.0001；450,000,000股已授权；2,029,500股已发行和流通在外		203				203
普通股B类，面值$0.0001；50,000,000股已授权；0股已发行和流通		-				-
额外实收资本		4,538				4,538
累计赤字		(4,713,865	)			(3,851,184	)
股东赤字总额		(4,709,124	)			(3,846,443	)
总负债、可赎回股份和股东赤字	$	26,034,667			$	23,877,939

附注是未经审计的合并财务报表不可分割的一部分。

BLACK HAWK ACQUISITION CORPORATION

合并损益表

(未经审计)


	截至 \n 8月31日的 \n 三个月			截至 \n 8月31日的 \n 九个月
	2026			2025			2026		2025
一般及行政费用	$	108,210			$	311,265		$	211,613		$	607,632
关联方行政费用		30,000				30,000			90,000			90,000
运营亏损		(138,210	)			(341,265	)		(301,613	)		(697,632	)

其他收入：
利息收入		-				43			-			1,797
存放在信托账户中的投资产生的利息		230,184				494,519			666,151			2,028,053
利息支出		(33,226	)			-			(77,056	)		-
债务豁免收益		1,015,988				-			1,015,988			-
衍生负债公允价值变动		-				1,104			-			1,104
其他总收入		1,212,946				495,666			1,605,083			2,030,954
净收入	$	1,074,736			$	154,401		$	1,303,470		$	1,333,322

基本和稀释加权平均流通股，A类普通股可能被赎回		2,124,077				4,096,741			2,124,077			5,958,760

基本和稀释每股净收入，A类普通股可能被赎回	$	0.26			$	0.03		$	0.31		$	0.17

基本和稀释加权平均流通股，不可赎回的A类普通股		2,029,500				2,029,500			2,029,500			2,029,500

基本和稀释每股净收入，不可赎回的A类普通股	$	0.26			$	0.03		$	0.31		$	0.17

附注是未经审计的合并财务报表不可分割的一部分。

BLACK HAWK ACQUISITION CORPORATION

股东赤字变动合并报表

(未经审计)

截至2026年8月31日的三个月和九个月


	普通股		额外				总计
	A类		B类			实收资本	累计	股东赤字
	股数		金额			股数	金额	资本		赤字			赤字
2025年11月30日余额		2,029,500		$	203		-	$	-		$	4,538		$	(3,851,184	)	$	(3,846,443	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(813,442	)		(813,442	)
净收入		-			-		-		-			-			139,805			139,805
2026年2月28日余额		2,029,500		$	203		-	$	-		$	4,538		$	(4,524,821	)	$	(4,520,080	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(672,525	)		(672,525	)
净收入		-			-		-		-			-			88,929			88,929
2026年5月31日余额		2,029,500		$	203		-	$	-		$	4,538		$	(5,108,417	)	$	(5,103,676	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(680,184	)		(680,184	)
净收入		-			-		-		-			-			1,074,736			1,074,736
2026年8月31日余额		2,029,500		$	203		-	$	-		$	4,538		$	(4,713,865	)	$	(4,709,124	)

截至2025年8月31日的三个月和九个月

	普通股		额外				总计
	A类		B类			实收资本	累计	股东赤字
	股数		金额			股数	金额	资本		赤字			赤字
2024年11月30日余额		2,029,500		$	203		-	$	-		$	-		$	(2,172,110	)	$	(2,171,907	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(765,911	)		(765,911	)
净收入		-			-		-		-			-			658,379			658,379
2025年2月28日余额		2,029,500		$	203		-	$	-		$	-		$	(2,279,642	)	$	(2,279,439	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(767,623	)		(767,623	)
净收入		-			-		-		-			-			520,542			520,542
2025年5月31日余额		2,029,500		$	203		-	$	-		$	-		$	(2,526,723	)	$	(2,526,520	)
可能被赎回的A类普通股重计量		-			-		-		-			-			(944,519	)		(944,519	)
净收入		-			-		-		-			-			154,401			154,401
2025年8月31日余额		2,029,500		$	203		-	$	-		$	-		$	(3,316,841	)	$	(3,316,638	)

附注是未经审计的合并财务报表不可分割的一部分。

BLACK HAWK ACQUISITION CORPORATION

合并现金流量表

(未经审计)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至九个月 8月31日 \n 2026			截至 \n 九个月 \n 8月31日 \n 2025年
经营活动产生的现金流量：
净收入	$	1,303,470			$	1,333,322
调整项目以将净收入调节为经营活动使用的净现金：
存放在信托账户中的投资产生的利息		(666,151	)			(2,028,053	)
债务豁免收益		(1,015,988	)			-
衍生负债公允价值变动		-				(1,104	)
运营资产和负债变动：
预付费用		(18,046	)			19,699
应付账款和应计费用		(62,875	)			126,294
经营活动中使用的现金		(459,590	)			(549,842	)

投资活动产生的现金流量：
存入信托账户的现金		(1,500,000	)			(450,000	)
从信托中提取现金以支付赎回的公众股东		-				51,010,745
投资活动产生的（使用）现金		(1,500,000	)			50,560,745

融资活动产生的现金流量：
来自关联方的收益		7,400				-
可转换票据收益 - 关联方		915,000				350,000
目标公司的预付款		1,009,721				400,000
支付给赎回的公众股东		-				(51,010,745	)
融资活动产生的（使用）现金		1,932,121				(50,260,745	)

现金的净变动		(27,469	)			(249,842	)
期初现金余额		39,521				264,842
期末现金余额	$	12,052			$	15,000

非现金融资活动的补充披露：
按可能赎回的A类普通股重计量	$	2,166,151			$	2,478,053
可转换票据的发行 - 衍生负债确认	$	-			$	3,244

附注是未经审计的合并财务报表不可分割的一部分。

黑鹰收购公司
合并财务报表附注

（未经审计）

注1 — 组织及业务运营描述

黑鹰收购公司（“公司”或“黑鹰”），是一家根据开曼群岛法律成立的有限责任公司，成立于2023年9月28日。公司成立的目的是与一个或多个业务或实体（“业务合并”）进行合并、股份交换、资产收购、股份购买、重组或类似业务合并。公司不限于特定行业或部门以完成业务合并。公司是一家早期阶段和成长型公司，因此，公司面临所有与早期阶段和成长型公司相关的风险。

截至2026年8月31日，公司尚未开展任何业务。截至2026年8月31日的所有活动均与公司的成立和首次公开募股（“IPO”，如下文定义）相关，以及IPO之后寻找进行首次业务合并的目标公司。公司最早在业务合并完成后才会产生任何经营收入。公司将会通过IPO所得款项产生的利息收入形式产生非经营性收入。公司选择了11月30日作为财年结束日。

公司的发起人是Black Hawk Management LLC（“发起人”），这是一家特拉华州有限责任公司。

公司IPO的注册声明于2024年3月20日生效。2024年3月22日，公司以每股$10.00的价格（“公众单位”）完成了6,900,000个单位的IPO（不包括IPO承销商行使超额配售选择权），产生了$69,000,000的毛收益。同时，公司以每股$10.00的价格向其发起人出售了235,500个单位（“私人单位”）在私募中，产生了$2,355,000的总毛收益，这在注释4中有所描述。

交易成本总计为$4,309,493，包括$690,000现金承销费用、$2,415,000递延承销费用（仅在完成业务合并后支付）、$690,000代表股份发行费用以及$514,493其他发行费用。

在2024年3月22日IPO和私募发行完成后，共计$69,345,000

根据纳斯达克上市规则，公司首次业务合并必须与一个或多个目标公司进行，其合计公允市场价值在签署首次业务合并的最终协议时至少等于信托账户中资金价值的80%（不包括任何递延承销折扣和佣金以及信托账户收入产生的税款），公司称此为80%测试，尽管公司可能与一个或多个公允市场价值显著超过信托账户余额80%的目标公司进行业务合并。如果公司不再在纳斯达克上市，则无需满足80%测试。只有在交易后公司拥有或收购目标公司50%或以上的已发行表决权证券，或以其他方式获得足以使其无需根据投资公司法注册为投资公司的目标公司控制权益时，公司才会完成业务合并。

公司将在完成业务合并后，为现有公众股份的持有者（“公众股东”）提供机会，使其可以全部或部分赎回其公众股份，这 either (i) 在召开股东会议批准业务合并时，或 (ii) 通过要约收购的方式进行。公司是否寻求股东对业务合并的批准或进行要约收购的决定，将由公司自行决定。公众股东有权按比例获得当时信托账户中的金额（最初预计为每份公众股份$10.05，加上信托账户中资金产生的按比例利息，且未先前释放给公司用于支付其特许经营税和所得税义务）。根据会计准则汇编（“ASC”）第480条“区分负债与权益”，在完成拟议的首次公开发行后，拟赎回的公众股份将按赎回价值记录，并作为临时权益进行分类。

如果公司在完成业务合并时拥有至少$5,000,001的有形净资产，并且如果公司寻求股东批准，则投票的股份中多数需投票支持业务合并，公司将继续进行业务合并。如果法律不要求股东投票，且公司因业务或其他法律原因决定不召开股东投票，公司将根据其修订和重述的公司章程，根据美国证券交易委员会（“SEC”）的要约收购规则进行赎回，并在完成业务合并前向SEC提交要约收购文件。然而，如果法律要求对交易进行股东批准，或公司出于业务或法律原因决定获得股东批准，公司将根据代理规则与代理征集一起提供赎回，并非根据要约收购规则进行。此外，每个公众股东均可选择赎回其公众股份，无论他们是否对拟议交易投赞成票或反对票。如果公司与业务合并相关寻求股东批准，公司的发起人以及可能持有创始股份（见注释5）（“初始股东”）的公司任何董事或高管以及承销商已同意（a）对其创始股份、私人股份（见注释4）、作为承销佣金发行的股份（见注释6）以及在拟议的公开募股期间或之后购买的任何公众股份投赞成票以批准业务合并，以及（b）在股东投票批准或以要约收购方式与拟议业务合并相关的任何情况下，不转换任何股份（包括创始股份）或向公司出售股份。

如果公司寻求股东批准一项业务合并，并且它不根据要约收购规则进行赎回，则修订和重述的公司章程规定，公众股东及其任何关联方或与该股东共同行动或作为“团体”（根据《1934年证券交易法》第13条定义）的任何其他人，将被限制不能就超过总计15%或更多的公众股份进行赎回，除非事先获得公司的同意。

初始股东已同意（a）放弃其在完成业务合并时针对创始人股份、私人股份和其持有的公众股份的赎回权利，以及（b）不提议或投票支持对修订和重述的公司章程进行任何修改，该修改将影响公司赎回100%公众股份的义务实质或时间，除非公司为公众股东提供在任何此类修改中赎回其公众股份的机会。

公司最初有15个月（或最多18个月，或最多21个月，如果其延长该期限）从IPO结束时起完成业务合并（“合并期”）。如果公司预计可能无法在15个月内完成初始业务合并，公司的内部人员或其关联方可以但没有义务，将完成业务合并的时间延长两次，每次额外三个月（总共21个月完成业务合并）（“合并期”）。为了延长公司完成业务合并的时间，发起人或其关联方或指定方必须在适用截止日期之前，向信托账户存入$690,000（每份公众股份$0.10）或总计$1,380,000。

目前，由于股东在2025年特别股东大会（如下文定义）上批准，公司修订和重述了其章程文件和信托协议，将合并期每月延长至2026年12月22日，前提是向信托账户每月存入$150,000。

如果公司在组合期内无法完成业务合并，公司将（i）除为清算目的外，停止所有运营，（ii）在合理可能的最短时间内，但不超过此后十个营业日，按每股价格以现金赎回公众股份，该价格等于当时信托账户中存款总额（包括利息，该利息需扣除应缴税款并减去最多100,000美元的利息以支付清算和解散费用）除以当时已发行的公众股份总数，该赎回将完全终止公众股东作为股东的权利（包括如有的进一步清算分配权利），受适用法律约束，以及（iii）在该赎回之后，合理可能的最短时间内，在公司剩余股东和董事会批准后，解散并清算，每种情况均受公司根据开曼群岛法律对债权人索赔的义务和其他适用法律要求的约束。

发起人和其它初始股东已同意放弃其对创始人股份和私人股份的清算权利，如果公司在组合期内未能完成业务合并。然而，如果发起人或其它初始股东在IPO中或之后获得公众股份，那么如果公司在组合期内未能完成业务合并，这些公众股份将有权从信托账户获得清算分配。如果公司在组合期内未能完成业务合并，承销商已同意放弃其在信托账户中持有的延期承销佣金（参见注释6）的权利，并且在这种情况下，这些金额将与其他在信托账户中持有的资金一起，用于资助公众股份的赎回。在这种分配情况下，剩余可用于分配的资产的每股价值可能低于10.05美元。

为了保护信托账户中的金额，如果任何供应商就为公司提供的服务或销售的产品，或公司已讨论进入交易协议的潜在目标业务提出的索赔，导致信托账户中的资金减少到低于每股10.05美元，发起人同意对公司的责任，但不包括任何已与公司签署有效且具有约束力的协议的第三方提出的索赔，该协议放弃其对公司信托账户中任何资金的任何权利、所有权、利益或索赔，也不包括公司对拟议公开募股承销商的赔偿，包括根据《1933年证券法》（经修订）（“证券法”）规定的某些责任。此外，如果执行的放弃条款被认定对第三方不可执行，发起人将不对该第三方的索赔承担任何责任。

2025年3月10日，公司与业务合并目标Vesicor Therapeutics, Inc.（“Vesicor”）签订了无约束力的意向书（“LOI”），涉及潜在的业务合并（“交易”）。Vesicor是一家总部位于加利福尼亚的早期开发阶段生物技术公司，专注于通过精准工程微囊递送的p53癌症治疗药物的开发。

2025年3月15日，公司与Vesicor签署了后续的意向书，其中包含至2025年4月最后一天的排他性条款（“排他性LOI”）。根据LOI，Vesicor向公司运营账户存入了总计250,000美元的两笔存款，以支付与拟议交易相关的费用。

2025年4月22日，BH Merger Sub, Inc.（“合并子公司”）成立，它是公司的全资子公司，是一家特拉华州公司，旨在作为拟议业务合并中合并后的存续公司。它没有主要的运营或产生收入的活动。

业务合并协议

2025年4月26日，公司与Vesicor和合并子公司签订了业务合并协议（“业务合并协议”）。根据该协议，Vesicor将在交割日的前一个营业日迁移到特拉华州并作为特拉华州公司进行注册。业务合并协议规定，根据其中规定的条款和条件，（i）公司将从开曼群岛注销，并通过继续程序从开曼群岛迁移到特拉华州，以迁移到并作为特拉华州公司进行注册（“注册变更”），以及（ii）在注册变更之后，合并子公司将与Vesicor合并，导致Vesicor成为公司的全资子公司，公司将继续在纳斯达克股票市场上市，并更名为Vesicor。在拟议交易生效时，Vesicor的股东和管理层将有权获得Black Hawk普通股的股份，数量等于业务合并协议中进一步规定的考虑比率。某些Vesicor股东持有的股份将在拟议交易完成后六（6）个月内受到锁定期协议的限制，但根据某些例外情况除外。

该交易将Vesicor的预估股权价值定为7000万美元。现有Vesicor股东和管理层不会在交易中获得任何现金收益，并将100%的股权转入合并后公司。

交易已获得黑鹰和维西科公司董事会的一致批准，但需满足监管批准、黑鹰和维西科公司股东的批准，以及某些其他常规交割条件，包括纳斯达克对合并公司上市申请的批准。关于拟议业务合并的S-4表格注册声明已于2026年9月17日由美国证券交易委员会（SEC）宣布生效。2026年9月22日，公司提交了最终的委托书/招股说明书，并安排了特别股东大会，该会议将于2026年10月13日上午10点（东部时间）举行。

2025年特别股东大会

公司于2025年6月10日提交了最终的委托书，宣布其特别股东大会将于2025年6月20日举行，以审议以下提案：(i) 修订公司的《经修订和重述的公司章程和细则》，允许公司将其必须完成首次业务合并的日期（“终止日期”）从2025年6月22日延长至2026年12月22日，最多可延长十八（18）次一个月；(ii) 修订公司与大陆股票转让与信托公司于2024年3月20日签订的投资管理信托协议，以允许上述延长；以及(iii) 如有必要，推迟特别股东大会，以便进一步征集和投票委托书。

特别股东大会于2025年6月20日召开，并随后于2025年6月23日、6月27日、7月1日和7月3日推迟，以征集对提案的额外投票。2025年7月7日，公司提交了补充委托书，反映了延长提案的修订条款。

2025年7月8日，公司举行了特别股东大会，股东批准了延长提案以及对公司章程和信托协议的相关修订。因此，公司可根据修订后的信托协议，为每次一个月的延长向信托账户存入150,000美元，将终止日期从2025年6月22日延长至2026年12月22日，最多可延长十八（18）次一个月。

在特别股东大会期间，持有4,775,923股公众普通股的持有人行使了赎回权，导致信托账户支付了约5100万美元（约每股10.68美元）。赎回完成后，信托账户中约有2270万美元剩余，仍有2,124,077股公众普通股已发行并流通。

延长付款

从2025年6月22日开始，并持续到2026年12月22日，Black Hawk可以每月选择一次将完成业务合并的截止日期延长，最多可延长十八个月，每次延长需向信托账户存入150,000美元。延期付款是通过公司向发起人发行的无担保可转换票据（见注释5）以及Vesicor的预付款（见下面的债务豁免协议和注释8）提供的。2025年12月和2026年1月的部分延期付款是在各自到期日后支付的。2025年11月的延期费用是在2026财年支付的，因此截至2026年8月31日的九个月内共有十次延期付款。截至这些财务报表的发布日期，公司已按时支付了延期费用。

Nasdaq\n退市通知

2026年3月31日，公司收到The Nasdaq Stock Market LLC（“Nasdaq”）的上市资格部门的通知，称公司的上市证券市值（“MVLS”）在过去连续30个交易日中低于Nasdaq上市规则5450(b)(2)(A)规定的50,000,000美元最低要求。该通知给予公司180个日历日，即截至2026年9月28日，以通过至少连续10个交易日维持市值不低于50,000,000美元来重新符合要求（Nasdaq可根据其自行决定将此期限延长至约20个连续交易日）。2026年8月17日，Nasdaq通知Black Hawk，在2026年8月3日至8月14日的连续10个交易日内，Black Hawk的MVLS达到或超过50,000,000美元。因此，Nasdaq认定Black Hawk已重新符合Nasdaq上市规则5450(b)(2)(A)，并称该事项已关闭。

债务豁免协议

2026年6月30日，Black Hawk与Vesicor签订了一份债务豁免协议，根据该协议，Vesicor豁免了截至2026年2月12日由Vesicor先前向Black Hawk或代表Black Hawk提供的1,015,988美元预付款（“Vesicor预付款”）。Vesicor预付款包括：(i) 2025年7月至2026年2月期间由Vesicor提供的675,000美元延期付款预付款，代表Vesicor在业务合并协议和修订后的信托协议下每月150,000美元信托基金延期付款的一半份额；以及(ii) 2025年3月至2025年4月期间由Vesicor代表Black Hawk支付的340,988美元前期费用和其他交易费用，其中前期费用支付时间为2025年3月至2025年4月，其他交易费用支付时间为2026年2月。所有预付款均未计息。

根据债务豁免协议，Vesicor（i）豁免了截至2026年2月12日Vesicor预付款的全部未偿本金金额，（ii）同意与Vesicor预付款有关或可能发行的所有债务工具均无效，（iii）放弃并取消将Vesicor预付款转换为Black Hawk或其继任者的债务或股权证券的权利。Vesicor对作为前期费用的预付款的豁免是根据Vesicor股东的豁免、同意和授权作出的。2026年2月12日之后Vesicor作出的任何预付款明确排除在债务豁免协议之外，并将由双方之间的单独书面协议进行规范。截至2026年10月6日，没有单独协议。

鉴于上述情况，Black Hawk免除了Vesicor因未能及时预付或支付上述Vesicor预付款的任何部分或未能及时履行《业务合并协议》下的义务而产生的任何索赔。双方保留《业务合并协议》下未明确放弃的其他所有权利和索赔。债务豁免协议受加利福尼亚州法律管辖。

持续经营考虑

截至2026年8月31日，公司现金为12,052美元，营运资本赤字为2,294,124美元。

公司已发生并预计将继续发生重大专业费用，以保持其作为上市公司的地位，并在追求业务合并的完成过程中发生重大交易费用。根据财务会计准则委员会的会计准则更新（“ASU”）2014-15《关于实体持续作为持续经营能力的不确定性披露》，公司对持续经营考虑的评估，管理层已确定这些情况会引发对公司持续作为持续经营能力的重大疑虑。此外，如果公司无法在合并期内完成业务合并，公司董事会将开始自愿清算，并因此正式解散公司。无法保证公司能在合并期内完成业务合并的计划。因此，管理层确定这种额外情况也会引发对公司持续作为持续经营能力的重大疑虑。未经审计的合并财务报表未包含可能因该不确定性结果而产生的任何调整。

风险和不确定性

美国及全球的各种社会和政治情况（包括美国与中国之间日益加剧的贸易紧张关系，以及与其他国家实际和潜在的贸易、经济和其他政策变化的其他不确定性）可能导致市场波动增加和经济不确定性或美国及全球范围内的经济状况恶化。

由于这些情况以及持续的全球冲突和/或其他未来的全球冲突，公司完成业务合并的能力，或公司最终完成业务合并的目标公司的运营，可能会受到重大不利影响。此外，公司完成交易的能力可能取决于筹集股权和债务融资的能力，而这些可能受到这些事件的影响，包括由于市场波动增加或第三方融资的市场流动性减少，导致无法以公司可接受的条款或根本无法获得融资。这一行动及相关制裁对世界经济的影响以及对本公司财务状况、经营成果和/或完成业务合并能力的具体影响尚无法确定。未经审计的财务报表未包含可能因这些风险和不确定性结果而产生的任何调整。

注2 — 重要会计政策摘要

列报基础

随附的未经审计的合并财务报表按照美国通用会计原则（“U.S. GAAP”）编制，并根据证券交易委员会（“SEC”）的规则和法规进行。因此，它们不包含GAAP要求的所有信息和脚注。在管理层看来，未经审计的财务报表反映了所有调整，这些调整仅包括为公允列报所列期间的余额和结果所必需的正常经常性调整。应结合公司于2026年3月6日向SEC提交的年度报告10-K表格一起阅读。截至2026年8月31日的三个月和九个月的中期结果不一定反映截至2026年11月30日或任何未来期间可能预期的结果。

合并原则

随附的未经审计的合并财务报表包括公司及其全部拥有子公司财务报表。公司与其子公司之间的所有交易和余额在合并时均已消除。

新兴成长公司

根据《证券法》第2(a)条定义的“新兴成长公司”，并根据2012年《促进我们的商业初创企业法案》（“JOBS法案”）进行了修改，公司可以利用某些豁免，这些豁免适用于其他非新兴成长公司的公开公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的独立注册公共会计公司鉴证要求、在定期报告和代理声明中减少有关高管薪酬的披露义务，以及免除对高管薪酬进行非约束性咨询投票和股东批准任何未经先前批准的金色降落伞付款的要求。

此外，《JOBS法案》第102(b)(1)条规定，新兴成长型公司可以免于遵守新的或修订后的财务会计准则，直到私营公司（即那些未有《证券法》注册声明被认定有效，或没有根据《交易法》注册证券类别的公司）被要求遵守新的或修订后的财务会计准则为止。《JOBS法案》规定，公司可以选择退出延长的过渡期，并遵守适用于非新兴成长型公司的要求，但任何此类退出选择都是不可撤销的。该公司已选择不退出该延长的过渡期，这意味着当一项准则被发布或修订，并且对上市公司和私营公司有不同的适用日期时，作为新兴成长型公司，该公司可以在私营公司采用新修订的准则时采用该新修订的准则。这可能使该公司财务报表与另一家既不是新兴成长型公司，也不是已退出使用延长过渡期的新兴成长型公司的上市公司之间的比较变得困难或不可能，因为可能使用不同的会计准则。

估计的使用

在按照美国通用会计准则编制这些财务报表时，公司的管理层会做出影响财务报表中资产和负债的报告金额以及资产负债表日或有资产和负债的披露以及报告期间的费用的估计和假设。

做出估计需要管理层进行重大判断。至少在合理可能的情况下，管理层在制定估计时考虑的在财务报表日期存在的条件、情况或情形的影响估计可能由于一个或多个未来确认事件而在近期发生变化。因此，实际结果可能与这些估计有显著差异。

现金及现金等价物

公司将购买时原始到期日为三个月或更短的短期投资视为现金等价物。截至2026年8月31日和2025年11月30日，公司分别拥有现金$12,052和$39,521，现金等价物为none。

信托账户中的投资

截至2026年8月31日和2025年11月30日，公司分别拥有$25,993,300和$23,827,149的投资，这些投资存放在信托账户中，由投资于美国政府证券的货币市场基金组成。

货币市场基金的投资在每期报告期末按公允价值列示在资产负债表上。存放在信托账户中的投资的收益包含在附带的运营表中存放在信托账户中的投资的利息收入中。存放在信托账户中的投资的估计公允价值是根据可用的市场信息确定的。

延期发行费用

公司遵守FASB ASC第340-10-S99-1条“其他资产和递延成本-SEC材料”（“ASC 340-10-S99”）和SEC工作人员会计公报第5A条“发行费用”的要求。递延发行成本为4,309,493美元，包括690,000美元现金承销费用、2,415,000美元递延承销费用（仅在完成业务合并后支付）、690,000美元代表股份发行费用以及514,493美元与IPO直接相关的其他发行费用，在IPO完成后计入股东权益。

所得税

公司按照ASC 740“所得税”下的资产和负债法对所得税进行会计处理。对于现有资产和负债在财务报表中的账面金额与其各自税基之间的差异所产生的预计未来税务后果，确认递延税资产和负债。递延税资产和负债使用预期适用于未来纳税年度应税收入的既定税率进行计量，这些暂时性差异预期将在这些年度内收回或结算。税率变化对递延税资产和负债的影响在包含在颁布日期的期间内确认。必要时建立抵销准备金，以将递延税资产减少至预期可实现的金额。ASC 740规定了在税务申报中确认和计量税务立场的确认阈值和计量属性。对于这些利益的确认，税务立场必须在税务当局审查时有超过50%的可能性被维持。公司将与未确认税务利益相关的应计利息和罚款作为所得税费用。截至2026年8月31日，没有未确认的税务利益，也没有应计利息和罚款的金额。公司目前未意识到任何可能产生重大支付、应计或与其立场重大偏差的问题。

开曼群岛政府目前未对收入征税。根据开曼群岛的所得税法规，不对公司征收所得税。因此，所得税未反映在公司的财务报表中。

每股普通股净收入

公司遵守FASB ASC 260，每股收益的会计和披露要求。基本每股净收益是通过将净收益除以期间内发行的普通股加权平均数计算得出的。在计算稀释每股净收益时，公司考虑了可能产生普通股发行的潜在稀释性影响的未行使权利、可转换债务和其他证券或合同。截至2026年8月31日，公司有未行使权利和可转换债务，可能产生约3.0百万普通股。由于这些证券的包含可能会产生反稀释效果，或者适用的转换或结算条件尚未满足，因此这些证券未被计入稀释每股净收益的计算。计入稀释每股净收益计算的证券包括约1,427,100股普通股，这些普通股可在行使未行使权利时发行，以及约1.6百万普通股，这些普通股可在转换发起人票据（包括应计利息）时发行，转换价格为每股1.00美元。因此，所列期间的稀释每股净收益与基本每股净收益相同。

每股基本收益（亏损）表
	三个月 ended 8月31日， 2026		三个月 ended 8月31日， 2025
	可赎回股份		非可赎回股份			可赎回股份		非可赎回股份
基本和稀释每股
分子：
净收益分配	$	549,604		$	525,132		$	103,251	$	51,150

分母：
基本和稀释加权平均股份 outstanding		2,124,077			2,029,500			4,096,741		2,029,500
基本和稀释每股收益	$	0.26		$	0.26		$	0.03	$	0.03

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	九个月 ended \n 8月31日， \n 2026		九个月 ended \n 8月31日， \n 2025
	可赎回 \n股份		非 \n可赎回 \n股份			可赎回 \n股份		非- \n 可赎回 \n股份
基本和稀释每股收益
分子：
净收益分配	$	666,575		$	636,895		$	994,578	$	338,744

分母：
基本和稀释加权平均股份 outstanding		2,124,077			2,029,500			5,958,760		2,029,500
基本和稀释每股收益	$	0.31		$	0.31		$	0.17	$	0.17

信用风险集中

可能使公司面临信用风险集中的金融工具包括一家金融机构的现金账户，该账户在某些时候可能超过250,000美元的联邦存款保险覆盖范围。公司在此账户上未遭受损失，管理层认为公司在此账户上没有重大风险。

金融工具的公允价值

根据ASC 825“金融工具”规定，符合金融工具定义的公司资产和负债的公允价值近似于附带资产负债表中所列的账面金额，主要是由于其短期性质。

可能赎回的普通股

公司根据ASC第480主题“区分负债与权益”的指引，对其可能被赎回的普通股进行核算。如果存在强制赎回的普通股，将被归类为负债工具，并按公允价值计量。附条件可赎回的普通股（包括具有赎回权的普通股，该赎回权可能在持有人控制之下，或取决于公司无法完全控制的不确定事件的发生）被归类为临时权益。在其他所有情况下，普通股被归类为股东权益。公司的普通股具有某些被认为超出公司控制范围并取决于未来不确定事件发生的赎回权。如果很可能该权益工具将变得可赎回，我们有选择权（i）从发行日（或如果更晚，则从该工具很可能变得可赎回的日期）至该工具最早赎回日的期间内，累计赎回价值的变化，或（ii）立即确认赎回价值的变化，并在每个报告期末将该工具的账面价值调整为赎回价值。公司选择立即确认这些变化。

可转换本票和衍生负债

公司根据ASC 470“债务”对可转换本票进行核算，并根据ASC 815“衍生工具和对冲”评估嵌入特征。赞助商或关联方贷款可能在完成业务合并后转换为普通股。

如果转换权具有固定转换价格，并符合ASC 815-40中的“自身权益”范围例外，则本票被核算为单一债务工具。如果转换价格是可变的或与目标公司的权益挂钩，则转换特征被分拆并作为衍生负债记录，初始按公允价值计量，并在每个报告期间后续按公允价值重新计量，变化计入收益。债务主工具按剩余金额记录，并使用有效利息法摊销至面值。如果预计在一年内进行结算或转换，可转换票据和衍生负债被归类为流动负债。公允价值通过Black-Scholes、二叉树或蒙特卡洛模型进行估算，并根据ASC 820归类为第3级。

最新会计准则

管理层认为，任何最近发布但尚未生效的会计准则，如果目前被采用，不会对公司的财务报表产生重大影响。

注释3 — 首次公开募股

2024年3月22日，公司以每单位10.00美元的价格出售了6,900,000个单位，产生了69,000,000美元的毛收益。每个单位包括一股A类普通股和五分之一（1/5）的权益（“公众权益”）。在业务合并完成后，每个公众权益将转换为一股A类普通股。

注释4 — 私募发行

在IPO关闭的同时，发起人以每份私人单位10.00美元的价格，购买了总计235,500份私人单位，总购买价格为2,355,000美元的私募交易。私人单位与公开单位相同，只是在某些登记权利和转让限制方面有所不同。每份私人单位将由一股A类普通股（“私人股份”）和五分之一（1/5）的认股权证（“私人认股权证”）组成。在完成业务合并后，每份私人认股权证将转换为一股A类普通股。私人单位的收益将加入拟议的公开发行的收益，存入信托账户。如果公司在组合期内未能完成业务合并，私人单位的销售收益将用于资助公开股份的赎回（受适用法律要求的约束），且私人单位和所有底层证券将变得一文不值。

注5 — 关联方交易

创始股份

2023年10月16日，公司向发起人发行了17,250,000股A类普通股，每股面值0.0001美元，总对价为25,000美元，或约0.00145美元每股（“创始股份”）。2023年11月13日，公司与发起人签订了《认购协议第一修正案》，根据该协议，17,250,000股A类普通股转换为1,725,000股A类普通股。

2024年3月20日，公司与发起人签订了《认购协议第二修正案》，以配合公司IPO和承销商的超额配售选择权，根据该协议，发起人额外购买了258,750股A类普通股，使创始股份总数增加至1,983,750股。额外的258,750股创始股份在承销商未行使超额配售选择权的情况下将被没收。承销商未行使超额配售选择权，因此258,750股创始股份被没收。在2024年3月20日IPO关闭时，剩余的1,725,000股创始股份自动转换为1,725,000股A类普通股。截至2026年8月31日和2025年11月30日，未发行或流通任何A类普通股，而作为创始股份发行给发起人的1,725,000股A类普通股仍处于流通状态。

发起股东已同意，在某些有限例外情况下，于公司完成首次业务合并后的六个月内，或在我们完成首次业务合并后导致所有公众股东都有权将其普通股股份兑换为现金、证券或其他财产的清算、合并、股票交易所或其他类似交易的日期中较早的日期之前，不转让、分配或出售其创始人股份。尽管有上述规定，如果（1）公司A类普通股的最后报告销售价格在首次业务合并后至少150天开始的任何30个交易日内的任何20个交易日中等于或超过12.00美元/股（经股票分割、股票资本化、重组、资本重组和其他类似交易调整后），或者（2）公司在首次业务合并后完成一项交易，导致所有股东都有权将其股份兑换为现金、证券或其他财产，则公司A类普通股的转换股份将解除锁定。发起股东还同意，在首次业务合并完成后至少30天内，不得转让其私募股份的所有权，除非是转让给允许的受让人。然而，如果在业务合并后发生交易，所有流通股份被兑换或赎回为现金（如资产出售清算的情况）或其他发行人的股份，则创始人股份或私募单位（或其下的任何普通股股份）将被允许参与。

可转换票据 — 关联方

On June 13, 2025, September 23, 2025,\nFebruary 12, 2026, May 4, 2026, and August 21, 2026, the Company issued convertible promissory notes to the Sponsor (the “June\nNote”, the “September Note”, the “February 2026 Convertible Note”, the “May 2026 Convertible\nNote”, and “August 2026 Convertible Note”, collectively, the “Convertible Notes”), each\npermitting borrowings of up to $350,000, $350,000, $300,000, $300,000 and $300,000, respectively. As of August 31, 2026, the\nCompany had drawn $1,515,000 under the five Convertible Notes.

The June Note bears interest at 6% per annum\nand all of the September Note, February 2026 Convertible Note, May 2026 Convertible Note and August 2026 Convertible Note bear interest\nat 10% per annum. The Convertible Notes are unsecured and mature on the earlier of (i) the consummation of a business combination or\n(ii) the Company’s liquidation date, as approved by shareholders. Upon consummation of a business combination, the Sponsor may\nelect to convert any unpaid principal and accrued interest into ordinary shares of the Company.

The conversion price for both the June and\nSeptember Convertible Notes was defined as the most favorable price per share, conversion rate, or valuation assigned to any equity\nsecurities issued by the target company in connection with the DeSPAC transaction to any third party during the thirty-six (36)\nmonths preceding conversion. Because the conversion price was variable and based on the valuation of equity securities issued by the\ntarget company, the embedded conversion feature did not qualify for the equity scope exception under ASC 815-40. Accordingly, the\nconversion feature was bifurcated and recorded as a derivative liability at fair value, with changes in fair value recognized in\nearnings.

On September 30, 2025, the Convertible Notes were\nmodified such that the conversion feature became convertible solely into the Company’s own ordinary shares at a fixed conversion\nprice of $1.00 per share, which represents one-tenth (1/10) of the Company’s $10.00 initial public offering price per unit. Following\nthe modification, the conversion option met the equity scope exception under ASC 815-40, and the Convertible Notes were accounted for\nas debt with no further fair value remeasurement.

Upon the modification of the Convertible Notes\non September 30, 2025, the conversion feature was revised such that it met the equity scope exception under ASC 815-40. As a result, the\nembedded derivative no longer required separate liability classification. The carrying amount of the derivative liability as of the modification\ndate was reclassified to additional paid-in capital.

As of August 31, 2026 and November 30, 2025,\nthere was no derivative liability outstanding.

As of August 31, 2026, the outstanding carrying amount of Convertible Notes was $1,512,366, net of unamortized discount of $2,634. As of November 30, 2025, the outstanding carrying amount of Convertible Notes was $595,369, net of unamortized discount of $4,631.

June\nConvertible Note

In June 2025,\nthe Company issued a convertible promissory note that includes an embedded conversion feature. The Company evaluated the conversion feature\nunder ASC 815 and concluded that it is not clearly and closely related to the host debt instrument and does not qualify for equity classification.\nAccordingly, the embedded conversion feature was bifurcated and accounted for as a derivative liability, initially measured at fair value\non the issuance date, with a corresponding debt discount recorded against the carrying amount of the note. The derivative liability was\nsubsequently remeasured at fair value at each reporting date, with changes in fair value recognized in earnings, and the debt discount\nis accreted to interest expense over the term of the note using the effective interest method in accordance with ASC 835-30. The remeasurement ended on September 30, 2025.

September\nConvertible Note

In September 2025, the Company amended the terms of\nits previously issued convertible note (the “Amendment”), which modified certain conversion features and related terms. The\nCompany evaluated the Amendment under ASC 470-50 and ASC 815 and determined that the changes did not result in an extinguishment of the\noriginal debt instrument. Accordingly, the Amendment was accounted for as a modification, with the conversion feature qualifies for the\nequity scope exception under ASC 815-40, as it is indexed to the Company’s own stock. Accordingly, from that point forward, it is\nno longer accounted for as a derivative liability and no subsequent fair value remeasurement is required.

February\n2026 Convertible Note

The February 2026 Convertible Note is convertible\nsolely into the Company’s own ordinary shares at a fixed conversion price of $1.00 per share, which represents one-tenth (1/10)\nof the Company’s $10.00 initial public offering price per unit. The conversion option met the equity scope exception under ASC 815-40,\ntherefore it is accounted for as equity and that no fair value remeasurement is required.

May\n2026 Convertible Note

The May 2026 Convertible Note is convertible solely into the Company’s\nown ordinary shares at a fixed conversion price of $1.00 per share, which represents one-tenth (1/10) of the Company’s $10.00 initial\npublic offering price per unit. The conversion option met the equity scope exception under ASC 815-40, therefore it is accounted for as\nequity and that no fair value remeasurement is required.

August 2026 Convertible Note

The August 2026 Convertible Note is convertible\nsolely into the Company’s own ordinary shares at a fixed conversion price of $1.00 per share, which represents one-tenth (1/10)\nof the Company’s $10.00 initial public offering price per unit. The conversion option met the equity scope exception under ASC 815-40,\ntherefore it is accounted for as equity and that no fair value remeasurement is required.

Working Capital Loans

In addition, in order to finance transaction\ncosts in connection with an intended initial Business Combination, the Initial Shareholders or their affiliates may, but are not\nobligated to, loan us funds as may be required. If the Company completes an initial Business Combination, it will repay such loaned\namounts. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital\nheld outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment.\nCertain amount of such working capital loans may be converted into private units at $10.00 per unit. As of August 31, 2026 and November 30, 2025, the Company had no\nborrowings under the working capital loans.

Due to Related Party

The Sponsor paid certain transaction costs on\nbehalf of the Company. These amounts are due on demand and non-interest bearing. As of August 31, 2026 and November 30, 2025, the amount\ndue to the related party was $7,400 and $0, respectively.

Administrative Services Agreement

The Company entered into an Administrative\nServices Agreement with the Sponsor on December 4, 2023, commencing on the effective date of the registration statement of IPO\nthrough the later of the Company’s consummation of a Business Combination or 21 months from such effective date, to pay the\nSponsor a total of $10,000\nper month for office space and administrative and support services. The Company incurred $30,000\nand $90,000\nfor the three and nine months ended August 31, 2026, respectively, of which $30,000\nand $0 was due to the Sponsor as of August 31, 2026 and November 30, 2025 included in the accompanying balance sheets under Due to related party\n– administrative expenses.

Note 6 — Commitments and Contingencies

Registration Rights

The holders of the Founder Shares issued and\noutstanding as of March 20, 2024, as well as the holders of the private units and any shares of the Company’s insiders, officers,\ndirectors or their affiliates may be issued in payment of working capital loans and extension loans made to the Company (and any shares\nof ordinary shares issuable upon conversion of the underlying private rights), will be entitled to registration rights pursuant to\nan agreement to be signed prior to or on the effective date of the registration statement. The holders of a majority of these securities\nare entitled to make up to two demands that we register such securities. The holders of the majority of the Founder Shares can elect\nto exercise these registration rights at any time commencing three months prior to the date on which these shares of ordinary shares\nare to be released from trust. The holders of a majority of the private units and units issued in payment of working capital loans made\nto us can elect to exercise these registration rights at any time commencing on the date that the Company consummates an initial business\ncombination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements\nfiled subsequent to the consummation of an initial business combination. The Company will bear the expenses incurred in connection with\nthe filing of any such registration statements.

Right of First Refusal

The Company has granted EF Hutton for a period of\n18 months after the date of the consummation of the Company’s Business Combination, an irrevocable right of first refusal to act\nas lead left book-running managing underwriter or lead left placement agent with at least 50% of the economics; or, in the case of a\nthree-handed deal, 40% of the economics, for any and all future public and private equity, convertible and debt offerings.

Underwriting Agreement

The Company granted EF Hutton, the representative of the underwriters, a 45-day option from March 20, 2024, to purchase up to 1,035,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and is accounted for as a liability pursuant to ASC 480. The value of the over-allotment option was estimated to be $93,150 as of March 22, 2024. The underwriters did not exercise the over-allotment option, as such, there was no liability accrued on the balance sheet as of August 31, 2026.

The underwriters were paid a cash underwriting discount of 1.0% of the gross proceeds of the IPO or $690,000. In addition, the underwriters will be entitled to a deferred fee of 3.5% of the gross proceeds of the IPO or $2,415,000 will be paid upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

Additionally, the Company issued the underwriters 69,000 shares of Class A ordinary shares for the representative shares, at the closing of the IPO as part of representative compensation on March 22, 2024.

Note 7 — Shareholders’ Deficit

Ordinary Shares — The\nCompany is authorized to issue up to 450,000,000\nClass A ordinary shares and 50,000,000\nClass B ordinary shares, par value $0.0001\nper share. Holders of Class A ordinary shares and holders of Class B ordinary shares are entitled to one vote for each share held on\nall matters to be voted on by the shareholders, except as required by law; provided that, prior to the initial Business Combination,\nonly holders of the Class B ordinary shares will have the right to vote on the appointment of directors, and holders of a majority\nof the Class B ordinary shares may remove a member of the board of directors. With respect to any other matter submitted to a vote\nof the Company’s shareholders, including any vote in connection with the initial Business Combination, except as required by\nlaw or the Company’s Second Amended and Restated Articles of Association, holders of Class A ordinary shares and holders of Class B ordinary shares will\nvote together as a single class. The Class B ordinary shares held by the Sponsor may convert into Class A ordinary shares at any\ntime at their option, but will automatically convert into Class A ordinary shares upon the completion of the initial Business\nCombination on a one-for-one basis, subject to adjustments. On March 18, 2024, the Company elected to convert 1,725,000\nClass B ordinary shares into 1,725,000\nClass A ordinary shares upon the closing of IPO. On March 20, 2024, the Company and the Sponsor entered into the Second\nAmendment to the Subscription Agreement, pursuant to which the purchased amount of shares was adjusted to 1,983,750\nClass B ordinary shares, $0.0126 per ordinary share. On July 8, 2025, the Company held its Extraordinary General Meeting in which holders of 4,775,923\npublic ordinary shares exercised their redemption rights. Following the redemptions, 2,124,077 public ordinary shares remain issued\nand outstanding. As of August 31, 2026 and November 30, 2025, there were 2,029,500\nClass A non-redeemable ordinary shares issued and outstanding (excluding 2,124,077 and 2,124,077 Class A ordinary shares subject to\nredemption as of August 31, 2026 and November 30, 2025, respectively). There were no Class B ordinary shares outstanding for both periods.

Rights — Each holder of a right will receive one share of Class A Ordinary Share upon consummation of a Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination. No fractional shares will be issued upon conversion of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares upon consummation of a Business Combination, as the consideration related thereto has been included in the Unit purchase price paid for by investors in the IPO. If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders of the Class A ordinary shares will receive in the transaction on an as-converted into common stock basis and each holder of a right will be required to affirmatively convert its rights in order to receive one share underlying each right (without paying additional consideration). The shares issuable upon conversion of the rights will be freely tradable (except to the extent held by affiliates of the Company).

If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, holders of the rights might not receive the shares of Class A Ordinary Share underlying the rights.

Note 8 — Due to Target Company

In connection with the Extension, Vesicor\nagreed to pay one-half of the Extension Payment and certain merger costs. For the three and nine months ended August 31, 2026,\nthe Company received $283,919\nand $1,009,721,\nrespectively, from Vesicor. On June 30, 2026, Black Hawk and Vesicor entered into a Debt Forgiveness Agreement under which Vesicor forgave $1,015,988\nin advances previously made by Vesicor to or on behalf of Black Hawk. As of August 31, 2026 and November 30, 2025, outstanding\namounts totaled $568,733\n(excluding $1,015,988\nforgiven advances) and $575,000,\nrespectively. See Note 1 for a detailed description of the Debt Forgiveness Agreement.

Note 9 — Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level 3:	Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following tables present information about\nthe Company’s assets that are measured at fair value on a recurring basis as of August 31, 2026 and November 30, 2025, and\nindicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule of Assets measured at fair value on a recurring basis
	August 31, 2026		Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
Assets
Investments held in Trust Account	$	25,993,300		$	25,993,300		-	-

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	November 30, 2025		Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)	Significant Other Unobservable Inputs (Level 3)
Assets
Investments held in Trust Account	$	23,827,149		$	23,827,149		-	-

Note 10 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision\nmaker has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as\na whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined\nthat the Company only has one operating and reportable segment.

The CODM assesses performance for the single segment and decides how\nto allocate resources. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company’s\nperformance and making key decisions regarding resource allocation the CODM reviews several key metrics, which include the following:

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Schedule\nof segment information
	For the \nThree Months Ended \nAugust 31,			For the Nine Months Ended \n August 31,
	2026			2025			2026		2025
General and administrative expenses	$	108,210			$	311,265		$	211,613		$	607,632
Related party administrative fees	$	30,000			$	30,000		$	90,000		$	90,000
Interest earned on investments held in Trust Account	$	230,184			$	494,519		$	666,151		$	2,028,053
Interest expense	$	(33,226	)		$	-		$	(77,056	)	$	-
Gain on debt forgiveness	$	1,015,988			$	-		$	1,015,988		$	-
Change in fair value of derivative liability	$	-			$	1,104		$	-		$	1,104

The key measures of segment profit or loss\nreviewed by the CODM are general and administrative expenses and interest earned on investments held in Trust Account. General and\nadministrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to\ncomplete a business combination within the business combination period. General and administrative expenses include audit expenses, legal expenses,\ninsurance expenses, and trust service expenses, none of which are deemed to be significant segment expenses and are reviewed in aggregate\nto ensure alignment with budget and contractual obligations. Interest earned on investments held in Trust Account are\nreviewed to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account\nfunds while maintaining compliance with the trust agreement.

Note 11 — Subsequent Events

The Company evaluated subsequent events and transactions\nthat occurred after the balance sheet date up the date that the financial statement was issued. Based on the review as further disclosed\nin the footnotes, management identified the following subsequent event requiring disclosure in the financial statements.

On September 17, 2026, the Registration Statement\non Form S-4 relating to the proposed business combination was declared effective by the SEC. The Company filed its definitive proxy statement/prospectus\non September 22, 2026 and scheduled an extraordinary general meeting for the shareholders which will be held at 10:00 a.m. Eastern Time,\non October 13, 2026.

On September 22, 2026, an aggregate of $150,000 (the “Extension Payment”) has been deposited into the trust account for its public shareholders,\nwhich enables the Company to further extend the period of time it has to consummate its initial business combination by one month from\nSeptember 22, 2026 to October 22, 2026.

On\nSeptember 22, 2026, Black Hawk and Vesicor entered into a series of financing and related agreements with Meteora Select Trading Opportunities\nMaster, LP (“Meteora”) in connection with the Company’s previously announced business combination with Vesicor. Pursuant\nto the Business Combination Agreement dated April 26, 2025, the Company will domesticate as a Delaware corporation and change its name\nto “Vesicor Therapeutics Holdings, Inc.” (“PubCo”), and Vesicor will become a wholly owned subsidiary of PubCo.

Forward\nPurchase Agreement

On\nSeptember 22, 2026, the Company, Vesicor and Meteora entered into an OTC Equity Prepaid Forward Transaction confirmation (the “Forward\nPurchase Agreement”). The Forward Purchase Agreement provides for a share forward transaction with respect to up to 1,350,000 shares\n(the “Maximum Number of Shares”), subject to an upward adjustment upon the occurrence of certain dilutive offerings. The\nshares subject to the transaction may consist of (i) shares purchased by Meteora from third parties in the open market for which Meteora\nirrevocably waives redemption rights (“Recycled Shares”) and (ii) shares purchased directly from the Company pursuant to\nthe Subscription Agreement described below (“Additional Shares”). The aggregate number of Recycled Shares and Additional\nShares may not exceed the Maximum Number of Shares.

The\ninitial price under the Forward Purchase Agreement will equal the per-share redemption price payable to holders of the Company’s\npublic ordinary shares in connection with the Business Combination (the “Initial Price”). Subject to receipt of the applicable\npricing date notice, at or in connection with the closing of the Business Combination the Company will pay Meteora, from the trust account,\na prepayment amount equal to the number of shares specified in the pricing date notice multiplied by the Initial Price, reduced dollar-for-dollar\nby the aggregate purchase price funded by Meteora for any Additional Shares under the Subscription Agreement. The reset price will initially\nbe $10.00 per share and may be reduced by mutual written agreement or upon certain dilutive offerings.

Unless\nextended by mutual written consent, the valuation date under the Forward Purchase Agreement will occur 36 months after the closing of\nthe Business Combination, subject to acceleration upon certain delisting or registration-failure events. Following the end of a valuation\nperiod commencing on the valuation date, Meteora will pay the Company in cash an amount equal to the number of shares then remaining\nsubject to the transaction (excluding terminated shares and any shares not then registered for resale or freely tradable under Rule 144)\nmultiplied by the volume-weighted average price of the shares over that valuation period, and Meteora will not be required to return\nany portion of the prepayment amount. Meteora may elect to terminate the transaction in whole or in part prior to the valuation date,\nin which case Meteora will pay the Company an amount equal to the number of terminated shares multiplied by the then-current reset price.\nThe Forward Purchase Agreement also requires PubCo to file, within 30 calendar days after the closing of the Business Combination, a\nregistration statement covering the resale of the Additional Shares and to use commercially reasonable efforts to cause such registration\nstatement to become effective within the periods specified therein. The Company also agreed to reimburse certain documented legal and\nout-of-pocket expenses of Meteora, subject to the aggregate $75,000 cap described below.

Non-Redemption\nAgreement

On\nSeptember 22, 2026, the Company and Meteora entered into a Non-Redemption Agreement (the “Non-Redemption Agreement”). Pursuant\nto the Non-Redemption Agreement, Meteora agreed, on a commercially reasonable best-efforts basis and subject to the terms thereof, to\nbeneficially own and not redeem, or to reverse previously submitted redemption requests with respect to, up to 2,124,077 of the Company’s\nordinary shares (the “Backstop Investor Shares”). The number of Backstop Investor Shares is a maximum and does not constitute\nan obligation of Meteora to acquire or hold any minimum number of shares.

Immediately\nupon the closing of the Business Combination, the Company will pay Meteora cash from the trust account in respect of the Backstop Investor\nShares, being, in respect of each Backstop Investor Share, an amount equal to the final per-share redemption price less $0.75. The Non-Redemption\nAgreement provides that Meteora will deliver a share confirmation notice after the redemption deadline specifying the actual number of\nBackstop Investor Shares, not to exceed 2,124,077 shares. The Non-Redemption Agreement terminates upon the occurrence of certain specified\nevents, subject to the survival provisions set forth therein.

Subscription\nAgreement

In\nconnection with the Forward Purchase Agreement, on September 22, 2026, the Company and Meteora entered into a Subscription Agreement\n(the “Subscription Agreement”), pursuant to which Meteora agreed to purchase from the Company, as Additional Shares, a number\nof shares equal to the Maximum Number of Shares under the Forward Purchase Agreement less the number of Recycled Shares, at a per-share\npurchase price equal to the Initial Price, subject to the terms and conditions of the Subscription Agreement and the Forward Purchase\nAgreement. Meteora will not be required to purchase Additional Shares to the extent that, after giving effect to the issuance, its ownership\nwould exceed 9.9% of the outstanding shares, unless Meteora waives such limitation in its sole discretion. The initial purchase of Additional\nShares, if any, is expected to occur substantially concurrently with, but not before, the closing of the Business Combination, with any\nadditional purchases occurring thereafter in accordance with the Forward Purchase Agreement.

Standby\nEquity Purchase Agreement

On\nSeptember 22, 2026, the Company, Vesicor and Meteora also entered into a Standby Equity Purchase Agreement (the “SEPA”),\npursuant to which, following the effectiveness of the registration statement required by the related Registration Rights Agreement described\nbelow and subject to the satisfaction of the conditions set forth in the SEPA, PubCo will have the right, but not the obligation, to\nsell to Meteora up to $200.0 million of shares of PubCo common stock from time to time during a commitment period generally lasting 36\nmonths, which may be extended by up to 24 months by mutual written agreement. There is no mandatory minimum utilization amount and no\nnon-usage fee.

For\nordinary advances under the SEPA, the purchase price will generally equal 97% of the applicable market price determined in accordance\nwith one of two pricing periods selected by PubCo, subject to the limitations and adjustments set forth in the SEPA. The maximum amount\nof each advance generally may not exceed 30% of the average daily traded amount during the 10 consecutive trading days preceding the\napplicable advance notice, unless otherwise agreed. The SEPA is also subject to a beneficial ownership limitation initially equal to\n4.9%, which Meteora may elect to increase up to 9.9%, and to applicable Nasdaq issuance limitations unless stockholder approval or another\nexception is available.

The\nSEPA also permits the parties, by mutual written agreement and subject to specified conditions, to enter into one or more pre-paid advances\nevidenced by convertible promissory notes. Each such pre-paid advance would be funded at 85% of the face amount of the applicable note,\nreflecting a 15% original issue discount. The form of convertible promissory note provides for a 12-month maturity, 0% annual interest\nabsent an event of default (increasing to 18% during an uncured event of default), a 7% payment premium on principal amounts paid in\ncircumstances specified in the note, and conversion at the lower of a fixed-price formula and 95% of the lowest daily VWAP during the\nfive trading days preceding the applicable conversion or determination date, subject to a floor price and other adjustments. No pre-paid\nadvance is required to be funded unless the Company and Meteora mutually agree in writing.

As\nconsideration for Meteora’s commitment under the SEPA, PubCo will pay Meteora a commitment fee equal to 0.50% of the $200.0 million\nmaximum commitment amount, payable, at PubCo’s election, in cash or shares of PubCo common stock valued as provided in the SEPA.\nThe Company also agreed to reimburse Meteora for reasonable and documented transaction expenses, subject to an aggregate cap of $75,000\nshared among the SEPA, the Forward Purchase Agreement and the Non-Redemption Agreement.

Registration\nRights Agreement

On\nSeptember 22, 2026, the Company and Meteora entered into a Registration Rights Agreement (the “Registration Rights Agreement”)\nrelating to securities issuable under the SEPA and any convertible promissory notes issued thereunder. The Registration Rights Agreement\nrequires PubCo to file an initial resale registration statement no later than 60 calendar days following the closing of the Business\nCombination and to use commercially reasonable efforts to have such registration statement declared effective no later than 60 calendar\ndays following its filing, subject to the terms of the Registration Rights Agreement. The initial registration statement is required\nto cover at least the greater of 10,000,000 shares of PubCo common stock and 300% of the maximum number of shares issuable upon conversion\nof all then-outstanding promissory notes, subject to applicable SEC limitations and the terms of the Registration Rights Agreement. Certain\nfailures to timely file or obtain effectiveness, or to maintain the availability of the registration statement, may result in specified\nremedies, including partial liquidated damages based on outstanding note principal.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References to the “Company,” “our,” “us” or “we” refer to Black Hawk Acquisition Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited financial statements and the notes related thereto. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the completion of the Proposed Business Combination (as defined below), the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including that the conditions of the Proposed Business Combination are not satisfied. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

We intend to effectuate our initial business combination using cash from the proceeds of the Initial Public Offering (“IPO” as defined below), and the private placement of the private placement units, the proceeds of the sale of our securities in connection with our initial business combination, our shares, debt or a combination of cash, stock and debt. We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete an initial business combination will be successful.

Recent Developments

Business Combination Agreement

On April 26, 2025, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among Vesicor and Merger Sub, of which Vesicor shall reincorporate into the State of Delaware so as to migrate to and domesticate as a Delaware corporation on the day that is one (1) Business Day prior to the Closing Date. The Business Combination Agreement provides, among other things, that on the terms and subject to the conditions set forth therein, (i) the Company will de-register in the Cayman Islands and transfer by way of continuation out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware corporation (the “Domestication”), and (ii) following the Domestication, Merger Sub will merge with Vesicor, resulting in Vesicor being the wholly owned subsidiary of the Company, who will continue to be the listed company on the Nasdaq Stock Market and change its name to Vesicor. At the effective time of the Proposed Transaction, Vesicor’s shareholders and management will receive the right to receive a number of shares of Black Hawk’s common stock equal to the consideration ratio as further specified in the Business Combination Agreement. The shares held by certain Vesicor’s shareholders will be subject to lock-up agreements for a period of six (6) months following the closing of the Proposed Transaction, subject to certain exceptions.

The Transaction values Vesicor at a pre-money equity value of $70 million. Existing Vesicor shareholders and management will not receive any cash proceeds as part of the transaction and will roll over 100% of their equity into the combined company.

The Transaction, which has been approved unanimously\nby the boards of directors of both Black Hawk and Vesicor, is subject to regulatory approvals, the approvals by the shareholders of Black\nHawk and Vesicor, respectively, and the satisfaction of certain other customary closing conditions including the approval by Nasdaq of\nthe listing application of the combined company. The Registration Statement on Form S-4 relating to the proposed Business Combination\nwas declared effective by the SEC on September 17, 2026. On September 22, 2026, the Company filed its definitive proxy statement/prospectus.\nThe Business Combination is expected to be completed by the fourth quarter of 2026.

Change of Board of Directors

On April 29, 2025, the Company reported the death of Brandon Miller, a member of the Company’s board of directors (the “Board”) and the Chairperson of the Audit Committee.

On April 29, 2025, the Board appointed Daniel M. McCabe, a current member of the Board and the then Chairperson of the Compensation Committee, to serve as Chairperson of the Audit Committee. On the same day, Mr. McCabe resigned from his position as Chairperson of the Compensation Committee, and the Board appointed Terry W. Protto, a current member of the Board, to serve as Chairperson of the Compensation Committee.

2025\nExtraordinary General Meeting

Black\nHawk held its Extraordinary General Meeting on July 8, 2025, at which shareholders approved the Extension Proposal and related amendments\nto Black Hawk’s governing documents and Trust Agreement. As a result, Black Hawk now has the ability to extend the business combination\ndeadline monthly through December 22, 2026, subject to making the required $150,000 monthly deposits into the Trust Account.

In\nconnection with the Extraordinary General Meeting, holders of 4,775,923 public ordinary shares exercised their redemption rights, resulting\nin a total payment of approximately $51.0 million (at approximately $10.68 per share) from the Trust Account. Following the redemptions,\napproximately $22.7 million remains in the Trust Account, and 2,124,077 public ordinary shares remain issued and outstanding.

NASDAQ\nDelisting Notice

On March 31, 2026, the Company received a notice\nfrom the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company’s market\nvalue of listed securities (“MVLS”) had been below the $50,000,000 minimum required for continued listing on the Nasdaq Global\nMarket under Nasdaq Listing Rule 5450(b)(2)(A) for the previous 30 consecutive business days. The notice provides the Company with 180\ncalendar days, or until September 28, 2026, to regain compliance. To regain compliance, the Company’s MVLS must close at $50,000,000\nor more for a minimum of ten consecutive business days, subject to Nasdaq’s discretion. On August 17, 2026, Nasdaq notified Black\nHawk that, for the 10 consecutive business days from August 3, 2026 through August 14, 2026, Black Hawk’s MVLS had been $50,000,000\nor greater. Accordingly, Nasdaq determined that Black Hawk had regained compliance with Nasdaq Listing Rule 5450(b)(2)(A) and that the\nmatter was closed.

Debt\nForgiveness Agreement

On June 30, 2026, Black Hawk and Vesicor entered\ninto a Debt Forgiveness Agreement pursuant to which Vesicor forgave $1,015,988 in advances previously made by Vesicor to or on behalf\nof Black Hawk (the “Vesicor Advances”) as of February 12, 2026. The Vesicor Advances consisted of (i) $675,000 in extension\npayment advances made between July 2025 and February 2026, representing Vesicor’s one-half share of the monthly $150,000 Trust Account\nextension payments required under the Business Combination Agreement and the amended Trust Agreement, and (ii) $340,988 in upfront fee\npayments and other transaction expenses paid by Vesicor on Black Hawk’s behalf, including the two $125,000 non-refundable deposits\npreviously paid to the Company in connection with the proposed transaction. All advances included in the Debt Forgiveness Agreement were\nmade on a non-interest basis.

Pursuant to the Debt Forgiveness Agreement, Vesicor\n(i) forgave the entire outstanding principal amount of the Vesicor Advances as of February 12, 2026, (ii) agreed that all debt instruments\nissued or issuable in connection with the Vesicor Advances are null and void, and (iii) waived and cancelled any rights to convert the\nVesicor Advances into debt or equity securities of Black Hawk or any successor. Vesicor’s forgiveness of advances classified as\nupfront fees was made pursuant to a waiver, consent and authorization of Vesicor’s shareholders. Any advances made by Vesicor after\nFebruary 12, 2026 are expressly excluded from the Debt Forgiveness Agreement. No separate written agreements governing those post-February\n12, 2026 advances had been entered into as of October 6, 2026.

On September 22,\n2026, an aggregate of $150,000 (the “Extension Payment”) has been deposited into the trust account for its public shareholders,\nwhich enables the Company to further extend the period of time it has to consummate its initial business combination by one month from\nSeptember 22, 2026 to October 22, 2026.

On September 22, 2026, Black Hawk and Vesicor\nentered into a series of financing and related agreements with Meteora Select Trading Opportunities Master, LP (“Meteora”)\nin connection with the Company’s previously announced business combination with Vesicor. Pursuant to the Business Combination Agreement\ndated April 26, 2025, the Company will domesticate as a Delaware corporation and change its name to “Vesicor Therapeutics Holdings,\nInc.” (“PubCo”), and Vesicor will become a wholly owned subsidiary of PubCo.

Forward\nPurchase Agreement

On September 22, 2026, the Company, Vesicor and\nMeteora entered into an OTC Equity Prepaid Forward Transaction confirmation (the “Forward Purchase Agreement”). The Forward\nPurchase Agreement provides for a share forward transaction with respect to up to 1,350,000 shares (the “Maximum Number of Shares”),\nsubject to an upward adjustment upon the occurrence of certain dilutive offerings. The shares subject to the transaction may consist of\n(i) shares purchased by Meteora from third parties in the open market for which Meteora irrevocably waives redemption rights (“Recycled\nShares”) and (ii) shares purchased directly from the Company pursuant to the Subscription Agreement described below (“Additional\nShares”). The aggregate number of Recycled Shares and Additional Shares may not exceed the Maximum Number of Shares.

The initial price under the Forward Purchase Agreement\nwill equal the per-share redemption price payable to holders of the Company’s public ordinary shares in connection with the Business\nCombination (the “Initial Price”). Subject to receipt of the applicable pricing date notice, at or in connection with the\nclosing of the Business Combination the Company will pay Meteora, from the trust account, a prepayment amount equal to the number of shares\nspecified in the pricing date notice multiplied by the Initial Price, reduced dollar-for-dollar by the aggregate purchase price funded\nby Meteora for any Additional Shares under the Subscription Agreement. The reset price will initially be $10.00 per share and may be reduced\nby mutual written agreement or upon certain dilutive offerings.

Unless extended by mutual written consent, the\nvaluation date under the Forward Purchase Agreement will occur 36 months after the closing of the Business Combination, subject to acceleration\nupon certain delisting or registration-failure events. Following the end of a valuation period commencing on the valuation date, Meteora\nwill pay the Company in cash an amount equal to the number of shares then remaining subject to the transaction (excluding terminated shares\nand any shares not then registered for resale or freely tradable under Rule 144) multiplied by the volume-weighted average price of the\nshares over that valuation period, and Meteora will not be required to return any portion of the prepayment amount. Meteora may elect\nto terminate the transaction in whole or in part prior to the valuation date, in which case Meteora will pay the Company an amount equal\nto the number of terminated shares multiplied by the then-current reset price. The Forward Purchase Agreement also requires PubCo to file,\nwithin 30 calendar days after the closing of the Business Combination, a registration statement covering the resale of the Additional\nShares and to use commercially reasonable efforts to cause such registration statement to become effective within the periods specified\ntherein. The Company also agreed to reimburse certain documented legal and out-of-pocket expenses of Meteora, subject to the aggregate\n$75,000 cap described below.

Non-Redemption\nAgreement

On September 22, 2026, the Company and Meteora\nentered into a Non-Redemption Agreement (the “Non-Redemption Agreement”). Pursuant to the Non-Redemption Agreement, Meteora\nagreed, on a commercially reasonable best-efforts basis and subject to the terms thereof, to beneficially own and not redeem, or to reverse\npreviously submitted redemption requests with respect to, up to 2,124,077 of the Company’s ordinary shares (the “Backstop\nInvestor Shares”). The number of Backstop Investor Shares is a maximum and does not constitute an obligation of Meteora to acquire\nor hold any minimum number of shares.

Immediately upon the closing of the Business\nCombination, the Company will pay Meteora cash from the trust account in respect of the Backstop Investor Shares, being, in respect of\neach Backstop Investor Share, an amount equal to the final per-share redemption price less $0.75. The Non-Redemption Agreement provides\nthat Meteora will deliver a share confirmation notice after the redemption deadline specifying the actual number of Backstop Investor\nShares, not to exceed 2,124,077 shares. The Non-Redemption Agreement terminates upon the occurrence of certain specified events, subject\nto the survival provisions set forth therein.

Subscription\nAgreement

In connection with the Forward Purchase Agreement,\non September 22, 2026, the Company and Meteora entered into a Subscription Agreement (the “Subscription Agreement”), pursuant\nto which Meteora agreed to purchase from the Company, as Additional Shares, a number of shares equal to the Maximum Number of Shares under\nthe Forward Purchase Agreement less the number of Recycled Shares, at a per-share purchase price equal to the Initial Price, subject to\nthe terms and conditions of the Subscription Agreement and the Forward Purchase Agreement. Meteora will not be required to purchase Additional\nShares to the extent that, after giving effect to the issuance, its ownership would exceed 9.9% of the outstanding shares, unless Meteora\nwaives such limitation in its sole discretion. The initial purchase of Additional Shares, if any, is expected to occur substantially concurrently\nwith, but not before, the closing of the Business Combination, with any additional purchases occurring thereafter in accordance with the\nForward Purchase Agreement.

Standby\nEquity Purchase Agreement

On September 22, 2026, the Company, Vesicor and\nMeteora also entered into a Standby Equity Purchase Agreement (the “SEPA”), pursuant to which, following the effectiveness\nof the registration statement required by the related Registration Rights Agreement described below and subject to the satisfaction of\nthe conditions set forth in the SEPA, PubCo will have the right, but not the obligation, to sell to Meteora up to $200.0 million of shares\nof PubCo common stock from time to time during a commitment period generally lasting 36 months, which may be extended by up to 24 months\nby mutual written agreement. There is no mandatory minimum utilization amount and no non-usage fee.

For ordinary advances under the SEPA, the purchase\nprice will generally equal 97% of the applicable market price determined in accordance with one of two pricing periods selected by PubCo,\nsubject to the limitations and adjustments set forth in the SEPA. The maximum amount of each advance generally may not exceed 30% of the\naverage daily traded amount during the 10 consecutive trading days preceding the applicable advance notice, unless otherwise agreed. The\nSEPA is also subject to a beneficial ownership limitation initially equal to 4.9%, which Meteora may elect to increase up to 9.9%, and\nto applicable Nasdaq issuance limitations unless stockholder approval or another exception is available.

The SEPA also permits the parties, by mutual written\nagreement and subject to specified conditions, to enter into one or more pre-paid advances evidenced by convertible promissory notes.\nEach such pre-paid advance would be funded at 85% of the face amount of the applicable note, reflecting a 15% original issue discount.\nThe form of convertible promissory note provides for a 12-month maturity, 0% annual interest absent an event of default (increasing to\n18% during an uncured event of default), a 7% payment premium on principal amounts paid in circumstances specified in the note, and conversion\nat the lower of a fixed-price formula and 95% of the lowest daily VWAP during the five trading days preceding the applicable conversion\nor determination date, subject to a floor price and other adjustments. No pre-paid advance is required to be funded unless the Company\nand Meteora mutually agree in writing.

As consideration for Meteora’s commitment\nunder the SEPA, PubCo will pay Meteora a commitment fee equal to 0.50% of the $200.0 million maximum commitment amount, payable, at PubCo’s\nelection, in cash or shares of PubCo common stock valued as provided in the SEPA. The Company also agreed to reimburse Meteora for reasonable\nand documented transaction expenses, subject to an aggregate cap of $75,000 shared among the SEPA, the Forward Purchase Agreement and\nthe Non-Redemption Agreement.

Registration\nRights Agreement

On September 22, 2026, the Company and Meteora\nentered into a Registration Rights Agreement (the “Registration Rights Agreement”) relating to securities issuable under\nthe SEPA and any convertible promissory notes issued thereunder. The Registration Rights Agreement requires PubCo to file an initial\nresale registration statement no later than 60 calendar days following the closing of the Business Combination and to use commercially\nreasonable efforts to have such registration statement declared effective no later than 60 calendar days following its filing, subject\nto the terms of the Registration Rights Agreement. The initial registration statement is required to cover at least the greater of 10,000,000\nshares of PubCo common stock and 300% of the maximum number of shares issuable upon conversion of all then-outstanding promissory notes,\nsubject to applicable SEC limitations and the terms of the Registration Rights Agreement. Certain failures to timely file or obtain effectiveness,\nor to maintain the availability of the registration statement, may result in specified remedies, including partial liquidated damages\nbased on outstanding note principal.

Results\nof Operations

We have neither engaged in any operations nor\ngenerated any revenues to date. Our only activities from September 28, 2023 (inception) through August 31, 2026, were organizational\nactivities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business\ncombination. We do not expect to generate any operating revenues until after the completion of our initial business combination.

We\nexpect to generate non-operating income in the form of interest income on marketable securities held after the IPO. We expect to incur\nincreased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well\nas for due diligence expenses in connection with searching for, and completing, a Business Combination.

For the three months ended August 31, 2026,\nwe had net income of $1,074,736, which consisted of general and administrative expenses of $108,210, related party administrative fees\nof $30,000, interest expense of $33,226, offset by interest income of $230,184 and gain on Debt Forgiveness of $1,015,988.

For the nine months ended August 31, 2026,\nwe had net income of $1,303,470, which consisted of general and administrative expenses of $211,613, related party administrative fees\nof $90,000, interest expense of $77,056, offset by interest income of $666,151 and gain on Debt Forgiveness of $1,015,988.

For the three months ended August 31, 2025,\nwe had net income of $154,401, which consisted of general and administrative expenses of $311,265, related party administrative fees of\n$30,000, offset by interest income of $494,562 and a decrease in fair value of derivative liability of $1,104.

For the nine months ended August 31, 2025,\nwe had net income of $1,333,322, which consisted of general and administrative expenses of $607,632, and related party administrative\nfees of $90,000, offset by interest income of $2,029,850 and a decrease in fair value of derivative liability of $1,104.

Change in Fair Value\nof Derivative Liability

For both the three and nine month periods ended\nAugust 31, 2025, the Company recognized a $1,104 non-cash gain from the change in fair value of the derivative liability associated with\nthe Sponsor’s Convertible Note. This liability reflects the fair value of the embedded conversion feature, measured using a binomial\ntree model in accordance with ASC 820, Fair Value Measurement. Upon the modification of the Convertible Notes on September 30, 2025,\nthe conversion feature was revised such that it met the equity scope exception under ASC 815-40. As a result, the embedded derivative\nno longer required separate liability classification. The carrying amount of the derivative liability as of the modification date was\nreclassified to additional paid-in capital.

Liquidity\nand Capital Resources

On\nMarch 22, 2024, we consummated our IPO of 6,900,000 units (the “Units”), at $10.00 per Unit, generating gross proceeds\nof $69,000,000. Simultaneously with the closing of our IPO, we consummated the sale of 235,500 Private Placement Units at a price of\n$10.00 per Private Placement Unit in a private placement to the Sponsor, generating total gross proceeds of $2,355,000.

Upon\nthe closing of the IPO and the private placement on March 22, 2024, a total of $69,345,000 was placed in a trust account (the “Trust\nAccount”) maintained by Continental Stock Transfer & Trust Company as a trustee and will be invested only in U.S. government\ntreasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the\nInvestment Company Act of 1940, as amended (the “Investment Company Act”), and that invest only in direct U.S. government\ntreasury obligations.

We\nintend to use substantially all of the net proceeds of the IPO and the private placement, including the funds held in the Trust Account,\nin connection with our initial business combination and to pay our expenses relating thereto, including deferred underwriting discounts\nand commissions payable to the underwriters in the IPO in an amount equal to 3.5% of the total gross proceeds raised in the IPO upon\nconsummation of our initial business combination. To the extent that our capital stock is used in whole or in part as consideration to\neffect our initial business combination, the remaining proceeds held in the Trust Account as well as any other net proceeds not expended\nwill be used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety\nof ways including continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research\nand development of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which\nwe had incurred prior to the completion of our initial business combination if the funds available to us outside of the Trust Account\nwere insufficient to cover such expenses.

As of August 31, 2026, we had cash of $12,052\nand a working capital deficit of $2,294,124. The Company’s liquidity needs prior to the consummation of the IPO had been satisfied\nthrough a payment from the Sponsor of $25,000 for the Founder Shares and the loan under an unsecured promissory note from the Sponsor\nof $250,000. Subsequent to the consummation of the IPO, the Company expects that it will need additional capital to satisfy its liquidity\nneeds beyond the net proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account for paying existing\naccounts payable, identifying and evaluating prospective business combination candidates, performing due diligence on prospective target\nbusinesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and\nconsummating the Initial Business Combination.

The\nCompany will use funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence\non prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their\nrepresentatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate\nand complete a business combination. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees\nfor financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop”\nprovision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or\ninvestors on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we\ndo not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a\ntarget business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based\non the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such funds (whether\nas a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due\ndiligence with respect to, prospective target businesses.

The\nCompany has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to\nincur significant transaction costs in pursuit of the consummation of a Business Combination. In connection with the Company’s\nassessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards\nUpdate (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going\nConcern,” management has determined that these conditions raise substantial doubt about the Company’s ability to\ncontinue as a going concern. In addition, if the Company is unable to complete a Business Combination within the Combination Period,\nthe Company’s board of directors would proceed to commence voluntary liquidation and thereby a formal dissolution of the\nCompany. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the\nCombination Period. As a result, management has determined that such an additional condition also raises substantial doubt about the\nCompany’s ability to continue as a going concern. The unaudited consolidated financial statements do not include any\nadjustments that might result from the outcome of this uncertainty.

Off-Balance\nSheet Arrangements

We\nhave no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of August 31, 2026. We do not\nparticipate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable\ninterest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered\ninto any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other\nentities, or purchased any non-financial assets.

Contractual\nObligations

Administrative\nServices Agreement

The\nCompany entered into an Administrative Services Agreement with the Sponsor on December 4, 2023, commencing on the effective date\nof the registration statement of IPO through the later of the Company’s consummation of a Business Combination or 21 months from\nsuch effective date, to pay the Sponsor a total of $10,000 per month for office space and administrative and support services.

Underwriting\nAgreement

Upon\nclosing of a Business Combination, the underwriters will be entitled to a deferred fee of 3.5% of the gross proceeds of the IPO, or $2,415,000.\nThe deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete\na Business Combination, subject to the terms of the underwriting agreement. Additionally, we issued the underwriters 69,000 shares common\nstock, or the representative shares, at the closing of the IPO as part of representative compensation.

Business\nCombination Agreement

On\nApril 26, 2025, the Company entered into a Business Combination Agreement (the “Business Combination Agreement”) by and among\nVesicor and Merger Sub, of which Vesicor shall reincorporate into the State of Delaware so as to migrate to and domesticate as a Delaware\ncorporation on the day that is one (1) Business Day prior to the Closing Date. The Business Combination Agreement provides, among other\nthings, that on the terms and subject to the conditions set forth therein, (i) the Company will de-register in the Cayman Islands and\ntransfer by way of continuation out of the Cayman Islands and into the State of Delaware so as to migrate to and domesticate as a Delaware\ncorporation (the “Domestication”), and (ii) following the Domestication,\nMerger Sub will merge with Vesicor, resulting in Vesicor being the wholly owned subsidiary of the Company, who will continue to be the\nlisted company on the Nasdaq Stock Market and change its name to Vesicor. At the effective time of the Proposed Transaction, Vesicor’s\nshareholders and management will receive the right to receive a number of shares of Black Hawk’s common stock equal to\nthe consideration ratio as further specified in the Business Combination Agreement. The shares held by certain Vesicor’s shareholders\nwill be subject to lock-up agreements for a period of six (6) months following the closing of the Proposed Transaction, subject to certain\nexceptions.

Critical\nAccounting Policies and Estimates

The\npreparation of unaudited consolidated financial statements and related disclosures in conformity with GAAP requires management to\nmake estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and\nliabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could\nmaterially differ from those estimates. We have not identified any critical accounting policies and estimates.

Recent\nAccounting Standards

Management\ndoes not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect\non the Company’s unaudited consolidated financial statements.

Off-Balance\nSheet Arrangements; Commitments and Contractual Obligations; Quarterly Results

As\nof August 31, 2026, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and\ndid not have any commitments or contractual obligations.

JOBS\nAct

On\nApril 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting\nrequirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will\nbe allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies.\nWe are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised\naccounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,\nour financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company\neffective dates.

Additionally,\nwe are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject\nto certain conditions set forth in the JOBS Act, if, as an “emerging growth company,” we choose to rely on such exemptions,\nwe may not be required to, among other things, (i) provide an auditor’s attestation report on our system of internal controls over\nfinancial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging\ngrowth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may\nbe adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information\nabout the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related\nitems such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median\nemployee compensation. These exemptions will apply for a period of five years following the completion of our initial public offering\nor until we are no longer an “emerging growth company,” whichever is earlier.

ITEM\n3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not\nrequired for smaller reporting companies.

ITEM\n4. CONTROLS AND PROCEDURES.

Disclosure\ncontrols and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our\nreports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in\nthe SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to\nensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated\nto our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation\nof Disclosure Controls and Procedures

We maintain disclosure controls and procedures\nthat are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange\nAct of 1934 is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms, and that\nsuch information is accumulated and communicated to management including our Chief Executive Officer, Chief Financial Officer, as appropriate,\nto allow timely decisions regarding required disclosure. As of August 31, 2026, our Chief Executive Officer and Chief Financial Officer\ncarried out an evaluation with the participation of management of the effectiveness of our disclosure controls and procedures, as defined\nin Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our Chief Executive Officer\nand Chief Financial Officer concluded that our disclosure controls and procedures were not effective at a reasonable assurance level as\nof August 31, 2026, because, in light of the Company’s limited operations and personnel since inception as a blank check company, the Company has not yet\nfully designed, implemented and documented formal internal control over financial reporting, including with respect to segregation of\nduties and written policies and procedures for accounting and financial reporting. Notwithstanding the foregoing, management believes\nthat the unaudited consolidated financial statements included in this Quarterly Report fairly present, in all material respects, the Company’s\nfinancial condition, results of operations and cash flows for the periods presented. Management intends to continue to develop and formalize\nthe Company’s internal control over financial reporting, including in connection with the preparation for its initial business combination.

Changes\nin Internal Control over Financial Reporting

There\nwere no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the\nExchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our\ninternal control over financial reporting.

Inherent\nLimitations on Effectiveness of Internal Controls

A\ncontrol system, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired\ncontrol objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating\nthe benefits of possible controls and procedures relative to their costs. In addition, the design of any system of controls is based\nin part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in\nachieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions,\nor the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control\nsystem, misstatements due to error or fraud may occur and not be detected.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

Item 1A. Risk Factors.

As a smaller reporting company, we are not required to make disclosures under this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On October 16, 2023, the Sponsor received 17,250,000\nof Company’s Class B ordinary shares in exchange for $25,000 paid for deferred offering costs borne by the founder. On November 13,\n2023, the Company and the Sponsor entered into the First Amendment to the Subscription Agreement, pursuant to which the 17,250,000 shares\nof common stock converted to 1,725,000 Class B ordinary shares. On March 20, 2024, the Company and the Sponsor entered into the\nSecond Amendment to the Subscription Agreement, pursuant to which the purchased amount of shares was adjusted to 1,983,750 Class B ordinary\nshares, including 258,750 additional shares subject to forfeiture if the underwriters’ over-allotment option was not exercised.\nThe underwriters did not exercise their over-allotment option, and accordingly, the 258,750 additional Class B ordinary shares were forfeited,\nleaving 1,725,000 Class B ordinary shares outstanding prior to their conversion into Class A ordinary shares upon the closing of the\nCompany’s initial public offering.

On March 22, 2024, the Company consummated its initial public offering (the “IPO”) of 6,900,000 units (the “Units”). Each Unit consists of one ordinary share, par value $0.0001 per share, of the Company (the “Ordinary Shares”) and one-fifth (1/5) of one right to receive one Ordinary Share upon the consummation of the Company’s initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating total gross proceeds of $69,000,000. The Company also granted the underwriters a 45-day option to purchase up to an additional 1,035,000 Units to cover over-allotments, if any.

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (the “Private Placement”) of 235,500 Units (the “Private Placement Units”), each Private Placement Unit consisting of one Ordinary Share and one-fifth (1/5) of one right, to the Sponsor at a price of $10.00 per Private Placement Unit, generating total proceeds of $2,355,000.

Following the closing of our IPO, an aggregate of $69,345,000 from the net proceeds of the IPO and the sale of the Private Placement Units was held in the Trust Account.

On February 12, 2026, the Company issued an unsecured convertible promissory\nnote to the Sponsor in the principal amount of up to $300,000. The note bears interest at 10% per annum and, in connection with a DeSPAC\ntransaction, may be converted into ordinary shares of the post-business combination company at a conversion price of $1.00 per share.\nTo the extent any such shares are issued, they will be issued in reliance on Section 4(a)(2) of the Securities Act as transactions not\ninvolving a public offering.

On May 4, 2026, the Company issued an unsecured convertible\npromissory note to the Sponsor in the principal amount of up to $300,000. The note bears interest at 10% per annum and, in connection\nwith a DeSPAC transaction, may be converted into ordinary shares of the post-business combination company at a conversion price of $1.00\nper share. To the extent any such shares are issued, they will be issued in reliance on Section 4(a)(2) of the Securities Act as transactions\nnot involving a public offering.

On August 21, 2026, the Company issued an unsecured\nconvertible promissory note to the Sponsor in the principal amount of up to $300,000. The note bears interest at 10% per annum and, in\nconnection with a DeSPAC transaction, may be converted into ordinary shares of the post-business combination company at a conversion price\nof $1.00 per share. To the extent any such shares are issued, they will be issued in reliance on Section 4(a)(2) of the Securities Act\nas transactions not involving a public offering.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Exhibit No.		Description
31.1		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 6, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Black Hawk Acquisition Corporation

	By:	/s/ Kent Louis Kaufman
	Name:	Kent Louis Kaufman
	Title:	Chief Executive Officer and Chairman
		(Principal Executive Officer, Principal Financial and Accounting Officer)

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