$BKHA

Black Hawk Acquisition Corp

CIK:0002000775|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025	Aug. 31, 2026	Aug. 31, 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
Loss from operations	(138,210)	(341,265)	(301,613)	(697,632)
Other income:
Interest income		43		1,797
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
Total other income	1,212,946	495,666	1,605,083	2,030,954
Net income	$ 1,074,736	$ 154,401	$ 1,303,470	$ 1,333,322
Class A Ordinary Shares [Member]
Other income:
Weighted average shares outstanding, basic	2,124,077	4,096,741	2,124,077	5,958,760
Weighted average shares outstanding, dilute	2,124,077	4,096,741	2,124,077	5,958,760
Basic net loss per common share	$ 0.26	$ 0.03	$ 0.31	$ 0.17
Diluted net loss per common share	$ 0.26	$ 0.03	$ 0.31	$ 0.17
Non Redeemable Class A Ordinary Shares [Member]
Other income:
Weighted average shares outstanding, basic	2,029,500	2,029,500	2,029,500	2,029,500
Weighted average shares outstanding, dilute	2,029,500	2,029,500	2,029,500	2,029,500
Basic net loss per common share	$ 0.26	$ 0.03	$ 0.31	$ 0.17
Diluted net loss per common share	$ 0.26	$ 0.03	$ 0.31	$ 0.17

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Aug. 31, 2026	Aug. 31, 2025
Cash Flows from Operating Activities:
Net income	$ 1,303,470	$ 1,333,322
Adjustments to reconcile net income to net cash used in operating activities:
Interest earned on investments held in Trust Account	(666,151)	(2,028,053)
Gain on debt forgiveness	(1,015,988)
Change in fair value of derivative liability		(1,104)
Changes in operating assets and liabilities:
Prepaid expenses	(18,046)	19,699
Accounts payable and accrued expenses	(62,875)	126,294
Net cash used in operating activities	(459,590)	(549,842)
Cash Flows from Investing Activities:
Cash deposited in Trust Account	(1,500,000)	(450,000)
Cash withdrawn from Trust to pay redeemed public shareholders		51,010,745
Net cash (used in) provided by investing activities	(1,500,000)	50,560,745
Cash Flows from Financing Activities:
Proceeds from related party	7,400
Proceeds of convertible note - related party	915,000	350,000
Advances from target company	1,009,721	400,000
Payment to redeemed public shareholders		(51,010,745)
Net cash provided by (used in) financing activities	1,932,121	(50,260,745)
Net Changes in Cash	(27,469)	(249,842)
Cash - Beginning of period	39,521	264,842
Cash - End of period	12,052	15,000
Supplemental Disclosure of Non-cash Financing Activities:
Remeasurement of Class A ordinary shares subject to possible redemption	2,166,151	2,478,053
Issuance of convertible note – recognition of derivative liability		$ 3,244

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Aug. 31, 2026	Nov. 30, 2025
Current Assets
Cash	$ 12,052	$ 39,521
Prepaid expenses	29,315	11,269
Total Current Assets	41,367	50,790
Investments held in Trust Account	25,993,300	23,827,149
Total Assets	26,034,667	23,877,939
Current Liabilities
Due to target company	568,733	575,000
Due to related party	7,400	(0)
Due to related party – administrative expenses	30,000	(0)
Accounts payable and accrued expenses	126,479	296,410
Accrued interest expenses	90,513	15,454
Convertible note - related party	1,512,366	595,369
Total Current Liabilities	2,335,491	1,482,233
Deferred underwriting fee payable	2,415,000	2,415,000
Total Liabilities	4,750,491	3,897,233
Commitments and Contingencies – see Note 6
Class A ordinary shares subject to possible redemption, $0.0001 par value; 450,000,000 shares authorized; 2,124,077 shares and 2,124,077 shares issued and outstanding at redemption value of $12.24 and $11.22 as of August 31, 2026 and November 30, 2025, respectively	25,993,300	23,827,149
Shareholders’ Deficit
Additional paid-in capital	4,538	4,538
Accumulated deficit	(4,713,865)	(3,851,184)
Total Shareholders’ Deficit	(4,709,124)	(3,846,443)
Total Liabilities, Shares Subject to Redemption and Shareholders’ Deficit	26,034,667	23,877,939
Common Class A [Member]
Shareholders’ Deficit
Common stock, value	203	203
Common Class B [Member]
Shareholders’ Deficit
Common stock, value