Black Hawk Acquisition Corp. reported fiscal 2025 net income of 1.33 million, down 31% from the prior year. Interest income fell 10% to 2.24 million. General and administrative expenses rose 62% to 0.8 million. As of Nov. 30, 2025, the SPAC had 0.04 million in cash and a working capital deficit of 1.43 million. The company said it entered a business combination agreement with Vesicor Therapeutics on April 26, 2025, and expects to keep incurring significant costs pursuing an initial deal.

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