New York, May 26, 2026, 05:05 (EDT)
- Black Hawk Acquisition (BKHA) was last traded at $11.85 on Robinhood before Tuesday’s open. No volume traded early Tuesday. The company’s market value is around $49.2 million.
- Nasdaq is on track to open as usual at 9:30 a.m. Eastern after being closed for Memorial Day on May 25.
- The key issues for the company now center on the Vesicor Therapeutics deal that’s up for discussion, sponsor funding, and what it does about Nasdaq’s $50 million listed-securities rule.
Black Hawk Acquisition Corp traded just below its 52-week peak going into Tuesday’s Nasdaq open. For the thinly traded SPAC, price isn’t top of mind. What matters is if Black Hawk’s shares and warrants are enough to keep out of new compliance trouble with Nasdaq.
Nasdaq told Black Hawk on March 31 that its market value of listed securities stayed below the required $50 million for 30 straight business days. The company has until Sept. 28 to regain compliance, which means posting a closing MVLS of at least $50 million for 10 consecutive business days, a filing said.
U.S. stock markets reopened Tuesday after being closed for Memorial Day, according to Nasdaq’s posted holiday schedule. Trading picked up in pre-market hours from 4 a.m. to 9:30 a.m. Eastern, then moved into the regular 9:30 a.m. to 4 p.m. session.
Black Hawk is a SPAC, or special purpose acquisition company. The business is a shell, raising money to find a merger target. It has not started operations and won’t post revenue before a deal goes through. On Feb. 28, the trust account for redemptions and a deal held $24.6 million, while it reported $178,407 in cash. The working-capital deficit was around $2.1 million.
Black Hawk is drawing attention to sponsor cash with its newest filing. The company entered into a convertible promissory note with Black Hawk Management LLC on May 4, allowing it to borrow up to $300,000 for working capital. The note pays 10% interest per year and must be paid back at de-SPAC or if the vehicle is liquidated. If the merger closes and Black Hawk goes public, the sponsor can choose to turn the debt into shares at $1 per share.
Black Hawk’s deal pipeline now focuses on Vesicor Therapeutics. The biotech updated its S-4 registration statement for the proposed deal on May 1, SEC filings show.
Vesicor’s pre-money equity value was set at $70 million in the original Black Hawk Acquisition deal, which would have kept Black Hawk as the Nasdaq-listed company under the Vesicor Therapeutics name. When the deal was announced, Black Hawk CEO Kent Kaufman said, “we have found these qualities in Vesicor,” as he described the SPAC’s search for a merger partner. Nasdaq
Vesicor replaced its CEO as the deal remains unresolved. In March, Black Hawk said Michael Tolentino, M.D., became CEO, with founder Luo Feng, Ph.D., moving to chief scientific officer. Tolentino said he sees “significant opportunities to develop potent therapeutics against cancer and create value for our shareholders.”
Black Hawk does not have obvious operating revenue comps. The company is looking for deal flow instead of stacking up against other SPACs. Its IPO filing noted that certain directors are also linked to SPACs like Quetta Acquisition and Yotta Acquisition. Black Hawk said those overlaps could limit which targets it gets access to.
Risk hasn’t gone away. Black Hawk could still lose its Nasdaq spot if it falls out of compliance again. The company could appeal or try moving to the Nasdaq Capital Market. Shareholders backed deadline extensions, but those need $150,000 sent every month to the trust account, up to Dec. 22, 2026. If Black Hawk skips a payment once the cure period ends, it would start shutting down.
Tuesday will show if the thinly traded SPAC sticks around $12. But Black Hawk’s focus is on closing the Vesicor deal, keeping its Nasdaq listing, and making sure a quiet post-holiday market doesn’t become another compliance headache.
