New York, May 26, 2026, 05:05 (EDT)
- Black Hawk Acquisition (BKHA) last changed hands at $11.85 ahead of Tuesday’s session, according to Robinhood, with zero volume so far Tuesday. The market cap is about $49.2 million.
- Nasdaq was set to resume normal hours at 9:30 a.m. Eastern, following the Memorial Day break on May 25.
- The main questions for the company now are the Vesicor Therapeutics deal on the table, sponsor funding, and how it handles the Nasdaq’s $50 million listed-securities rule.
Black Hawk Acquisition Corp was trading just under its 52-week high ahead of Tuesday’s Nasdaq session. But for the small blank-check company, share price isn’t the main issue. The focus is whether the stock and related securities are enough for Black Hawk to avoid another Nasdaq compliance snag.
Nasdaq notified Black Hawk on March 31 that its market value of listed securities had stayed under the $50 million minimum for 30 business days in a row. Black Hawk now has until Sept. 28 to get back in compliance by posting a closing MVLS at or above $50 million for at least 10 straight business days, according to a filing.
Tuesday marks the first regular U.S. stock trading day after Memorial Day. Nasdaq’s posted schedule listed markets shut on Monday. Pre-market hours went from 4 a.m. to 9:30 a.m. Eastern, then the regular session from 9:30 a.m. to 4 p.m.
Black Hawk is a SPAC, or special purpose acquisition company. It is a shell that collects cash to hunt for a merger. The company hadn’t started business and wouldn’t post revenue unless it closed a deal. As of Feb. 28, its trust account for redemptions and a merger held $24.6 million, and it reported $178,407 in cash. Working-capital deficit was about $2.1 million.
Black Hawk’s latest filing puts the spotlight on sponsor funding. The company signed a convertible promissory note on May 4 for up to $300,000 with Black Hawk Management LLC, aimed at working capital. The note carries 10% annual interest and needs to be repaid at either a de-SPAC transaction or liquidation. The sponsor has the option to convert the debt into shares at $1 each if the merger goes through and the SPAC becomes a public company.
Vesicor Therapeutics is at the center of Black Hawk’s deal track. The early-stage biotech filed an amended S-4 registration statement on May 1 for the planned deal, according to SEC filings.
Black Hawk Acquisition had set Vesicor’s pre-money equity value at $70 million under the original deal, with Black Hawk staying as the Nasdaq-listed company renamed Vesicor Therapeutics. At the time, Black Hawk CEO Kent Kaufman said, “we have found these qualities in Vesicor,” describing what the SPAC was looking for in a merger target. Nasdaq
Vesicor switched its top exec while the deal is still hanging. Back in March, Black Hawk said Michael Tolentino, M.D., took over as CEO, and founder Luo Feng, Ph.D., shifted to chief scientific officer. Tolentino said he sees “significant opportunities to develop potent therapeutics against cancer and create value for our shareholders.”
Black Hawk stands out since it doesn’t have any direct operating revenue peers. Right now, it’s competing for deal flow rather than matching up against similar companies. The firm’s IPO filing pointed out that some directors are also tied to other SPACs like Quetta Acquisition and Yotta Acquisition. Those conflicts, Black Hawk said in the filing, could cut down the number of targets it gets to see.
But risk is still clear. If Black Hawk misses Nasdaq compliance again, it could get delisted. An appeal or a switch to the Nasdaq Capital Market remains possible. Meanwhile, shareholders have approved deadline extensions, but those depend on $150,000 monthly payments to the trust account through as late as Dec. 22, 2026. Skipping a payment after the cure period would make the company wind down.
Tuesday’s action will tell if the lightly traded SPAC can stay near $12. The bigger question is whether Black Hawk gets the Vesicor deal closed, holds onto its Nasdaq spot, and steers clear of turning a slow post-holiday session into another compliance issue.
