Black Hawk Acquisition Corporation

AI-generated fair value estimate for this company.

Method: SPAC trust-value method: $11.92 per public share held in trust as of the 10-Q for the quarter ended May 31, 2026 ($25,313,116 trust balance divided by 2,124,077 public shares outstanding), the most recently available trust data.

Reasoning: BKHA is a pre-combination blank-check SPAC (NASDAQ) with no operating business of its own; its only tangible asset backing the public shares is the cash held in trust, so trust value per share is the appropriate intrinsic-value proxy rather than a DCF on non-existent operations, especially given the going-concern doubt disclosed in the filing and the unresolved Vesicor merger, which must close by December 22, 2026 or public shareholders can redeem at trust value.