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BKHA

Pre-effectiveProxy cardLife support

Black Hawk Acquisition Corporation

Merging with Vesicor Therapeutics, Inc.

1/5 of a right per unit. 5 units = 1 listed right. *R trades whole.

Deal announced 2025-04-29

Pulse

92

↓Late report

0–100 vitality — and a read on how the book feels about this shell.

Life support

% done

62%

Path to close

Price

$11.89

Mkt 49.39M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

0255075100II
  1. 06-11 S-4/A
  2. 07-06 S-4/A
  3. 07-15 10-Q
  4. 08-03 Proxy card
  5. 08-03 S-4/A
  6. 10-07 Now
Auto interpretation · Lead II printoutLife supportPulse 92

QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

Silent 65dBeats/90d 1Recent gap 31d

Marks on this strip

  • 10-15NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -14
  • 03-02NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -12
  • 04-01Listing deficiency. Exchange notice that day. It belongs on this date, not today. Pulse does not double-haircut an already-slow book.
  • 04-14NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -7
  • 04-2810-K. Periodic report on time. +4
  • 05-01S-4/A. Amendment printed. Pulse +5.
  • 06-11S-4/A. Amendment printed. Pulse unchanged.
  • 07-06S-4/A. Amendment printed. Pulse +3.
  • 07-1510-Q. Periodic report on time. +3
  • 08-03Proxy card. Card is in. Late-stage tell. +7
  • 08-03S-4/A. Amendment printed. Pulse +1.
  • 10-07Now. No S-4/F-4 beat in 65 days. 65d since the last beat. -3

Impression: QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

  • · No S-4/F-4 beat in 65 days.
  • · Proxy card is in, then silence. That is past the archive median to close.

Unconfirmed machine read · not medical advice · not financial advice

Skin in the game

medium

Target

early

8-K Item 5.07

Votes & leftover trust

Share counts as filed. Preliminary tenders do not move cash until they settle.

  1. 2025-07-14 · extension

    4,775,923 shares

    4,775,923 shares redeemed on the extension amendment.

Historical context

Proxy card / DEFM14A in the archive

Precedent from 26 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate
100%
Median days left
34
Archive n
26

After a proxy card / DEFM14A, similar deals closed in a median of 34 days (IQR 28–38). Literature close rate at that stage is about 96%.

Status

In Review

Exchange

Nasdaq

Rights

1/5

Warrants

No

CIK

0002000775

IPO date

2024-03-21

Market cap

49.39M

Days to deadline

—

SEC tickers

BKHA, BKHAR, BKHAU

Sponsor

—

S-4 / F-4 filer

Holdco · Vesicor Therapeutics, Inc.

Fiscal year

November 30

Next filing

10-Q 2026-10-14

Vote

—

Schedule

What is due next

Fiscal year
Ends November 30 · 10-K cover
This window
10-Q due 2026-07-14 · late
Next due
10-Q 2026-10-14Period 2026-08-30
Pulse
-8 · recovered some · no NT

10-Q for period ended 2026-05-30, due 2026-07-14. 10-Q 2026-07-15 — 1d late (+6 for filing). Health haircut -14 for missing the deadline.

Peers who filed on time: +6. This name: -8. Once the window closed they were no longer equal — the others are healthier.

Meetings

Proxy is in the exhibits. Meeting date is not printed yet.

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

Loading quotes…

Loading chart…

S-4 study: rights conversion did not change across amendments for this name. See amendment impact

S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

  • Merging company

    On file

    Vesicor Therapeutics, Inc.

  • Close timing Q&A

    On file

    second half of 2026

  • Meeting Q&A

    Gap

    Meeting Q is still a blank. They have not printed a date.

  • Proxy card

    On file

    Form of proxy is in the exhibits. Late-stage tell.

  • 10-Q / 10-K

    Open

    10-Q for period ended 2026-05-30, due 2026-07-14. 10-Q 2026-07-15 — 1d late (+6 for filing). Health haircut -14 for missing the deadline.

Proxy card is in the exhibits. That is a late-stage tell.

Q&A · close

When do you expect the Business Combination to be completed? A: It is currently expected that the Business Combination will be consummated in the second half of 2026. This date depends, among other things, on the approval of the proposals to be put to Black Hawk Shareholders at the Extraordinary General Meeting. However, such meeting could be adjourned if the Adjournment Proposal is adopted by Black Hawk s shareholders at the Extraordinary General Meeting and Black Hawk elects to adjourn the Extraordinary General Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for the approval of one or more proposals at the Extraordinary General Meeting. 31 Table of Contents

Q&A · meeting

When and where will the Extraordinary General Meeting be held? A: The Extraordinary General Meeting will be held at [ ] a.m./p.m., Eastern Time, on [ ], 2026 at Black Hawk rsquo;s office at 4125 Blackhawk Plaza Circle, Suite 166, Danville, CA and virtually via live webcast, unless the Extraordinary General Meeting is adjourned. The live webcast of the Extraordinary General Meeting can be accessed by visiting https://[ ] , where you will be able to listen to the meeting live and vote during the Extraordinary General Meeting.

  1. 8-K2026-08-26

    8-K

  2. 8-K2026-08-25

    8-K

  3. S-4/A2026-08-03Checklist

    S-4/A — Vesicor Therapeutics, Inc.

  4. 8-K2026-07-22

    8-K

  5. 10-Q2026-07-15

    10-Q

Show 47 more filings
  1. S-4/A2026-07-06Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  2. S-4/A2026-06-11Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  3. 8-K2026-05-08

    8-K

  4. S-4/A2026-05-01Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  5. 10-K2026-04-28

    10-K/A

  6. 10-Q2026-04-21

    10-Q

  7. NT 10-Q2026-04-14

    NT 10-Q

  8. 8-K2026-04-01

    8-K

  9. 8-K2026-03-17

    8-K

  10. 10-K2026-03-06

    10-K

  11. S-4/A2026-03-05Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  12. NT 10-K2026-03-02

    NT 10-K

  13. 8-K2026-02-19

    8-K

  14. 8-K2026-02-03

    8-K

  15. S-4/A2026-01-26Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  16. S-4/A2026-01-23Value cut

    S-4/A — Vesicor Therapeutics, Inc.

  17. S-42025-12-23Initial filing

    S-4 — Vesicor Therapeutics, Inc.

  18. 10-Q2025-10-21

    10-Q

  19. NT 10-Q2025-10-15

    NT 10-Q

  20. 8-K2025-09-24

    8-K

  21. 8-K2025-08-28

    8-K

  22. 8-K2025-08-08

    8-K

  23. 8-K2025-07-22

    8-K/A

  24. 8-K2025-07-14

    8-K

  25. 8-K2025-07-08

    8-K

  26. 8-K2025-07-03

    8-K

  27. 8-K2025-07-01

    8-K

  28. 8-K2025-06-27

    8-K

  29. 10-Q2025-06-26

    10-Q

  30. 8-K2025-06-24

    8-K

  31. 8-K2025-06-23

    8-K

  32. 8-K2025-06-20

    8-K

  33. 8-K2025-06-20

    8-K

  34. 8-K2025-06-04

    8-K

  35. 8-K2025-04-29

    Item 1.01 Entry Into A Material Definitive Agreement

  36. 4252025-04-29

    425

  37. 10-K2025-04-11

    10-K/A

  38. 10-Q2025-04-10

    10-Q

  39. 10-K2025-02-07

    10-K

  40. 10-Q2024-09-23

    10-Q

  41. 10-Q2024-06-28

    10-Q

  42. 8-K2024-04-24

    8-K/A

  43. 8-K2024-04-24

    8-K

  44. 10-Q2024-04-19

    10-Q

  45. 8-K2024-04-04

    8-K/A

  46. 8-K2024-03-28

    8-K

  47. 8-K2024-03-26

    8-K

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