BKHAU

Black Hawk Acquisition Corp. Units consist of one share of common stock and a fraction of one redeemable warrant packaged together as a single tradable security. These units were issued in the SPAC's initial public offering and provide investors with combined exposure to both the base equity component (common stock linked to the trust account) and additional upside potential through warrant coverage. The unit structure is standard in SPAC offerings, giving investors immediate participation in the trust account value plus leveraged exposure to potential appreciation following a successful business combination. Each unit typically includes one share of Black Hawk Acquisition common stock plus a fractional warrant (the precise fraction specified in offering documents). The common stock component provides voting rights on any proposed business combination and redemption rights allowing shareholders to receive their pro-rata share of the trust account if they disagree with a proposed merger. The warrant component provides the right to purchase additional common stock at a predetermined exercise price (typically $11.50 per share) after the SPAC completes its business combination with a target company, offering additional upside if the combined company's stock appreciates. After a defined period following the IPO (commonly 52 days), units typically separate into their constituent parts, with common stock and warrants beginning to trade independently under separate ticker symbols. This separation allows investors to maintain both components or trade them separately based on their investment strategy and views. Units provide a convenient way to gain initial exposure to the SPAC opportunity with both downside protection through the trust account value and upside leverage through the warrant component. The unit value reflects the combined value of the underlying common stock and fractional warrant, trading at the market's assessment of Black Hawk Acquisition's prospects for identifying and completing an attractive business combination that creates value for shareholders through the merger and subsequent public company operations.