Black Hawk Acquisition Corporation Announces Redemption Results in Connection With Its Business Combination With Vesicor Therapeutics Inc.

Approximately $420,377 is estimated to remain in the trust account, subject to final reconciliation and adjustment.

Rhea-AI Summary

Black Hawk Acquisition Corporation (BKHAU) announced approximately $25.15 million in redemption payments tied to its proposed business combination with Vesicor Therapeutics. Holders of 2,089,162 Class A ordinary shares eligible for redemption exercised their rights. The redemptions do not affect other issued and outstanding Class A ordinary shares. Following the redemptions, Black Hawk expects approximately 2.06 million Class A ordinary shares outstanding, including shares not subject to redemption.

The estimated remaining trust balance is $420,377, subject to final reconciliation and adjustment. Upon closing, the combined company is expected to trade on Nasdaq as VESI. Vesicor is a preclinical-stage biotechnology company developing p53-based cancer therapeutics; its lead candidate, ecm-RV/p53, is designed to restore tumor suppression in advanced solid tumors.

1 point · 0 major

NegativeiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.The combined company is expected to obtain a Nasdaq listing as VESI upon closing.

Negative

• Major pointRedemptions of 2,089,162 Class A ordinary shares result in approximately $25.15 million in payments. 22% of market cap
• Minor pointRemaining trust funds are estimated at $420,377, subject to final reconciliation and adjustment.
• Minor point. Forward-looking: it has not happened yet and may not happen.The Vesicor business combination remains proposed; the expected combined-company listing depends on closing.

Key Figures

Shares exercising redemption rights: 2,089,162 shares Aggregate redemption payments: Approximately $25.15 million Class A shares expected outstanding: Approximately 2.06 million shares +1 more

Shares exercising redemption rights

2,089,162 shares

Redemptions connected with the proposed business combination

Aggregate redemption payments

Approximately $25.15 million

Payments resulting from redemption elections

Class A shares expected outstanding

Approximately 2.06 million shares

Following redemptions; includes shares not subject to redemption

Trust account balance expected to remain

Approximately $420,377

Subject to final reconciliation and adjustment

Key Terms

redemption rights, special purpose acquisition company, proxy statement/prospectus, microvesicles, +1 more

5 terms

redemption rights financial

"holders of eligible shares exercised their redemption rights"

Redemption rights are contractual provisions that allow a holder of a security—such as preferred shares, bonds, or certain fund units—to require the issuer to buy back the security under specified conditions, often at a set price or by a defined formula. For investors they act like a return policy that offers a forced exit or downside protection, affecting a security’s value, liquidity and the issuer’s cash planning.

special purpose acquisition company financial

"Black Hawk is a special purpose acquisition company"

A special purpose acquisition company (SPAC) is a company formed with the sole purpose of raising money through a public offering to buy or merge with an existing private business. It acts like a vehicle that allows private companies to go public more quickly and with less complexity. For investors, it offers an opportunity to invest early in a potential acquisition, though it also carries risks if the intended deal doesn’t materialize.

proxy statement/prospectus regulatory

"including the preliminary proxy statement/prospectus"

A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.

microvesicles medical

"therapeutics delivered via precision-engineered microvesicles"

Small, membrane-enclosed particles that cells shed into bodily fluids, carrying proteins, lipids and genetic material that can change how other cells behave. Like tiny courier packages or text messages sent between cells, microvesicles can reveal disease processes, act as targets or carriers for therapies, and serve as measurable biomarkers in tests, so they are important to investors tracking diagnostics, drug development and biologics platforms.

mrna medical

"deliver p53 mRNA directly into cancer cells"

mRNA, short for messenger ribonucleic acid, is a biological molecule that carries instructions from a cell’s genetic blueprint to make specific proteins — like a recipe or software code that tells a kitchen or computer what to produce. Investors care because mRNA is used as a flexible drug and vaccine platform that can be developed and scaled faster than many traditional medicines; its commercial prospects, manufacturing needs, regulatory approval path, and patent position can strongly affect a company’s value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BLACKHAWK, Calif., Oct. 14, 2026 (GLOBE NEWSWIRE) -- Black Hawk Acquisition Corporation (NASDAQ: “BKHAU,” “BKHA,” “BKHAR”) “Black Hawk” or the “Company”) today announced that, in connection with its proposed business combination (the “Business Combination”) with Vesicor Therapeutics Inc. (“Vesicor”), holders of 2,089,162 Class A ordinary shares eligible for redemption exercised their redemption rights, resulting in aggregate redemption payments of approximately $25.15 million. The redemptions relate solely to shares eligible for redemption and do not affect the Company's other issued and outstanding Class A ordinary shares. Following the redemptions, the Company is expected to have approximately 2.06 million Class A ordinary shares issued and outstanding, including shares not subject to redemption. Based on the redemption elections, approximately $420,377 is estimated to remain in the Company's trust account, subject to final reconciliation and adjustment.

About the Business Combination

On April 26, 2025, Vesicor Therapeutics, Inc. entered into the Business Combination Agreement, as amended. Upon closing of the Business Combination, the combined company is expected to become a publicly traded company listed on NASDAQ trading under the symbol “VESI”.

About Vesicor Therapeutics Inc.

Vesicor Therapeutics, Inc. is a preclinical-stage biotechnology company developing p53-based cancer therapeutics delivered via precision-engineered microvesicles. The company’s lead product candidate, ecm-RV/p53, uses a non-viral microvesicle platform to deliver p53 mRNA directly into cancer cells and is designed to restore tumor suppression in advanced solid tumors. Founded in 2008, Vesicor is headquartered in San Gabriel, California. 

About Black Hawk Acquisition Corp.

Black Hawk is a special purpose acquisition company with a bold mission: to revolutionize the healthcare sector through a merger, stock purchase, or business combination.

Participants In the Solicitation

Black Hawk, VESICOR, and their respective directors, executive officers, other members of management, and employees may be deemed participants in the solicitation of proxies from Black Hawk’s stockholders with respect to the Business Combination. Investors and security holders may obtain more detailed information regarding the names and interests in the Business Combination of Black Hawk’s directors and officers in Black Hawk’s filings with the Securities and Exchange Commission (the “SEC”), including the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, amendments and supplements thereto, and other documents filed with the SEC. Such information with respect to VESICOR’s directors and executive officers is also included in the proxy statement/prospectus. You may obtain free copies of these documents as described below under the heading “Additional Information and Where to Find It.”

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Black Hawk or VESICOR, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Forward-Looking Statements

This press release includes certain statements that may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, without limitation, statements about future events or Black Hawk’s or VESICOR’s future financial or operating performance. For example, statements regarding VESICOR’s anticipated growth and the anticipated growth and other metrics, statements regarding the benefits of the Business Combination, and the anticipated timing of the completion of the Business Combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology.

These forward-looking statements regarding future events and the future results of Black Hawk and VESICOR are based on current expectations, estimates, forecasts, and projections about the industry in which VESICOR operates, as well as the beliefs and assumptions of Black Hawk’s management and VESICOR’s management. These forward-looking statements are only predictions and are subject to, without limitation, (i) known and unknown risks, including the risks and uncertainties indicated from time to time in the final prospectus of Black Hawk relating to its initial public offering filed with the SEC, and in the proxy statement/prospectus filed by Black Hawk and VESICOR on September 22, 2026, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Black Hawk; (ii) uncertainties; (iii) assumptions; and (iv) other factors beyond Black Hawk’s or VESICOR’s control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, VESICOR’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Black Hawk and VESICOR therefore caution against relying on any of these forward-looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Black Hawk and its management and VESICOR and its management, as the case may be, are inherently uncertain and are inherently subject to risks, variability and contingencies, many of which are beyond Black Hawk’s or VESICOR’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement and any subsequent definitive agreements with respect to the Business Combination; (ii) the outcome of any legal proceedings that may be instituted against Black Hawk, VESICOR, or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (iii) the inability to complete the Business Combination due to the failure to obtain consents and approvals of the shareholders of Black Hawk, to obtain financing to complete the Business Combination or to satisfy other conditions to closing, or delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Business Combination Agreement; (iv) the failure to realize estimated shareholder redemptions, purchase price and other adjustments; and (v) other risks and uncertainties set forth in the filings by Black Hawk with the SEC. There may be additional risks that neither Black Hawk nor VESICOR presently know or that Black Hawk and VESICOR currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made by or on behalf of Black Hawk or VESICOR speak only as of the date they are made. None of Black Hawk or VESICOR undertakes any obligation to update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Additional Information and Where to Find It

In connection with the Business Combination Agreement, Black Hawk and VESICOR have filed a proxy statement/prospectus of Black Hawk, and will file other documents regarding the proposed transaction with the SEC. This communication is not intended to be, and is not, a substitute for the proxy statement/prospectus or any other document that Black Hawk has filed or may file with the SEC in connection with the proposed transaction. The definitive proxy statement and other relevant materials for the proposed transaction have been mailed or made available to stockholders of Black Hawk as of a record date to be established for voting on the proposed transaction.

Before making any voting or investment decision, investors and stockholders of Black Hawk are urged to carefully read the entire registration statement, the proxy statement/prospectus, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, and the documents incorporated by reference therein, because they will contain important information about Black Hawk, VESICOR, and the proposed transaction. Black Hawk’s investors and stockholders and other interested persons can also obtain copies of the registration statement, the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, other documents filed with the SEC that will be incorporated by reference therein, and all other relevant documents filed with the SEC by Black Hawk and/or VESICOR in connection with the transaction, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Black Hawk at the address set forth below.

Contact 

Vesicor Therapeutics, Inc.		Black Hawk Acquisition  Corp.
Luo Feng, Ph.D. Chief Executive Officer and Founder lfeng@vesicor.com		Mr. Kent KaufmanChief Executive Officer and Chairman Email: kent@bhspac.com

FAQ

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How many Black Hawk shares were redeemed in connection with the Vesicor business combination?

Holders of 2,089,162 Class A ordinary shares eligible for redemption exercised their rights, resulting in aggregate redemption payments of approximately $25.15 million. The redemptions do not affect Black Hawk's other issued and outstanding Class A ordinary shares.

How much will remain in Black Hawk's trust account after the redemption elections?

Approximately $420,377 is estimated to remain in Black Hawk's trust account based on the redemption elections. That amount is subject to final reconciliation and adjustment.