Here are the 424B prospectus supplements from Black Hills Corporation (BKH) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BKH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BKH filings page.
Black Hills Corporation is offering up to $183,376,179.78 of common stock in an at-the-market program that replaces an earlier prospectus supplement. The amount represents the remaining capacity under a previously announced $400,000,000 sales agreement under which the company has sold 3,517,790 shares for aggregate gross proceeds of $216,623,820.22. Sales may be effected through designated sales agents or via forward sale agreements with affiliated forward purchasers and forward sellers; settlement under forward sale agreements may be physical, cash or net share settlement and could produce dilution or cash payment obligations depending on the settlement method.
The prospectus supplement states the company will pay commissions of up to 2% to agents/forward sellers, estimates offering expenses of approximately $700,000, and discloses 76,128,118 shares outstanding as of May 14, 2026. The proceeds, if any, will be used for working capital and general corporate purposes. The offering is subject to FINRA rules and customary risks described under "Risk Factors."
Black Hills Corporation and NorthWestern Energy Group plan an all-stock merger in which each NorthWestern share will convert into 0.98 share of Black Hills common stock. NorthWestern will become a wholly owned subsidiary, and the combined company will adopt a new name before or at closing.
To complete the deal, Black Hills shareholders must approve issuing new shares, tripling authorized stock to 300 million, increasing authorized indebtedness to $20 billion, and a corporate name change. NorthWestern shareholders must adopt the Merger Agreement. Both special meetings are virtual on April 2, 2026, and there are no appraisal rights.