Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Black Hawk Acquisition Corp. is the issuer covered by an amended beneficial-ownership report naming Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust and Robert R. Bellick as reporting persons. Wolverine Asset Management is identified as an investment adviser, and Wolverine Holdings as its sole member and manager; Gust and Bellick are identified as managers of Wolverine Holdings.
The ownership table lists 211,220 shares and 5.09% for each reporting person. The narrative instead states beneficial ownership of 221,220 shares for Wolverine Holdings and each manager, while retaining 211,220 shares for Wolverine Asset Management; a later passage lists shared dispositive power of 221,220 shares for all four. Shared voting power is listed as 211,220 shares for each. The stated percentages were calculated using 4,153,577 issuer shares outstanding as of July 15, 2026. Wolverine Flagship Fund Trading Limited is identified as having rights to dividends or sale proceeds from shares Wolverine Asset Management may be deemed to own.
Key Figures
Beneficial ownership in ownership table:211,220 sharesNarrative beneficial ownership:221,220 sharesShared voting power:211,220 shares+3 more
6 metrics
Beneficial ownership in ownership table211,220 sharesListed for each reporting person
Narrative beneficial ownership221,220 sharesStated for Wolverine Holdings, Christopher L. Gust and Robert R. Bellick
Shared voting power211,220 sharesReported for each reporting person
Shared dispositive power221,220 sharesA narrative passage reports this for all four reporting persons
Beneficial ownership percentage5.09%Reported for each person
Issuer shares outstanding4,153,577 sharesAs of July 15, 2026
Key Terms
beneficial ownership, Shared Voting Power, Shared Dispositive Power, Percent of class
4 terms
beneficial ownershipfinancial
"may be deemed the beneficial owner of 5.09%"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared Voting Powerfinancial
"Shared Voting Power 211,220.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerfinancial
"Shared Dispositive Power 211,220.00"
Percent of classfinancial
"Percent of class: WAM may be deemed the beneficial owner"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many BKHA shares do the reporting persons beneficially own?
The reported counts differ: the ownership table lists 211,220 shares for each reporting person, while the narrative lists 221,220 shares for Wolverine Holdings, Christopher L. Gust and Robert R. Bellick, and 211,220 for Wolverine Asset Management. The stated ownership percentage for each is 5.09%.
Who receives dividends or sale proceeds from the BKHA shares?
Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or sale proceeds from shares that Wolverine Asset Management may be deemed to beneficially own.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Black Hawk Acquisition Corp.
(Name of Issuer)
Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G1148A101
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G1148A101
1
Names of Reporting Persons
Wolverine Asset Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,220.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.09 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G1148A101
1
Names of Reporting Persons
Wolverine Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,220.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.09 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
G1148A101
1
Names of Reporting Persons
Christopher L. Gust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,220.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.09 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
G1148A101
1
Names of Reporting Persons
Robert R. Bellick
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
211,220.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
211,220.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
211,220.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.09 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Black Hawk Acquisition Corp.
(b)
Address of issuer's principal executive offices:
4125 Blackhawk Plaza Circle, Suite 166, Danville, California 94506
Item 2.
(a)
Name of person filing:
Wolverine Asset Management, LLC
Wolverine Holdings, LLC
Christopher L. Gust
Robert R. Bellick
(b)
Address or principal business office or, if none, residence:
c/o Wolverine Asset Management, LLC
175 West Jackson Boulevard, Suite 340
Chicago, IL 60604
(c)
Citizenship:
Wolverine Asset Management, LLC - Illinois
Wolverine Holdings, LLC - Delaware
Christopher L. Gust - U.S. Citizen
Robert R. Bellick - U.S. Citizen
(d)
Title of class of securities:
Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
G1148A101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 211,220 ordinary shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, LLC ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust, may be deemed to control Wolverine Holdings in their roles as Managers of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, and Mr. Gust have voting and dispositive power over 221,220 ordinary shares of the Issuer.
(b)
Percent of class:
WAM may be deemed the beneficial owner of 5.09 % of the Issuer's outstanding Ordinary Shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.09 % of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 4,153,577 (the number of shares outstanding as of July 15, 2026 according to the Issuer's Form 10-Q filed July 15, 2026).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
WAM has shared power to vote or direct the vote of 211,220 ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 211,220 ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
WAM has shared power to dispose or direct the disposition of 221,220 ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 221,220 ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the shares of the Issuer's Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
