Intel stock spikes after report of possible US government stake
Black Hawk Acquisition Corporation (NASDAQ:BKHAU, (NASDAQ:BKHA), NASDAQ:BKHAR), a $95.1 million market cap company currently trading near its 52-week high of $12.21, announced Monday that shareholders approved amendments to extend the deadline for completing a business combination, according to a press release statement and SEC filing. InvestingPro data shows the company’s stock has maintained relatively low price volatility over the past year.
At a shareholder meeting held July 8, the company’s investors approved changes to both the investment management trust agreement and the company’s charter. The new terms allow Black Hawk Acquisition to extend the period to complete a business combination on a month-to-month basis, starting June 22, 2025, up to December 22, 2026. For each one-month extension, the company is required to deposit $150,000 into its trust account.
If the company fails to make a required extension payment, it will have a 45-day cure period to make up the missed payment. If payment is not made during this period, Black Hawk Acquisition must cease operations and proceed to liquidation.
The company has already deposited an initial $150,000 payment, extending the deadline to July 22, 2025.
Shareholders also approved amendments to the company’s Second Amended and Restated Memorandum and Articles of Association to reflect the extension terms.
Voting results for the proposals were as follows: 5,857,684 shares in favor, 1,561,829 against, and 124,343 abstentions for both the extension amendment and the trust agreement amendment. The adjournment proposal received the same vote tally but was not needed, as the other proposals passed.
In connection with the vote, holders of 4,775,923 ordinary shares elected to redeem their shares for a pro rata portion of the trust account. Approximately $51,010,745.30 (about $10.68 per share) will be distributed to these holders, leaving around $22,686,871.39 in the trust account. Following redemptions, 2,124,077 public ordinary shares remain outstanding. According to InvestingPro analysis, the company’s current ratio of 0.56 and weak financial health score of 1.3 suggest potential liquidity challenges ahead. Subscribers to InvestingPro can access 4 additional key financial tips and comprehensive financial health metrics.
These details are based on a press release statement and the company’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Black Hawk Acquisition Corporation announced the adjournment of its Extraordinary General Meeting of Shareholders. Originally set for a previous date, the meeting has been rescheduled to July 8, 2025, and will continue to be conducted virtually. The company made this decision to solicit additional votes on matters outlined in the meeting’s notice and proxy statement. Shareholders of record as of June 2, 2025, are eligible to vote, either in person or by proxy. Proxies already submitted will remain valid for the adjourned meeting unless they are revoked. Shareholders who have already participated do not need to take further action. This development was disclosed in a statement filed with the SEC.
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