SCHEDULE: First Trust Entities Report Zero Black Hawk Acquisition Shares

First Trust Merger Arbitrage Fund and related entities have reported zero beneficial ownership in Black Hawk Acquisition Corp as of September 30, 2025.

Summary

• First Trust Merger Arbitrage Fund (VARBX), First Trust Capital Management L.P. (FTCM), First Trust Capital Solutions L.P. (FTCS), and FTCS Sub GP LLC (Sub GP) are the reporting persons in this Schedule 13G/A Amendment No. 2.
• As of September 30, 2025, these reporting entities collectively owned 0 shares of Black Hawk Acquisition Corp's Ordinary Shares.
• This represents 0.00% of the class of Ordinary Shares outstanding.
• The reporting persons have no sole or shared voting power, nor sole or shared dispositive power over Black Hawk Acquisition Corp's Ordinary Shares.

Sentiment

Score: 5

Explanation: Neutral, as it's a factual disclosure of ownership reduction to zero, which is neither inherently positive nor negative for the issuer without further context. It simply indicates a change in an institutional investor's position.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of institutional ownership changes. A reduction to zero beneficial ownership by a fund like First Trust Merger Arbitrage Fund typically indicates that the investment thesis (e.g., merger arbitrage opportunity) has concluded, or the fund has decided to exit its position in the company. This is a common occurrence in the lifecycle of SPACs or companies involved in M&A activities.

Stakeholder Impact

• Shareholders: The reduction to zero beneficial ownership by First Trust entities indicates a complete divestment or reduction below the reporting threshold by these institutional investors. This could be interpreted by other shareholders as a signal regarding the company's prospects or the conclusion of an investment opportunity, potentially influencing their own investment decisions.

Key Dates

Recommendation

The filing indicates that First Trust entities no longer hold any shares of Black Hawk Acquisition Corp. This is a factual disclosure of a change in institutional ownership and does not provide sufficient new information about the company's operational or financial performance to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and seek further information regarding the company's fundamentals and strategic direction.

Keywords

Black Hawk Acquisition Corp, Ordinary Shares, Schedule 13G, Beneficial Ownership, First Trust, Investment Fund, Divestment