Black Hawk Acquisition (NASDAQ:BKHAR) Trading Down 8.5% – Time to Sell?

Black Hawk Acquisition Co. (NASDAQ:BKHAR)’s stock price dropped 8.5% during mid-day trading on Thursday . The stock traded as low as $1.60 and last traded at $1.61. Approximately 4,061 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 16,829 shares. The stock had previously closed at $1.76.

Black Hawk Acquisition Stock Performance

The stock has a 50-day simple moving average of $1.42 and a two-hundred day simple moving average of $1.55.

Black Hawk Acquisition Company Profile

Black Hawk Acquisition Corp. is a special purpose acquisition company (SPAC) organized to pursue merger, share exchange, asset acquisition, stock purchase, recapitalization, restructuring or similar business combination transactions with one or more businesses. The company’s objective is to identify and acquire a target company in industries that exhibit strong growth potential, such as technology, digital media and consumer products. The blank-check vehicle structure allows Black Hawk Acquisition to leverage its capital and sponsor expertise to complete a business combination.

Formed in mid-2021, Black Hawk Acquisition completed its initial public offering on the Nasdaq under the ticker symbol BKHAR, raising approximately $250 million in gross proceeds.