SCHEDULE 13G/A 0001493152-24-044605 0001282327 XXXXXXXX LIVE 1 Ordinary Shares, par value $0.0001 09/30/2025 0002000775 Black Hawk Acquisition Corporation G1148A101 4125 Blackhawk Plaza Circle Suite 166 Danville CA 94506 Rule 13d-1(b) Kerry Propper b X1 0 240999 0 240999 240999 N 5.8 HC IN Please see note in Item 4(a). Antonio Ruiz-Gimenez b U3 0 240999 0 240999 240999 N 5.8 HC IN Please see note in Item 4(a). Black Hawk Acquisition Corporation 4125 Blackhawk Plaza Circle, Suite 166 Danville, California 94506 Antonio Ruiz-Gimenez* Kerry Propper* 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119 Antonio Ruiz-Gimenez - Spain Kerry Propper - United States N HC Antonio Ruiz-Gimenez - 240,999* Kerry Propper - 240,999* *The Ordinary Shares (the "Shares") of Black Hawk Acquisition Corporation (the "Issuer") reported herein are held by (1) one or more private funds managed by ATW SPAC Management LLC ("ATW SPAC"), which has been delegated exclusive authority to vote and/or direct the disposition of certain Shares and (2) a private fund, SZOP Multistrat LP, managed by SZOP Multistrat Management LLC ("SZOP"). SZOP and ATW SPAC are registered investment advisers whose managing members are Kerry Propper and Antonio Ruiz-Gimenez (the "Control Persons"). The percentages reported herein are based upon the 4,153,577 Shares issued and outstanding as disclosed in the Issuer's Form 8-K/A filed with the SEC on July 22, 2025. By virtue of the relationships, the Control Persons may be deemed to have shared voting and dispositive power with respect to the Shares. This report shall not be deemed an admission that the Control Persons or any other person is the beneficial owner of the Shares reported herein for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Control Persons disclaims beneficial ownership of the Shares reported herein except to the extent of each of their pecuniary interest, if any, therein. Antonio Ruiz-Gimenez - 5.8% Kerry Propper - 5.8% Antonio Ruiz-Gimenez - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 240,999* Kerry Propper - 240,999* Antonio Ruiz-Gimenez - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 240,999* Kerry Propper - 240,999* Y N Y Y Y Y N 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. Exhibit I - JOINT FILING STATEMENT Kerry Propper /s/ Kerry Propper 11/13/2025 Antonio Ruiz-Gimenez /s/ Antonio Ruiz-Gimenez 11/13/2025