Wolverine's passive 5.09% stake is just above the threshold — monitor for any future conversion to a 13D (activist filing) or further accumulation. The SPAC has not announced a business combination target, so the filing likely reflects a routine arbitrage or event-driven position.
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Executive Summary
Wolverine Asset Management LLC filed an amended Schedule 13G disclosing a 5.09% passive stake in Black Hawk Acquisition Corp as of September 30, 2026, representing 211,220 ordinary shares. This is a new filing by Wolverine, not a continuation of prior filers (AQR, First Trust, Kerry Propper), and the stake is just above the 5% threshold. The filing is routine passive disclosure with no indication of activist intent.
Key Financial Metrics
Key Facts
- Wolverine Asset Management LLC disclosed beneficial ownership of 211,220 ordinary shares of Black Hawk Acquisition Corp.
- The stake represents 5.09% of outstanding shares, calculated against 4,153,577 shares outstanding as of July 15, 2026.
- Filing is under Rule 13d-1(b) — passive investment, not activist.
- Wolverine Holdings LLC, Christopher L. Gust, and Robert R. Bellick are also named as reporting persons with shared voting and dispositive power over the same shares.
- This is a new filer; prior 13G/A filers (AQR Capital Management, First Trust entities, Kerry Propper) are not referenced in this filing.
Financial Impact
Stake value not disclosed; 211,220 shares at an estimated SPAC-like price (~$10) would be ~$2.1 million.
Risk Factors
- No business combination target announced — SPAC risk of liquidation if deal not completed within timeframe.
- Passive filing could convert to activist if Wolverine seeks to influence the SPAC's merger process.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13G/A Filing (Primary) | 0001140361-26-038899 |
| Document: 0001140361-26-038899-index.html | 0001140361-26-038899 |
| Document: 0001140361-26-038899.txt | 0001140361-26-038899 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $5.12 | awaiting T+20 | — | $5.40 (+5.47%) |
Oct 7, 2026 19d ago | SC 13G/A | $13.00 | awaiting T+20 | — | $5.40 (−58.46%) |
Sep 24, 2026 4w ago | 8-K | $12.27 $5.40 | ▼ −55.99% | ▼ −54.51% | $5.40 (−55.99%) |
Sep 21, 2026 5w ago | 424B4 | $12.10 $4.14 | ▲ +65.79% | ▲ +65.23% | $5.40 (+55.37%) |
Sep 18, 2026 5w ago | EFFECT | $11.99 $6.01 | ▼ −49.87% | ▼ −50.08% | $5.40 (−54.96%) |
Sep 4, 2026 7w ago | S-4/A | $11.99 $12.28 | ▼ −2.42% | ▼ −1.82% | $5.40 (+54.96%) |
Aug 26, 2026 8w ago | 8-K | $11.85 $11.99 | ▲ +1.21% | ▲ +0.00% | $5.40 (−54.42%) |
Jun 11, 2026 19w ago | S-4/A | $11.89 $11.96 | ▼ −0.59% | ▲ +1.30% | $5.40 (+54.58%) |
US Market Status
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