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BurTech Acquisition Corp. (BRKH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $875,953 compared to a net income of $3,362 in the same quarter of the previous year. The loss is attributed to operating costs and franchise taxes.
The company reported $49,915,251 in investments held in the Trust Account, with restricted cash of $66,621 reserved for current tax liabilities.
BurTech is in the process of a proposed business combination with Blaize, Inc., with an Agreement and Plan of Merger signed on December 22, 2023. The merger is subject to customary closing conditions.
The company has extended its liquidation date to December 15, 2024, and is exploring additional capital raising options to meet its working capital needs.
BurTech's management has determined that the liquidity condition and mandatory liquidation raise substantial doubt about the company's ability to continue as a going concern.
The company has identified material weaknesses in its internal control over financial reporting, including inadequate control for the withdrawal of funds from the Trust Account.
BurTech's stockholders approved an extension for the company to consummate an initial business combination, with the Sponsor making monthly deposits to extend the company's life until December 15, 2024.
The filing also details various financial agreements, including a backstop subscription agreement and amendments to the underwriting agreement with EF Hutton.
The company acknowledges potential risks related to the new U.S. federal excise tax on certain stock repurchases and the potential impact of Nasdaq's new delisting rules.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BurTech Acquisition Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.