BurTech Acquisition Asking Shareholders for Another Year to Get a Deal Done

BurTech Acquisition in a proxy filing seeks a deadline extension up to Dec. 15, 2024. If shareholders approve, the SPAC’s sponsor would  deposit into trust the lesser of 2.5 cents a share or $125,000 per month, up to $1.5 million for the full 12-month period.

Burtech raised $292.2 million in a December 2021 IPO.

The SPAC has hit a few bumps in the road this year. The Nasdaq informed BurTech last month that it could face delisting for falling below the minimum 400 shareholders rule. BurTech has until Nov. 27 for regaining compliance or submitting a plan to do so, which the SPAC said it would.

BurTech in February said it had signed an LOI for a merger with CleanBay, a late-stage enviro-tech company focused on the production of sustainable renewable natural gas, green hydrogen and natural controlled-release fertilizer. There’s been no further announcement on that potential deal, nor is CleanBay mentioned in the new proxy filing.

Ahead of an extension vote in March, the SPAC lost about $228 million to redemptions, leaving approximately $68 million in trust. Read more.

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