Blaize, a provider of AI-enabled edge computing solutions, announced that it has entered into a definitive agreement to combine with BurTech Acquisition.
If approved, upon closing Blaize is expected to be listed on the Nasdaq under a new ticker symbol. The proposed transaction values Blaize at a pro forma enterprise value of $894 million.
The proposed transaction is expected to deliver minimum proceeds of approximately $71 million (prior to expenses), including approximately $46 million cash from BurTech’s trust account (assuming no further redemptions) and a $25 million committed investment from Burkhan Capital, an affiliate of BurTech, in the form of convertible notes and warrants of Blaize.
In addition, 16.3 million BurTech earnout shares may be issued after the closing. The earnout shares are to be issued to shareholders of Blaize and Burkhan Capital contingent on certain stock price thresholds.
Blaize has developed a suite of purpose-built, full-stack programmable processor architecture, and low-code/no-code software platform that enables AI processing solutions for high performance computing in multiple large and rapidly growing markets. Its proprietary, purpose-built solutions are designed to enable enterprises to harness the power of AI at the periphery of the network and in the data center and deliver real-time insights and decision-making capabilities with speed and efficiency.
Norton Rose Fulbright is U. S. legal counsel to BurTech. Cohen and Company Capital Markets is exclusive financial advisor, lead capital markets advisor and private placement agent to Blaize. Latham & Watkins is legal counsel to Blaize. Blueshirt Capital Advisors is serving as an investor relations advisor to Blaize. Read more.
