BurTech Acquisition in an 8-K said it has satisfied its IPO deferred underwriting commisssion with EF Hutton for $1.5 million. The parties’ initial agreement called for a commission fee of $10,062,500.
BurTech last week increased the purchase price on its deal with Blaize from $700 million to $767 million. The SPAC also said there will be no lock-up period for investors on its convertible note financing of up to $125 million.
Blaize is a provider of AI-enabled edge computing solutions.
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. Read more.
