BurTech Acquisition Corp. Receives Notice from Nasdaq Regarding Delayed Quarterly Report
BurTech Acquisition Corp. (NASDAQ: BRKH) announced it received a notice from Nasdaq on June 3, 2024, for failing to file its Quarterly Report on Form 10-Q for the period ending March 31, 2024, on time. The company is working to file the report as soon as possible to regain compliance with Nasdaq Listing Rule 5250(c)(1). The notice does not affect the current listing or trading of BRKH securities. BurTech has 60 days, until August 2, 2024, to submit a plan to regain compliance. If accepted, the company may have until November 8, 2024, to file the report. BurTech previously cited unreasonable effort or expense as the reason for the delay in a Form 12b-25 filed on May 16, 2024. This disclosure complies with Nasdaq Listing Rule 5810(b).
- The company's securities remain listed and traded on the Nasdaq Global Market.
- BurTech has a clear timeframe and process for regaining compliance with Nasdaq rules.
- Potential 180-day extension granted upon acceptance of the compliance plan, providing ample time to file the delayed 10-Q.
- Failure to file the quarterly report on time, signifying potential internal issues.
- Received a deficiency notice from Nasdaq, raising compliance concerns.
- Previous notification of late filing indicates recurrent issues in timely reporting.
- Potential risk of delisting if the compliance plan is not accepted or if the report is not filed within the stipulated time.
The Company will file its 10-Q as soon as practicable in order to regain compliance with the Listing Rule, and in any event within the abovementioned time frame.
The Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Global Market. The Notice states that the Company has 60 calendar days from the date of the Notice, or August 2, 2024, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-Q, or November 8, 2024, to file the 10-Q to regain compliance.
As previously reported by the Company in its Notification of Late Filing on Form 12b-25, filed with the SEC on May 16, 2024, the Company was unable to timely file the 10-Q without unreasonable effort or expense.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About BurTech Acquisition Corp.
BurTech Acquisition Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The Company intends to focus its search for a target business in the retail, lifestyle, hospitality, technology, or real estate markets. The Company is led by its Chief Executive Officer, Shahal Khan.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on our current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to us. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, our ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, our ability to regain compliance with Listing Rule, our ability to become current with our reports with the SEC, and the risk that the completion and filing of the Form 10-Q will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the SEC. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except to the extent required by applicable law, we do not undertake any obligation to update or revise forward-looking statements made by us to reflect subsequent events or circumstances.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605869270/en/
Shahal Khan
BurTech Acquisition Corp.
shahal@burkhan.world
Source: BurTech Acquisition Corp.
FAQ
Why did BurTech Acquisition Corp. (BRKH) receive a notice from Nasdaq?
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