BurTech Acquisition Corp. Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

Rhea-AI Summary

BurTech Acquisition Corp. announced the successful closing of its initial public offering (IPO) on December 15, 2021, raising $287.5 million through the sale of 25 million units at $10.00 each, including over-allotment options. Each unit comprises one share of Class A common stock and one redeemable warrant. The units began trading on Nasdaq under the ticker symbol BRKHU on December 13, 2021. The Company aims to pursue mergers, acquisitions, or similar transactions primarily in retail, technology, hospitality, or real estate sectors.

Positive

• Successfully raised $287.5 million in gross proceeds from the IPO.
• Units began trading on Nasdaq, enhancing liquidity and visibility.
• Focus on a diverse range of sectors for potential business combinations.

Negative

• No business combination target selected yet, indicating potential delays in growth.
• Lack of substantive discussions with potential targets may hinder future plans.

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- BurTech Acquisition Corp. (the "Company") announced today the closing of its initial public offering of 25,000,000 units at $10.00 per unit (the "Offering"). Each unit consists of one share of Class A common stock and one redeemable warrant, with each warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The underwriters exercised their over-allotment option in full for an additional 3,750,000 units on December 13, 2021, which closed at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $287.5 million, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The units have been listed on the Nasdaq Global Market ("Nasdaq") and began trading on December 13, 2021, under the ticker symbol "BRKHU". Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "BRKH" and "BRKHW", respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 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, Mr. Shahal Khan.

EF Hutton, division of Benchmark Investments, LLC, served as sole book-running manager for the Offering.

Loeb & Loeb LLP served as legal counsel to the Company. Lucosky Brookman, LLP served as legal counsel to EF Hutton.

The Offering was made only by means of a prospectus. Copies of the prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Ave., 39^th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1 relating to these securities on December 10, 2021. A final prospectus relating to this Offering has been filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and the anticipated use of the net proceeds thereof. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the Offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

BurTech Acquisition Corp.
1300 Pennsylvania Avenue NW, Suite 700
Washington, DC 20004

Camille Chetrit
Investor Relations
investors@burtechacq.us
(908) 530-8928

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SOURCE BurTech Acquisition Corp.

FAQ

What was the total amount raised in the BurTech IPO?

BurTech Acquisition Corp. raised a total of $287.5 million in its IPO.

When did BurTech Acquisition Corp. begin trading on Nasdaq?

BurTech Acquisition Corp. began trading on Nasdaq under the ticker symbol BRKHU on December 13, 2021.

What sectors is BurTech Acquisition Corp. focusing on for acquisitions?

The Company is focusing on sectors including retail, technology, hospitality, and real estate for potential acquisitions.

How many units were sold in the BurTech IPO?

The IPO consisted of 25 million units sold at $10.00 each.

What are the components of each unit sold in the IPO?

Each unit consists of one share of Class A common stock and one redeemable warrant.