Burtech Acquisition Corp.(BRKHU)

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Burtech Acquisition Corp.(BRKHU) - 2023 Q1 - Quarterly Report
2023-06-01 21:26
IPO and Capital Raising - The company completed its IPO on December 15, 2021, raising approximately $287.5 million by issuing 28,750,000 units at $10.00 per unit[117]. Financial Performance - As of March 31, 2023, the company had a net income of $1,574,791, primarily from interest income of $3,075,729, after deducting operating costs and taxes[122]. - The company reported a working capital deficit of $3,061,468 as of March 31, 2023, with $69,431,940 held in the Trust Account for future business combinations[124]. - As of March 31, 2023, the company had $1,172,371 in its operating bank accounts and $2,130,305 of the Trust Account amount represented interest income[124]. - The company has incurred expenses related to being a public entity, including legal and compliance costs, but has not generated any operating revenues to date[121]. Debt and Liquidity - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[129]. - The company expects to need additional capital for operations and may seek loans or investments from sponsors or third parties[126]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern for at least one year from the date of the financial statements[127]. Business Combination Requirements - The company is required to complete a business combination within 23 months from the IPO closing date, or it will face mandatory liquidation[119]. - Following a stockholder vote on March 10, 2023, approximately $227.8 million was redeemed, leaving 6,630,703 shares of Class A common stock outstanding[118]. Accounting Standards and Internal Controls - The Company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[140]. - The management does not believe that any other recently issued accounting standards would materially affect the financial statements[141]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected internal control[147]. Tax Implications - The Company may be subject to a 1% excise tax on stock repurchases occurring after January 1, 2023, as per the Inflation Reduction Act of 2022[150]. - The excise tax is based on the fair market value of shares repurchased, which could impact cash available for business combinations[151].
Burtech Acquisition Corp.(BRKHU) - 2022 Q4 - Annual Report
2023-04-21 00:11
IPO and Capital Raising - The company completed its IPO on December 15, 2021, raising approximately $287.5 million from the sale of 28,750,000 units at $10.00 per unit[59]. Financial Performance - As of December 31, 2022, the company reported a net income of $1,673,607, primarily from interest income of $3,989,294, after accounting for formation and operating costs of $1,523,929 and income taxes of $791,758[63]. - The company has incurred expenses related to being a public company, including legal and compliance costs, but does not expect to generate operating revenues until after completing a Business Combination[62]. Trust Account and Investments - The company had $295,802,694 in investments held in the Trust Account as of December 31, 2022, designated for a Business Combination or to redeem Public Shares[64]. - Following a stockholder vote on March 10, 2023, approximately $227.8 million was removed from the trust account due to 22,119,297 shares being tendered for redemption[60]. - The Class A common stock subject to possible redemption is presented at redemption value as temporary equity, totaling 28,750,000 shares as of December 31, 2022[76]. Liquidity and Financial Position - The company has a working capital deficit of $96,188 as of December 31, 2022, with only $22,232 in its operating bank accounts[64]. - The company expects to need additional capital to meet its liquidity needs and may not be able to obtain financing on commercially acceptable terms[66]. - The company is less than 8 months away from mandatory liquidation as of the filing date, raising substantial doubt about its ability to continue as a going concern[67]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2022[69].
Burtech Acquisition Corp.(BRKHU) - 2022 Q3 - Quarterly Report
2022-11-14 17:15
Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $661,883, driven by interest from marketable securities of $1,317,125, offset by formation and operating costs of $402,504 and income tax provision of $252,738 [119]. - For the nine months ended September 30, 2022, the company achieved a net income of $658,283, with interest from marketable securities totaling $1,740,557, against formation and operating costs of $748,860 and income tax provision of $333,414 [120]. Investments and Capital Structure - As of September 30, 2022, the company had $293,553,956 in investments held in the Trust Account, designated for a Business Combination or to repurchase Public Shares [122]. - The company had $480,348 in operating bank accounts and working capital of $594,967 as of September 30, 2022 [122]. - The company completed its IPO on December 15, 2021, raising $287,500,000 from the issuance of 28,750,000 units at $10.00 per unit [116]. - The company has a 15-month period from the IPO closing to complete its initial Business Combination, failing which it will cease operations and redeem public shares [117]. - The company expects to need additional capital for operations and may seek loans or investments from sponsors or third parties [124]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [134]. Accounting Policies - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, requiring management estimates [125]. - The company has two classes of shares, with earnings and losses shared pro rata, and potential common stocks from outstanding warrants excluded from diluted earnings per share due to contingencies [133].
Burtech Acquisition Corp.(BRKHU) - 2022 Q2 - Quarterly Report
2022-08-15 19:32
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41139 BURTECH ACQUISITION CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...
Burtech Acquisition Corp.(BRKHU) - 2022 Q1 - Quarterly Report
2022-05-16 18:37
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41139 BURTECH ACQUISITION CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...
Burtech Acquisition Corp.(BRKHU) - 2021 Q4 - Annual Report
2022-03-31 21:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ________________ Commission file number: 001-41139 BURTECH ACQUISITION CORP. (Exact name of registrant as specified in its charter) incorporation or organization) ...