BurTech Acquisition (BRKH) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $1,574,791, driven by interest from marketable securities of$3,075,729, offset by operating costs and taxes totaling $1,500,938[174]. - As of March 31, 2023, the company had$1,172,371 in operating bank accounts and $69,431,940 in investments held in the Trust Account, with a working capital deficit of$3,061,468[175]. - Approximately $227.8 million was removed from the company's trust account to pay for the redemption of 22,119,297 shares, resulting in 6,630,703 shares of Class A common stock outstanding[173]. - The company has$2,130,305 of the amount on deposit in the Trust Account representing interest income as of March 31, 2023[175]. Tax and Regulatory Considerations - The company may be subject to a 1% excise tax on stock repurchases occurring after December 31, 2022, as per the Inflation Reduction Act of 2022[238]. Company Status and Risks - The company is an emerging growth company, subject to risks associated with such status[172]. Warrant Information - The company will not be obligated to deliver shares of Class A common stock upon warrant exercise unless a registration statement is effective[182]. - The warrants entitle holders to purchase shares of Class A common stock at a price of $11.50 per share, becoming exercisable 30 days after the initial Business Combination[181]. - The company has no obligation to net cash settle any warrant, and if registration is not effective, the warrants may expire worthless[182]. Internal Controls - The company has not experienced any changes in internal control over financial reporting that materially affect its operations during the most recent fiscal quarter[235].