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 Q4 - Annual Report