Financial Performance - The company reported a net loss of $96,922 for the three months ended March 31, 2022, consisting of $126,308 in formation and operating costs, offset by $29,413 in interest income [134]. Cash and Working Capital - As of March 31, 2022, the company had approximately $927,449 in its operating bank account and working capital of approximately $959,828 [135]. - The company has a borrowing capacity of up to $1,500,000 from its sponsor to support operations over the next year [136]. - As of March 31, 2022, the company had total borrowings of $88,746 under a promissory note [138]. IPO and Transaction Costs - Transaction costs associated with the IPO totaled $16,919,619, including $2,875,000 in underwriting fees and $10,062,500 in deferred underwriting fees [137]. - The company completed its IPO on December 15, 2021, raising a total of $287,500,000 from the issuance of 28,750,000 units at $10.00 per unit [130]. Business Combination and Use of Funds - The company intends to use substantially all funds held in the Trust Account to complete its Business Combination, with remaining proceeds used for working capital [139]. - The company has agreed to pay a monthly fee of $10,000 for office space and administrative support until the completion of its Business Combination [148]. Equity and Debt Structure - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2022 [147]. - The company has 28,750,000 Class A common stock subject to possible redemption, presented at redemption value as temporary equity [144].
BurTech Acquisition (BRKH) - 2022 Q1 - Quarterly Report