Blaize, Inc., a company that offers full-stack, AI-enabled computing solutions for various markets, announced today that it has agreed to merge with BurTech Acquisition Corp., a special purpose acquisition company listed on Nasdaq.
The deal values Blaize at $894 million and will result in Blaize becoming a publicly traded company under a new ticker symbol.
The merger is expected to provide Blaize with at least $71 million in cash, including a $25 million investment from Burkhan Capital, LLC, an affiliate of BurTech. Blaize and Burkhan Capital may also receive up to 16.3 million additional shares of BurTech common stock if certain stock price targets are met after the closing of the transaction.
BurTech will be renamed Blaize Holdings, Inc. upon completion of the merger. Norton Rose Fulbright US LLP, Cohen & Company Capital Markets, Latham & Watkins LLP, and Blueshirt Capital Advisors are serving as advisors to the parties involved in the transaction.
CEO and Chairman of BurTech Shahal Khan, commented, “Today marks the beginning of an extraordinary journey as BurTech agrees to combine with Blaize. The potential in the field of edge AI is immense, and this partnership positions the combined company for success. We are honored to have garnered strong backing from visionary investors, a testament to the revenue and growth potential in our journey. Our confidence in Blaize’s management team is unwavering, and together, we are poised to be a leading player in a bright and transformative future in the world of edge AI. We are eager to pioneer the path ahead.”
CEO and co-founder of Blaize, Dinakar Munagala stated, “This combination with BurTech is a landmark event for Blaize. It positions us perfectly to tackle the exciting challenges and global opportunities in AI computing and processors. We are grateful for the support of our long-term investors and the commitment from BurTech. This enables us to rapidly deploy our proprietary AI solutions across multiple geographies and play a prominent role in shaping the future of sustainable AI innovation.”
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