El Dorado Hills, Calif. – December 30, 2023 – Blaize, a cutting-edge provider of AI-enabled computing solutions, has announced plans to go public through a merger with BurTech Acquisition Corp. The transformative deal values Blaize at an estimated $894 million and is set to propel the company into the public market with an anticipated Nasdaq listing.
Blaize specializes in full-stack artificial intelligence solutions catering to diverse sectors such as automotive, mobility, retail, security, industrial automation, and healthcare. The company’s robust offerings address a total addressable market exceeding $70 billion. Backed by strategic investments from industry giants like DENSO, Mercedes Benz, Magna, and Samsung, Blaize has garnered recognition for its proprietary, purpose-built processor architecture and innovative software platforms.
Strategic Merger Details
The merger with BurTech, a special purpose acquisition company (SPAC) trading on NASDAQ under BRKH, is poised to solidify Blaize’s position as a global leader in edge AI computing. The pro forma enterprise value of $894 million underscores the confidence investors place in Blaize’s potential. The transaction, slated for closure in the second quarter of 2024, is contingent upon shareholder approval and regulatory clearance.
CEO Perspectives
Shahal Khan, CEO and Chairman of BurTech, expressed confidence in the partnership, citing the immense potential in the field of edge AI. Blaize CEO and Co-founder, Dinakar Munagala, sees the merger as a landmark event, providing the necessary resources to tackle global AI computing challenges.
Revolutionary AI Solutions
Blaize’s AI solutions encompass a purpose-built processor, Blaize® Graph Streaming Processor (GSP®), designed for edge and data centers, coupled with user-friendly development environments like Blaize® AI Studio® and Blaize® Picasso® SDK. This suite empowers developers and data scientists to efficiently create and deploy AI models, promising superior performance and total cost of ownership compared to alternatives like GPUs and ASICs.
Financial Overview
The proposed merger is expected to generate minimum proceeds of $71 million, including $46 million in cash from BurTech’s trust account and a $25 million investment from Burkhan Capital, LLC. Additional shares of common stock may be issued post-transaction based on stock price thresholds.
About BurTech Acquisition Corp.
BurTech Acquisition Corp. (NASDAQ: BRKH) is a SPAC dedicated to partnering with innovative businesses, supporting them in the public market to create long-term value for shareholders. With a focus on technology industries, BurTech aims to foster success stories through steadfast support and financial strength.
About Blaize
Blaize is at the forefront of AI innovation, offering purpose-built, full-stack programmable processor architecture and software platforms for high-performance computing. With a comprehensive partner ecosystem and strategic investments, Blaize is poised to shape the future of sustainable AI innovation. Headquartered in El Dorado Hills, Blaize has a global presence with teams in the United States, India, and the UK.
Transaction Advisors
Norton Rose Fulbright US LLP serves as U.S. legal counsel to BurTech, while Cohen & Company Capital Markets acts as Blaize’s exclusive financial advisor. Latham & Watkins LLP provides legal counsel to Blaize, and Blueshirt Capital Advisors serves as an investor relations advisor to the company.
Conclusion
The Blaize and BurTech merger represents a significant milestone in the AI industry, aligning cutting-edge technology with the financial backing needed for global expansion. Investors are eyeing the combined entity’s potential to revolutionize edge AI computing, making Blaize a key player in the rapidly evolving AI landscape.
Dinakar Munagala, Blaize co-founder and CEO BIO
Financial Disclosure – This report: contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to BurTech and Blaize. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of BurTech’s securities; (ii) the risk that the proposed transaction may not be completed by BurTech’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by BurTech; (iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the approval of the proposed transaction by BurTech’s stockholders, the satisfaction of the minimum aggregate transaction proceeds amount following redemptions by BurTech’s public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the failure to obtain financing to complete the proposed transaction and to support the future working capital needs of Blaize and the combined company; (v) the effect of the announcement or pendency of the proposed transaction on Blaize’s business relationships, performance, and business generally; (vi) risks that the proposed transaction disrupts current plans of Blaize and potential difficulties in the retention of Blaize employees as a result of the proposed transaction; (vii) the outcome of any legal proceedings that may be instituted against BurTech or Blaize related to the merger agreement and the proposed transaction ; (viii) changes to the proposed structure of the proposed transaction that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed transaction; (ix) the ability to maintain the listing of BurTech’s securities on Nasdaq; (x) the price of BurTech’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Blaize operates, variations in performance across competitors, changes in laws and regulations affecting Blaize’s business and changes in the combined capital structure; (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, including the possibility of cost overruns or unanticipated expenses in development programs, and the ability to identify and realize additional opportunities; (xii) the enforceability of Blaize’s intellectual property, including its patents, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security; (xiii) the incurrence of significant expenses to remediate, or damage to Blaize’s reputation as a result of, any defects in Blaize’s products; and (xiv) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in BurTech’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov and other documents filed, or to be filed with the SEC by BurTech, including the Registration Statement. The foregoing list of factors is not exhaustive. There may be additional risks that neither BurTech nor Blaize presently know or that BurTech or Blaize currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the definitive proxy statement to be filed by BurTech with the SEC, including those under “Risk Factors” therein, and other documents filed by BurTech from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and BurTech and Blaize assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither BurTech nor Blaize gives any assurance that either BurTech or Blaize will achieve its expectations.
