After announcing a letter of intent last week for a potential business combination, BurTech Acquisition today in an 8-K disclosed it has secured non-redemption agreements for 4 million of its shares.
In return, the investors who are party to the agreement will receive 1 million of the SPAC's sponsor shares.
BurTech and CleanBay Renewables announced the LOI on Feb. 24 for a potential business combination.
CleanBay is a late-stage enviro-tech company focused on the production of sustainable renewable natural gas, green hydrogen and natural controlled-release fertilizer.
The proposed transaction values CleanBay at $330 million. The BurTech trust account currently holds approximately $294 million. BurTech expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed in the second quarter. Read more.
Source: BurTech Acquisition Signs Non-Redemption Agreement Covering 4M Shares