BurTech Acquisition (ticker: BKHA) is a SPAC — a publicly listed shell company with no operations, products, or customers. Its sole purpose is to identify and merge with a private company, taking that company public. BurTech raised $69M in its March 2024 IPO, with proceeds held in trust. In April 2025, BurTech signed a Business Combination Agreement with Vesicor Therapeutics, a private therapeutics company; that deal is pending and subject to closing conditions. If the deal closes, BurTech ceases to exist as a SPAC and becomes Vesicor as a public company. If the deal falls through, BurTech must find another target or liquidate by December 22, 2026. The SPAC structure is heavily skewed toward sponsors: the sponsor acquired founder shares representing roughly 23% of post-IPO shares for approximately $25,000, while public investors put up $10/share held in trust. BurTech's trust account has declined to roughly $22.7M following shareholder redemptions tied to an extension vote, down from the original $69M+. To keep the SPAC alive, the sponsor deposits $150,000/month into trust via unsecured convertible notes convertible into shares at $1.00 — well below the ~$10 trust value — adding further dilution risk. The reduced trust balance also constrains deal size, as Nasdaq rules require any target's fair market value to equal at least 80% of the trust balance at signing.