CleanBay Renewables Inc. entered into a letter of intent to acquire Burtech Acquisition Corp. in a reverse merger transaction valued at $330 million.

CleanBay Renewables Inc. entered into a letter of intent to acquire Burtech Acquisition Corp. (NasdaqGM:BRKH) in a reverse merger transaction valued at $330 million on February 24, 2023. Under the terms of the letter, CleanBay's existing equity holders would convert 100 percent of their equity into the combined public company.

Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and stockholders of both BurTech and CleanBay. The definitive merger agreement is expected to be executed in the second quarter of 2023.