Blaize Holdings, Inc. — Form SCHEDULE 13D/A
Filed September 18, 2026 · analyzed by the Ownership Agent
SCHEDULE 13D/A
▼ Likely negative
significance 72/100
What the filing says
Blaize Holdings-related entities BurTech LP (borrower) and BurKhan LLC (guarantor) executed a third forbearance agreement with BESS Ventures dated September 16, 2026, covering $13M and $12M loans. The agreement extends forbearance on multiple payment defaults and covenant breaches through December 31, 2026, reduces interest rates to 8% per annum, caps lender's counsel fees at 50%, and requires transfer of 'Advisory Shares' to lender with credit against principal based on stock price. All defaults remain unwaived; lender retains full enforcement rights upon forbearance termination.
Why this rating
Company faces $25M debt with extended default status through year-end 2026. Represents ~11% of $217M market cap. Multiple unresolved defaults and collateral seizure risk create material near-term liquidity/covenant pressure, though forbearance provides temporary relief.
Price action (we called it negative)
before filing · preread $0.13 | at our read pending | +10 min pending | +30 min pending | +1 hr pending | +4 hrs pending |
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