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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nuburu Inc | AMEX:BURU | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0933 | 0 | 01:00:00 |
NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced the financial results for the fiscal year ended December 31, 2022 for the Company, which was then known as Tailwind Acquisition Corp. ("Tailwind"), a special purpose acquisition company.
As previously announced on January 31, 2023, Tailwind and the company then known as NUBURU, Inc. completed their business combination (the "Business Combination"). Following the Business Combination the combined company operates and will disclose its financial results under the "NUBURU, Inc." name.
Full Year Financial Highlights (Unaudited)
About NUBURU
Founded in 2015, NUBURU is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and their high-brightness, high-power design to produce faster, higher quality welds and parts than current lasers can provide in laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds that are up to eight times faster than the traditional approaches — all with the flexibility inherent to laser processing.
TAILWIND ACQUISITION CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
2022
2021
ASSETS
Current Assets
Cash
$
4,749
$
479,694
Prepaid expenses
80,875
111,667
Total Current Assets
85,624
591,361
Cash and marketable securities held in Trust Account
33,034,062
334,441,194
TOTAL ASSETS
$
33,119,686
$
335,032,555
LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable and accrued expenses
$
4,992,362
$
3,867,106
Accrued offering costs
―
109,000
Income taxes payable
88,204
―
Class A common stock redemption payable
29,554,443
―
Total Current Liabilities
34,635,009
3,976,106
Convertible note - related party
600,000
―
Warrant liabilities
1,848,755
13,733,608
Deferred underwriting fee payable
11,697,550
11,697,550
Total Liabilities
48,781,314
29,407,264
Commitments and Contingencies
Class A common stock subject to possible redemption; 500,000,000 shares authorized, 316,188 and 33,421,570 shares issued and outstanding at $10.13 and $10.00 per share as of December 31, 2022 and 2021; 2,916,653 shares redeemed but unpaid as of December 31, 2022
3,203,933
334,215,700
Stockholders’ Deficit
Preferred Stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
—
—
Class A common stock, $0.0001 par value; 500,000,000 shares authorized; no shares issued and outstanding (excluding 3,232,841 and 33,421,570 shares subject to possible redemption) as of December 31, 2022 and 2021, respectively
—
—
Class B common stock, $0.0001 par value; 50,000,000 shares authorized; and 8,355,393 shares issued and outstanding as of December 31, 2022 and 2021
836
836
Accumulated deficit
(18,866,397
)
(28,591,245
)
Total Stockholders’ Deficit
(18,865,561
)
(28,590,409
)
TOTAL LIABILITIES, CLASS A STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT
$
33,119,686
$
335,032,555
TAILWIND ACQUISITION CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Year Ended December 31,
For the Period from May 29, 2020 (inception) through December 31,
2022
2021
2020
Formation and operational costs
$
1,958,641
$
5,572,066
$
387,335
Loss from operations
(1,958,641
)
(5,572,066
)
(387,335
)
Other income (expense):
Interest earned on marketable securities held in Trust Account
1,573,401
120,063
105,431
Transaction costs associated with the Initial Public Offering
—
—
(715,720
)
Change in fair value of warrant liabilities
11,884,853
23,241,491
(16,902,902
)
Total other income (expense), net
13,458,254
23,361,554
(17,513,191
)
Income before provision for income taxes
11,499,613
17,789,488
(17,900,526
)
Provision for income taxes
(358,204
)
—
—
Net income (loss)
$
11,141,409
$
17,789,488
$
(17,900,526
)
Weighted average shares outstanding, Class A common stock
24,075,470
33,421,570
18,333,191
Basic and diluted income (loss) per share, Class A common stock
$
0.34
$
0.43
$
(0.68
)
Weighted average shares outstanding, Class B common stock
8,355,393
8,355,393
7,969,220
Basic and diluted net income (loss) per share, Class B common stock
$
0.34
$
0.43
$
(0.68
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005805/en/
NUBURU - Media Contact Brian Knaley ir@nuburu.net
NUBURU - Investor Relations Contact Maria Hocut Maria@blueshirtgroup.com
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