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)
- Net income of $11.1 million for the year ended December 31,
2022 compared to $17.8 million for the year ended December 31,
2021. The reduction in net income is primarily attributed to the
year over year decline in fair value of warrant liabilities which
was partially offset by the narrowed loss from operations.
- Cash and marketable securities held in Trust Account of $33.0
million as of December 31, 2022 compared to $334.4 million as of
December 31, 2021. The reduction in cash and marketable securities
held in Trust Account is due to the redemption of 30.2 million
shares of Class A common stock for cash at a redemption price of
approximately $10.03 per share during the year.
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
)
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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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