Nuburu Announces Successful Financing
Blue laser company issues $5 million in convertible promissory notes to provide immediate investment capital
Blue laser company Nuburu has announced the successful issuance of over $5 million of convertible promissory notes as well as the completion of several significant milestones related to Nuburu’s recently announced business combination with Tailwind Acquisition Corp.
The company notes provide immediate funding, which Nuburu intends to use to maintain its investment in its next-generation AI product line and to pursue new technology development. Steps taken to build on the positive momentum of the proposed business combination transaction with TWND include adding a key capital markets advisor and completing significant diligence processes.
“We are excited to formally announce that Tailwind has completed its diligence, which was the final diligence-related milestone that could have triggered termination of the business combination,” said Mark Zediker, CEO, co-founder and president, Nuburu. “As a result, we’ve removed a potential gating item to our merger and eliminated key conditionality relating to the business combination.”
In light of this successful financing, the previously announced funding agreement for up to $100 million, and the absence of a minimum cash condition in our transaction, we remain excited about the opportunity this deal provides to both sets of stockholders,” said Chris Hollod, CEO and director of TWND. “We are continuing our positive momentum towards closing this deal in Q1 of 2023.”
