NUBURU®, a manufacturer of blue lasers for welding applications and 3D printing, announced today the issuance of over $5 million in convertible promissory notes related to the proposed business combination with Tailwind Acquisition.
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.
The notes will convert into shares of NUBURU common stock immediately prior to the closing of the business combination. As holders of common stock in the combined company, the former note holders would also be eligible to receive shares of Series A preferred stock of the combined company on the same terms as Tailwind’s public stockholders. The conversion price is subject to an initial valuation cap of $350 million for Nuburu as a private company. Read more.
