Nuburu, Inc. (BURU): auditor change — Nuburu restates financials for 2022-2024; non-reliance on prior filings

Nuburu, Inc.

Non-reliance on financial statements from Dec 2022 through Jun 2024; will restate.
Restatement includes increased loss from fair value changes of Legacy Convertible Notes and reclassification of convertible preferred stock to mezzanine equity.
Management identified material weakness in internal controls; auditor's report no longer reliable.
No impact on total net cash flows from operations.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Nuburu, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

The Company intends to promptly restate financial statements for the Affected Periods: (i) as of and for the year ended December 31, 2022 (i.e. the comparative period included in the Original 10-K) to (i) increase the loss, and associated current liability, related to the change in the fair value of certain convertible notes issued during 2022 and early 2023, prior to the consummation of the Company's initial public offering, which automatically converted into common stock upon the closing of such initial public offering (the "Legacy Nuburu Convertible Notes"), and (ii) (a) reclassify the Company's convertible preferred stock that is redeemable at a future point in time from permanent equity to mezzanine equity and (b) increase the value of such preferred stock to reflect its redemption value. (ii) as of and for the year ended December 31, 2023, including the interim periods therein as o

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Source: SEC EDGAR

accession 0000950170-24-116747

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