Tailwind Acquisition Corp. (NYSE: TWND) has received a formal notice of non-compliance from NYSE due to its failure to file the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. This delay is attributed to new SEC guidance on accounting for SPAC warrants, affecting many similar companies. Tailwind believes this will not impact its acquisition strategy or financial performance, and it complies with all other NYSE standards. The company plans to file the Form 10-Q soon and expects to meet the six-month compliance timeframe set by NYSE.
Cannae Holdings (NYSE: CNNE) announced a $50 million investment in the merger of QOMPLX and Tailwind Acquisition Corp. (NYSE: TWND). This includes a $37.5 million PIPE investment for 3.75 million shares of TWND and a $12.5 million convertible promissory note expected to convert into 1.25 million shares. The combined entity values QOMPLX at $1.4 billion. Cannae's total investment in TWND will reach $80 million for approximately 23.67 million shares. The completion of the deal is anticipated in mid-2021, pending stockholder approvals.
QOMPLX, a leader in risk analytics, has announced a definitive business combination with Tailwind Acquisition Corp (NYSE: TWND), valuing QOMPLX at approximately $1.4 billion post-transaction. Known for its advanced risk cloud platform, QOMPLX addresses cybersecurity and risk management challenges for over 95 enterprise and government clients. The company is projected to achieve pro forma revenues of $141 million in 2021, with a remarkable 139% net retention rate. As part of the deal, QOMPLX will acquire two firms, Sentar and Tyche, to enhance its cybersecurity and insurance analytics capabilities.