Nuburu (NYSEMKT:BURU) stock is on the rise Wednesday alongside strong trading of the blue laser company’s shares.
As of this writing, roughly 35 million shares of BURU stock have changed hands. That comes in above the company’s daily average trading volume. It’s also worth noting that the company’s float is about 381,190 units.
While there’s no news today behind this movement, it could be tied to an announcement from a couple of days ago. That includes the company obtaining $500,000 in funding through an unsecured, subordinated convertible note.
Details of BURU Stock Note
This note has a 5% OID, 15% interest and a six-month maturity date. The face amount of the loan is $525,000. The note is also convertible to BURU stock for a 25% discount to a 10% premium to the shares’ price on execution or the lowest daily VWAP during the 10 days prior to conversion.
Esousa is behind the latest convertible note and also holds senior convertible notes for Nuburu. It agreed to extinguish $500,000 of these notes in exchange for the new convertible note.
It’s also worth noting that Esousa is a 9.9% shareholder in BURU stock. This comes from the 729,299 shares owned by the company.
BURU stock is up 47% as of Wednesday morning.
There are more stock market stories traders need to know about below!
We have all of the hottest stock market news ready to go on Wednesday! That includes all of the latest news for Clover Health (NASDAQ:CLOV), Brinker (NYSE:EAT) and Victoria’s Secret (NYSE:VSCO) stock. You can catch up on these matters at the following links!
More Wednesday Stock Market News
- CLOV Stock Alert: What to Know About Clover Health’s Big Insider Buy
- EAT Stock Alert: Why Shares of Brinker Are Plunging Today
- Victoria’s Secret News: What’s Going On With VSCO Stock Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
