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.
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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.