The stock of Nuburu, a leading blue laser company, is experiencing a significant uptick in trading volume today. Over 35 million shares of BURU stock have been exchanged, surpassing the company’s average daily trading volume. Additionally, the company’s float stands at approximately 381,190 units.
While there is no specific news driving this surge, it may be linked to a recent announcement. Nuburu secured $500,000 in funding through an unsecured, subordinated convertible note a few days ago.
Details of BURU Stock Note
The convertible note features a 5% OID, 15% interest rate, and a six-month maturity date. With a face value of $525,000, the note can be converted into BURU stock at a 25% discount to a 10% premium based on the share price at execution or the lowest daily VWAP in the ten days prior to conversion.
Esousa, a key player in Nuburu’s financial structure, holds senior convertible notes for the company and is the originator of the latest convertible note. As a 9.9% shareholder in BURU stock, Esousa owns 729,299 shares of the company.
As of Wednesday morning, BURU stock has surged by 47%.
Stay Informed with More Stock Market Updates
For more stock market news, including the latest developments on Clover Health (NASDAQ:CLOV), Brinker (NYSE:EAT), and Victoria’s Secret (NYSE:VSCO) stocks, click on the links below!
Disclaimer: The opinions expressed in this article are those of the writer and do not reflect any direct or indirect positions in the securities mentioned. All content is subject to the InvestingPlace.com Publishing Guidelines.