Nuburu to convert $1.74 million debt into 34,870 common shares
BURU•Nuburu’s holder of a $1.74 million convertible note will convert it into 34,870 common shares at a split-adjusted price of $49.90 per share. The company also said about $16.75 million of debt was retired using proceeds from a $38 million public offering, while about €29.7 million in shareholder loans and other receivables were waived.
1. Note conversion
The holder of Nuburu’s $1.74 million convertible note will convert it into 34,870 common shares under the originally agreed fixed-share terms. The note financed the initial 2.9% stake in Tekne, and its split-adjusted conversion price is $49.90 per share.
2. Debt and receivables
Nuburu said about $16.75 million of debt was retired in full using proceeds from its $38 million public offering. At closing, about €29.7 million in shareholder loans and other receivables were irrevocably waived and became permanent, non-repayable Tekne equity.
