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Why Is Nuburu (BURU) Stock Up 47% Today?
BURUNuburu(BURU) Investor Place·2024-08-14 15:13

Core Points - Nuburu (NYSEMKT:BURU) stock is experiencing a significant rise, with a trading volume of approximately 35 million shares, surpassing the company's daily average [1] - The increase in stock price may be linked to a recent announcement regarding the company securing 500,000infundingthroughanunsecured,subordinatedconvertiblenote[2]−Thedetailsoftheconvertiblenoteincludea5500,000 in funding through an unsecured, subordinated convertible note [2] - The details of the convertible note include a 5% OID, 15% interest, and a six-month maturity, with a face amount of 525,000 [3] - The note is convertible to BURU stock at a 25% discount to a 10% premium on the share price at execution or the lowest daily VWAP during the 10 days prior to conversion [3] - Esousa, which holds a 9.9% stake in BURU with 729,299 shares, is behind the latest convertible note and has agreed to extinguish $500,000 of senior convertible notes in exchange for the new note [3][4] - As of Wednesday morning, BURU stock has increased by 47% [4]