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Investors are subject to a one-year lock up.
NUBURU, Inc. (“NUBURU” or the “Company”) BURU, a leading innovator in high-power and high-brightness industrial blue laser technology, today announced that it has entered into definitive agreements primarily with certain existing investors (the “Investors”) to receive a cash infusion of $7.925 million, prior to deducting transaction and issuance costs, through an offering of (i) convertible promissory notes (“Convertible Notes”) and (ii) warrants (“Warrants”) to purchase shares of the Company’s common stock, each pursuant to a Note and Warrant Purchase Agreement entered into by and between the Company and the Investors on June 12, 2023 (the “Purchase Agreement”). The shares underlying the Convertible Notes and the Warrants are subject to a one-year lock up and are expected to be registered for resale on a registration statement on Form S-3 after February 6, 2024.
“With this cash infusion the Company will be in a better position to continue to execute its commercialization efforts with respect to its current products and its development efforts with respect to its product pipeline,” said Dr. Mark Zediker, CEO and Co-Founder of the Company. Brian Knaley, Chief Financial Officer of the Company, added, “The transaction provides important growth capital and bolsters the Company’s balance sheet. We intend to deploy this capital in a careful and efficient matter with the aim of accruing long-term benefits for our stockholders.”
The Company will issue the Convertible Notes and Warrants in an initial closing in the amount of $2.0 million on June 13, 2023, and in a subsequent closing in the amount of $5.925 million expected to take place on June 23, 2023. Upon conversion of the Convertible Notes, the Company would issue up to 11.5 million shares of common stock, and upon exercise of the Warrants, which would generate additional proceeds for the Company of up to $11.9 million, the Company would issue up to 11.5 million…
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