NUBURU Announces $5.5M Bridge Financing
Portfolio Pulse from Benzinga Newsdesk
NUBURU, Inc. (NYSE:BURU) has secured a $5.5 million bridge loan backed by its patent portfolio, preliminarily valued at $100 million. The zero-interest loan, with a 10% original issue discount, will mature upon securing long-term credit or within 12 months. The loan is part of NUBURU's strategy to support the commercialization of its blue laser technology. Warrants exercisable for common stock will be issued to the lenders, and the company plans to register the common stock underlying the warrants by February 1, 2024. Northland Capital Markets served as the placement agent for the institutional investor portion of the financing.
November 14, 2023 | 10:27 pm
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NUBURU has secured a $5.5 million bridge loan to finance operations until it obtains long-term credit. The loan is backed by the company's valuable patent portfolio and includes the issuance of warrants for common stock.
The bridge financing is a positive development for NUBURU, indicating investor confidence in the company's technology and patent portfolio. The additional funds will support the company's operations and potentially aid in the commercialization of its products. The issuance of warrants could dilute existing shareholders but also suggests a pathway for additional capital. The news is likely to be viewed positively in the short term, as it addresses immediate financing needs and demonstrates progress towards securing long-term financing.
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