Nuburu (BURU) plans a premium-priced public offering of up to $38 million to fund its acquisition of a controlling interest in Tekne, the company said Monday.
Under the proposed terms, the offering is expected to be priced around 5% above the current price of the company's stock at $0.1555 per share, the company said.
The company also expects the offering to eliminate $16.8 million in debt and related stock-based amortizations, it said.
Shares of the company were down over 7% in premarket activity on Monday.
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