Nuburu Prices $38 Million Offering

MT Newswires Live07-16 16:15

Nuburu (BURU) said Thursday it priced a best-efforts public offering expected to raise about $38 million in gross proceeds through the sale of common stock and pre-funded warrants with accompanying Series B preferred stock.

The offering consists of 244.4 million shares and/or pre-funded warrants securities, which were priced at a combined $0.1555 per common share, or $0.1554 per pre-funded warrant, representing about a 30% premium to its last close.

The company said it will use the proceeds to satisfy financial assurance requirements tied to the Italian government's review of its proposed acquisition of a 70% stake in Tekne, repay outstanding debt, eliminate amortization-related equity issuance pressure, and fund working capital and other near-term needs for its defense and security platform.

The offering is expected to close around Thursday.

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