NUBURU Secures $65 Million
CENTENNIAL, Colo., Oct. 9, 2024 — Industrial blue laser developer NUBURU, Inc. has secured a comprehensive funding program of approximately $65 million. The funding comprises $15 million of direct investment and an additional $50 million equity line of credit provided through hedge fund Liqueous LP. The deal between NUBURU and the Delaware-based hedge fund includes an immediate cash infusion of $3 million, along with further weekly installments of $1.25 million for a total of $10 million.
In November 2023, NUBURU entered into a bridge loan agreement with a principal amount totaling $5.5 million, two months before receiving a deficiency notice from the New York Stock Exchange indicating that the company was not in compliance with continued listing standards, In February, the company engaged financial advisor Northland Capital Markets and said it would evaluate options including a sale, merger, and divestiture.
NUBURU additionally received a $3 million investment in the company’s common stock from strategic investors in April before receiving notice in July that the New York Stock Exchange had withdrawn its delisting determination and would lift the trading suspension on NUBURU common stock.
The company has stated the newly announced funding will go toward its goal of long-term, sustainable growth along with putting it in the position to achieve commercialization and expand its intellectual property portfolio. NUBURU showed a net operating loss of more than $20 million for the year ending Dec. 31, 2023, according to its most recent annual report.
/Buyers_Guide/Nuburu_Inc/c31283