Nuburu issues $500K in convertible notes to Torcross, including $100K new capital

Nuburu, Inc.

• Issued $400K face unsecured convertible note in exchange for 40,000 shares of Series A Preferred stock.
• Issued $100K face unsecured convertible note for $100K cash infusion; both notes mature June 24, 2026.
• Notes bear no interest unless in default; convertible at 80% of lowest 5-day VWAP prior to conversion.
• Conversion limited to 19.9% of outstanding common stock unless stockholder approved; Torcross capped at 9.9% ownership.
• Notes subordinated to Series A Preferred on dividends and liquidation.