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LONDON - Supply@ME Capital plc (SYME) has amended its $5.15 million on-demand convertible funding facility with NYSE-listed Nuburu Inc. (NYSE American:BURU), according to a press release issued Wednesday.
The amendment changes the payment schedule for the remaining $4.5 million, which will now be received in five tranches between June 23 and September 20, 2025. SYME has already received $650,000 of the total facility amount, including an additional $130,000 received after June 2.
Under the revised terms, SYME now has until March 31, 2026, to obtain necessary approvals from shareholders, the Financial Conduct Authority, and The Panel on Takeovers and Mergers. The previous deadline was September 30, 2025.
The interest rate remains at the federal funds rate plus 10%, but interest will no longer be paid quarterly in cash. Instead, any accrued interest will be added to conversion amounts if BURU issues a conversion notice.
Alessandro Zamboni, CEO of SYME, is also Executive Chairman of BURU, making this a related party transaction. The independent directors of SYME approved the amendment as "fair and reasonable."
According to the company, BURU is awaiting regulatory approvals, including effectiveness of an S-1 registration statement filed with the SEC, before it can use its Stand-by Purchase Agreement with YA II PN, LTD. to raise capital to meet its commitments to SYME.
SYME continues to work on finalizing its 2024 Annual Report, after which it plans to apply for lifting of the temporary suspension of its shares from the Official List and trading on the London Stock Exchange (LON:LSEG).
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