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LONDON - Supply@ME Capital plc (SYME) announced today that it has not received a scheduled $300,000 payment due on June 23 under its amended on-demand convertible funding facility with Nuburu Inc. (NYSE American:BURU).
The payment represents part of a $5.15 million facility signed on March 18 and amended on June 10 with Nuburu, a NYSE-listed tech company whose Executive Chairman, Alessandro Zamboni, also serves as SYME’s CEO.
To date, SYME has received only $650,000 of the total facility amount. According to the company’s statement, Zamboni has communicated that Nuburu is making "positive progress" toward obtaining necessary regulatory approvals, including the effectiveness of an S-1 registration statement filed with the U.S. Securities and Exchange Commission.
These approvals would allow Nuburu to utilize its Stand-by Purchase Agreement with YA II PN, LTD., a fund managed by Yorkville Advisors, signed on May 30. Nuburu has indicated the overdue payment will "shortly be provided" to SYME.
The funding arrangement represents a related party transaction due to Zamboni’s dual roles at both companies.
Supply@ME Capital operates a fintech platform that provides inventory monetization solutions for manufacturing and trading companies, allowing them to generate cashflow without incurring debt through the purchase of their inventory by third-party funders.
The company stated it will issue further updates once the payment is received or as otherwise required, according to the press release statement.
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