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LONDON - Supply@ME Capital plc (SYME) announced today it has received a delayed US$300,000 tranche from Nuburu Inc. (NYSE American:BURU), part of a previously announced US$5.15 million convertible funding facility.
The payment, originally due on June 23, was received on Wednesday, according to a company press release statement. This funding is part of an on-demand convertible facility initially signed on March 18 and subsequently amended on June 10.
SYME reported that Nuburu expects to make the remaining payments according to the agreed schedule: US$1.2 million by July 15, US$500,000 by July 30, US$1 million by August 31, and US$1.5 million by September 20.
The transaction involves related parties as Alessandro Zamboni serves as both SYME’s Chief Executive Officer and Nuburu’s Executive Chairman.
Supply@ME Capital operates a fintech platform that provides inventory monetization solutions for manufacturing and trading companies. The platform enables businesses to generate cashflow through a non-credit approach without incurring debt by having their eligible inventory purchased by third-party inventory funders.
The company said it will provide further updates on the funding status as necessary.
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