In a significant move to stabilize its financial situation, Nuburu, Inc. has entered into agreements aimed at addressing its outstanding debts and securing operational funding for the coming year.
The Colorado-based company, which specializes in miscellaneous electrical machinery and equipment, revealed on Monday that it had reached a letter agreement with S.F.E. Equity Investments SARL to tackle its defaulted promissory notes and finance its operations according to a future-focused Transformation Plan.
The deal, which comes after the company publicly reported the default on December 16, 2024, also involves governance changes, including the resignation of Ron Nicol from the Board of Directors and the appointments of Alessandro Zamboni as Executive Chairperson and Matteo Ricchebuono as a director. Zamboni will oversee the implementation of the Transformation Plan and, if necessary, manage the company's sale, recapitalization, or dissolution. He will receive a $360,000 annual salary and potential bonuses.
Furthermore, on Tuesday, Nuburu reached a settlement with Liqueous LP, which includes a mutual release of claims and a financial commitment of $1.5 million in staged payments, contingent on the company's adherence to prior funding arrangements with Liqueous.
The Board also decided that compensation for its members for the fiscal year 2024 would be paid exclusively in common stock. The current composition of the Audit Committee includes Shawn Taylor as Chairperson, accompanied by Elizabeth Mora and Dario Barisoni. Both the Compensation Committee and the Nominating and Corporate Governance Committee are chaired by Barisoni with Mora as a member.
These strategic moves are designed to create a stable foundation for Nuburu's future business operations. The information is based on the company's recent SEC filing.
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