Nuburu (NYSE:BURU) shares rose on Wednesday in parallel with strong trading in the blue laser company’s shares.

At the time of writing, around 35 million BURU shares have changed hands. This is above the company’s average daily trading volume. It is also worth noting that the company’s free float is around 381,190 units.

Although there is no news on this move today, it may be related to an announcement made a few days ago that the company received $500,000 in funding through an unsecured subordinated convertible note.

Details of the BURU share listing

This bond has an OID of 5%, 15% interest and a maturity of six months. The face value of the loan is $525,000. The bond is also convertible into BURU shares at a 25% discount to a 10% premium to the share price at execution or the lowest daily VWAP during the 10 days prior to conversion.

Esousa is behind the recent convertible bond and also holds senior convertible bonds for Nuburu. It has agreed to redeem $500,000 of those bonds in exchange for the new convertible bond.

It is also worth noting that Esousa holds 9.9% of BURU shares. This comes from the 729,299 shares that the company owns.

BURU shares have risen 47% since Wednesday morning.

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At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.