On August 18, 2025, Nuburu, Inc. issued a $225,000 unsecured, convertible note to Indigo Capital LP, with a maturity date of August 17, 2026, allowing conversion at 80% of the lowest VWAP prior to conversion, limited to 19.9% of outstanding shares until stockholder approval. The note has customary default provisions and is subordinate to Series A Preferred Stock.