Nuburu (BURU) shares fell by more than 12% on Tuesday after the company said it issued roughly 844,938 shares of series A preferred stock to Indigo in exchange for a warrant for almost 55.8 million shares at a nominal exercise price of $0.0001 per share.

The warrant is exercisable immediately for three years until Feb. 6, 2029, and enables Indigo to own more than 4.99% of the then-outstanding shares of common stock, the company said.

Price: 0.13, Change: -0.02, Percent Change: -15.71