NUBURU Announces Strategic 1-for-40 Reverse Stock Split to Enhance Shareholder Value and Return to Trading on NYSE American
June 24 2024 - 8:30AM
Business Wire
NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU)
(OTC: BURU), a leading innovator in high-power and high-brightness
industrial blue laser technology, announced that it will continue
its previously announced plan to implement a 1-for-40 reverse stock
split of its common stock (“Reverse Split”), with an anticipated
implementation date of July 1, 2024 (the “Effective Date”), rather
than the previously announced June 24, 2024 anticipated
implementation date. Due to the NYSE halting trading in the common
stock upon the initial announcement of the Reverse Split, the
Company was unable to implement the Reverse Split as announced. The
Company is in the process of appealing the NYSE's determination to
initiate proceedings to delist its common stock and is being traded
on the over-the-counter market under the symbol “BURU” in the
meantime.
The common stock should begin trading on a split-adjusted basis
at the commencement of trading on the trading day following the
Effective Date under the Company’s existing trading symbol “BURU.”
The Common Stock will be assigned a new CUSIP number, 67021W301, in
connection with the Reverse Split.
“Our decision to execute this reverse stock split is part of our
strategic plan to improve the marketability and liquidity of our
stock, as we aim to attract a broader range of institutional
investors in support of our long-term growth strategy, and return
to trading on NYSE American,” said Brian Knaley, CEO of NUBURU,
Inc.
The Company may not be successful in returning to trading on
NYSE American or with respect to its appeal of NYSE’s delisting
determination. If the Company is not able to satisfy NYSE American
bid price requirements, it would continue to be traded on the
over-the-counter market, which could negatively impact the Company
by reducing the liquidity and market price of its common stock and
the number of investors willing to hold or acquire the Company's
common stock, which could negatively impact the Company's ability
to raise equity financing.
About NUBURU
Founded in 2015, NUBURU, Inc. (NYSE American: BURU) is a
developer and manufacturer of industrial blue lasers that leverage
fundamental physics and their high-brightness, high-power design to
produce faster, higher quality welds and parts than current lasers
can provide in laser welding and additive manufacturing of copper,
gold, aluminum, and other industrially essential metals. NUBURU's
industrial blue lasers produce minimal to defect-free welds up to
eight times faster than the traditional approaches — all with the
flexibility inherent to laser processing. For more information,
please visit www.NUBURU.net.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including relating to its partnership with GE
Additive. All statements other than statements of historical fact
contained in this press release may be forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including "may," "should," "expect,"
"intend," "will," "estimate," "anticipate," "believe," "predict,"
"plan," "seek," "targets," "projects," "could," "would,"
"continue," "forecast" or the negatives of these terms or
variations of them or similar expressions. Forward-looking
statements in this press release include, among other things:
anticipated benefits associated with laser-based additive
manufacturing. All forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by NUBURU and its management, are inherently
uncertain and many factors may cause the Company's actual results
to differ materially from current expectations which include, but
are not limited to: (1) the ability to meet security exchange
listing standards and regain listed status; (2) failure to achieve
expectations regarding its product development and pipeline; (3)
the inability to access sufficient capital to operate as
anticipated, whether from Lincoln Park Capital Fund, LLC or other
sources; (4) the inability to recognize the anticipated benefits of
the business combination, which may be affected by, among other
things, competition, the ability of the Company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (5) changes
in applicable laws or regulations; (6) the possibility that NUBURU
may be adversely affected by other economic, business and/or
competitive factors; (7) volatility in the financial system and
markets caused by geopolitical and economic factors; (8) failing to
realize benefits from the partnership with GE Additive; and (9)
other risks and uncertainties set forth in the sections entitled
"Risk Factors" and "Cautionary Note Regarding Forward-Looking
Statements" in NUBURU's most recent periodic report on Form 10-K or
Form 10-Q and other documents filed with the Securities and
Exchange Commission from time to time. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. NUBURU does not give any assurance that it will achieve
its expected results. NUBURU assumes no obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise, except as otherwise
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240624571094/en/
Investor Contact: NUBURU, Inc. ir@nuburu.net (720) 767-1400
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