NUBURU Announces Cancellation of Special Proxy Statement
NUBURU, Inc. (NYSE American: BURU), a leader in high-power industrial blue laser technology, has cancelled its Special Proxy Statement. The company did not receive enough proxies for a quorum and has withdrawn the proposals from stockholder consideration. NUBURU plans to include these proposals in its annual meeting proxy statement, expected to be filed by October 31, 2024.
The cancelled proposals, deemed critical for raising working capital and supporting business plans, will be resubmitted at the annual stockholders' meeting. NUBURU emphasizes that stockholder approval is necessary to proceed with secured investors and required financing, which are essential for the company's path to commercialization.
NUBURU, Inc. (NYSE American: BURU), leader nella tecnologia dei laser blu industriali ad alta potenza, ha annullato la sua Dichiarazione di Voto Speciale. L'azienda non ha ricevuto un numero sufficiente di deleghe per raggiungere il quorum e ha ritirato le proposte dalla considerazione degli azionisti. NUBURU prevede di includere queste proposte nella sua dichiarazione di voto per l'assemblea annuale, che si prevede sarà depositata entro il 31 ottobre 2024.
Le proposte annullate, considerate fondamentali per raccogliere capitale operativo e supportare i piani aziendali, saranno ripresentate all'assemblea annuale degli azionisti. NUBURU sottolinea che l'approvazione degli azionisti è necessaria per procedere con gli investitori garantiti e il finanziamento richiesto, che sono essenziali per il percorso di commercializzazione dell'azienda.
NUBURU, Inc. (NYSE American: BURU), líder en tecnología de láser azul industrial de alta potencia, ha anulado su Declaración de Poder Especial. La compañía no recibió suficientes poderes para alcanzar el quórum y ha retirado las propuestas de la consideración de los accionistas. NUBURU planea incluir estas propuestas en su declaración de poder para la reunión anual, que se espera presentar antes del 31 de octubre de 2024.
Las propuestas anuladas, consideradas críticas para reunir capital de trabajo y apoyar los planes de negocio, serán presentadas nuevamente en la reunión anual de accionistas. NUBURU enfatiza que la aprobación de los accionistas es necesaria para avanzar con inversores asegurados y la financiación requerida, que son esenciales para el camino de la empresa hacia la comercialización.
NUBURU, Inc. (NYSE American: BURU)는 고출력 산업 블루 레이저 기술의 선두주자로서 특별 위임장 명세서를 취소했습니다. 회사는 정족수에 필요한 위임장을 충분히 받지 못했으며 주주 고려에서 제안을 철회했습니다. NUBURU는 이 제안을 연례 주주 총회 위임장에 포함할 계획이며, 이는 2024년 10월 31일까지 제출될 것으로 예상됩니다.
취소된 제안은 운영 자본을 조달하고 사업 계획을 지원하는 데 중요한 것으로 간주되며, 연례 주주 총회에서 다시 제출될 예정입니다. NUBURU는 주주의 승인이 필요하다고 강조하며, 이는 보장된 투자자 및 필수 자금 조달 진행을 위해 필수적이며 회사의 상용화 경로에 중요합니다.
NUBURU, Inc. (NYSE American: BURU), leader dans la technologie des lasers bleus industriels haute puissance, a annulé sa Déclaration de Procuration Spéciale. La société n'a pas reçu suffisamment de procurations pour atteindre le quorum et a retiré les propositions de la considération des actionnaires. NUBURU prévoit d'inclure ces propositions dans sa déclaration de procuration pour l'assemblée annuelle, qui devrait être déposée d'ici le 31 octobre 2024.
Les propositions annulées, jugées critiques pour lever des capitaux de fonctionnement et soutenir les plans d'affaires, seront représentées lors de l'assemblée annuelle des actionnaires. NUBURU souligne que l'approbation des actionnaires est nécessaire pour avancer avec des investisseurs sécurisés et le financement requis, qui sont essentiels pour le parcours de commercialisation de l'entreprise.
NUBURU, Inc. (NYSE American: BURU), ein führendes Unternehmen in der Technologie von hochleistungsfähigen industriellen blauen Lasern, hat seine Sonderprokuraturserklärung annulliert. Das Unternehmen erhielt nicht genügend Vollmachten, um ein Quorum zu erreichen, und hat die Vorschläge von der Berücksichtigung der Aktionäre zurückgezogen. NUBURU plant, diese Vorschläge in seine Vollmachtsaufforderung zur Jahresversammlung aufzunehmen, die voraussichtlich bis zum 31. Oktober 2024 eingereicht wird.
Die annullierten Vorschläge, die als entscheidend für die Beschaffung von Betriebskapital und die Unterstützung der Geschäftspläne gelten, werden bei der jährlichen Aktionärsversammlung erneut vorgelegt. NUBURU betont, dass die Genehmigung der Aktionäre notwendig ist, um mit gesicherten Investoren und der erforderlichen Finanzierung fortzufahren, die für den Kommerzialisierungsprozess des Unternehmens unerlässlich sind.
- NUBURU has secured potential investors and financing options
- The company plans to include critical proposals in the upcoming annual meeting proxy statement
- Failure to obtain quorum for the Special Proxy Statement
- Delay in raising critical working capital
- Postponement of stockholder approval for financing
- Potential impact on the company's path to commercialization
Insights
The cancellation of NUBURU's Special Proxy Statement is a significant setback for the company's immediate financial plans. This decision reveals a critical lack of shareholder engagement, as evidenced by the failure to achieve a quorum. The postponement of key proposals until the annual meeting, potentially as late as October 2024, creates a substantial delay in accessing important working capital.
This situation puts NUBURU in a precarious financial position. With a market cap of just
Investors should be concerned about NUBURU's cash runway and its ability to execute its business plans in the interim. This development may also negatively impact investor confidence and the company's ability to secure favorable terms in future financing rounds. The stock price is likely to face downward pressure as the market digests this news.
The cancellation of the Special Proxy Statement raises several legal and governance concerns for NUBURU. First, the failure to achieve a quorum indicates a potential disconnect between management and shareholders, which could lead to increased scrutiny from regulatory bodies like the SEC.
The decision to include these critical proposals in the annual meeting proxy statement, due by October 31, 2024, creates a significant time gap. This delay might be viewed as a breach of fiduciary duty if it impairs the company's ability to operate effectively or pursue necessary business opportunities.
Furthermore, the company's statement about being unable to move forward with financing without shareholder approval highlights a complex legal situation. It suggests that NUBURU may have conditional financing agreements in place, which could now be at risk. This scenario might expose the company to potential legal challenges from investors or creditors if it fails to meet certain financial obligations or milestones.
Shareholders should closely monitor the company's disclosures and any potential amendments to its bylaws or articles of incorporation that might be proposed to address this situation.
The matters submitted to stockholders at the Special Meeting, and similar matters which will be submitted again at the annual meeting of stockholders, are necessary in order for the Company to raise critical working capital to support its business plans and to continue its path to achieving commercialization. The Company has worked to secure investors and required financing; however, it cannot move forward with such financing in full unless and until it receives stockholder approval.
About NUBURU
Founded in 2015, NUBURU, Inc. (NYSEAM: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and its high-brightness, high-power design to produce higher quality welds and parts at a faster rate than current lasers can produce for laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds at a rate that is up to eight times faster than traditional welding methods — 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 continue to meet the security exchange’s listing standards; (2) failure to achieve expectations regarding its product development and pipeline; (3) the inability to access sufficient capital to operate as anticipated; (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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Investor Relations:
NUBURU, Inc.
ir@nuburu.net
(720) 767-1400
Source: NUBURU, Inc.
FAQ
Why did NUBURU (BURU) cancel its Special Proxy Statement?
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