NUBURU to Appeal NYSE Commencement of Proceedings to Delist
NUBURU, a leader in industrial blue laser technology, has announced plans to appeal the NYSE's decision to delist its common stock. The NYSE cited that the company's stock is no longer suitable for listing as its bid price fell below $0.10, in accordance with Section 1003(f)(v) of the NYSE American Company Guide. Effective June 14, 2024, FINRA has assigned the symbol “BURU” for NUBURU's stock to be traded in the over-the-counter (OTC) market. CEO Brian Knaley emphasized the company's ongoing efforts to reduce debt, raise capital, secure new orders, and receive industry recognitions despite the delisting notice. NUBURU remains committed to strengthening relationships with shareholders, financing partners, employees, customers, and vendors to enhance its business plan and increase shareholder value.
- NUBURU is successfully reducing debt.
- The company is raising capital.
- NUBURU has secured new orders.
- The company is receiving prestigious industry recognitions.
- CEO remains optimistic about the company's future.
- NYSE determined NUBURU's stock is no longer suitable for listing due to the bid price falling below $0.10.
- NYSE commenced proceedings to delist NUBURU's stock.
- NUBURU's stock will be traded in the over-the-counter market effective June 14, 2024.
Insights
The announcement regarding NUBURU's delisting proceedings from the NYSE is highly significant. The primary reason cited—the stock price falling below $0.10—is a clear indicator of the company's recent financial struggles. Companies listed on major exchanges like the NYSE are required to meet minimum price thresholds to ensure a certain level of investor confidence and market stability. Delisting can severely impact investor sentiment, as it often raises concerns about the company’s viability and liquidity.
For retail investors, this could mean increased difficulty in trading shares and potential liquidity issues. While NUBURU's CEO highlights that they are reducing debt and raising capital, these positive developments are overshadowed by the immediate concern of delisting. It is important to understand that trading in the over-the-counter (OTC) market generally involves higher risks due to less regulatory oversight and lower trading volumes compared to major exchanges.
In the short term, this situation may result in
From a market perspective, NUBURU's situation highlights the challenges faced by companies in niche technology sectors, especially those focusing on advanced innovations like high-power blue laser technology. A delisting from NYSE often signifies deeper underlying market concerns about a company’s performance and growth potential. Despite recent contract wins and industry recognitions, the market has not responded favorably, suggesting a mismatch between investor expectations and the company's current financial performance.
For NUBURU, moving to the OTC market means adapting to a different trading environment. OTC markets often involve less liquidity and transparency, which can affect investor confidence. Retail investors need to be aware of these dynamics, as the reduced liquidity can lead to wider bid-ask spreads, potentially making it more difficult to buy or sell shares at desired prices.
Strategically, NUBURU must focus on restoring investor confidence by enhancing financial visibility and demonstrating tangible progress. The emphasis should be on clear communication regarding debt reduction, capital raises and any significant new orders or partnerships that materially affect the business outlook.
In the interim, effective June 14, 2024, FINRA’s Department of Market Operations has assigned the symbol “BURU” for quotation and trading of the Company’s stock in the over-the-counter market (OTC Markets).
NUBURU's CEO, Brian Knaley, stated, “It is unfortunate that NUBURU is having to contend with this at a time when it is successfully reducing debt, raising capital, taking on new orders, and receiving prestigious recognitions in our industry. We continue to believe the Company has a bright future and the actions of NYSE will in no way deter our commitment to strengthen our relationships with our shareholders, key financing partners, employees, customers, and vendors in order to advance the Company's business plan and increase shareholder value.”
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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Investor Relations: David Kugelman
Atlanta Capital Partners
(866) 692-6847 Toll Free -
(404) 281-8556 Mobile and WhatsApp
dk@atlcp.com
Source: NUBURU, Inc.
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