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NUBURU (NYSE American: BURU) has received a notice of non-compliance from the NYSE American Market due to its Audit Committee no longer having the required minimum of two independent directors following a recent resignation. The company has until January 4, 2025, to regain compliance with this listing standard. While the company’s stock continues to trade under ‘BURU’, the Board is actively seeking two new independent directors. There is no immediate effect on the stock listing, though compliance within the permitted timeframe is not guaranteed.
NUBURU (NYSE American: BURU) ha ricevuto una comunicazione di non conformità dal mercato NYSE American a causa del fatto che il suo Comitato di Revisione non ha più il numero minimo richiesto di due direttori indipendenti, a seguito di una recente dimissione. L’azienda ha tempo fino al 4 gennaio 2025 per ripristinare la conformità a questo standard di quotazione. Anche se le azioni della società continuano a essere scambiate sotto ‘BURU’, il Consiglio di Amministrazione sta attivamente cercando due nuovi direttori indipendenti. Non ci sono effetti immediati sulla quotazione delle azioni, anche se la conformità entro il termine consentito non è garantita.
NUBURU (NYSE American: BURU) ha recibido un aviso de incumplimiento del mercado NYSE American debido a que su Comité de Auditoría ya no cuenta con el mínimo requerido de dos directores independientes tras una reciente renuncia. La empresa tiene hasta el 4 de enero de 2025 para recuperar la conformidad con este estándar de cotización. Mientras las acciones de la compañía continúan negociándose bajo ‘BURU’, la Junta está buscando activamente a dos nuevos directores independientes. No hay efecto inmediato en la cotización de las acciones, aunque la conformidad dentro del plazo permitido no está garantizada.
NUBURU (NYSE American: BURU)는 최근 사임으로 인해 감사 위원회에 필수적인 두 명의 독립 이사가 더 이상 부족하다는 이유로 NYSE American 시장의 비준수 통지를 받았습니다. 회사는 2025년 1월 4일까지 이 상장 기준에 대한 준수를 회복해야 합니다. 회사의 주식은 계속 ‘BURU’로 거래되고 있지만, 이사회는 두 명의 새로운 독립 이사를 적극적으로 찾고 있습니다. 주식 상장에 즉각적인 영향은 없지만, 허용된 시간 안에 준수 여부는 보장되지 않습니다.
NUBURU (NYSE American: BURU) a reçu un avis de non-conformité du marché NYSE American en raison du fait que son Comité d’Audit ne compte plus le nombre minimum requis de deux administrateurs indépendants suite à une récente démission. La société a jusqu’au 4 janvier 2025 pour retrouver la conformité avec cette norme de cotation. Bien que les actions de l’entreprise continuent à être échangées sous ‘BURU’, le Conseil d’Administration recherche activement deux nouveaux administrateurs indépendants. Il n’y a pas d’effet immédiat sur la cotation des actions, bien que la conformité dans le délai autorisé ne soit pas garantie.
NUBURU (NYSE American: BURU) hat eine Mitteilung über die Nichteinhaltung vom Markt NYSE American erhalten, da sein Prüfungsausschuss nicht mehr die erforderliche Mindestanzahl von zwei unabhängigen Direktoren aufweist, nachdem ein Direktor kürzlich zurückgetreten ist. Das Unternehmen hat bis zum 4. Januar 2025 Zeit, um die Einhaltung dieses Listungsstandards wiederherzustellen. Während die Aktien des Unternehmens weiterhin unter ‘BURU’ gehandelt werden, ist der Vorstand aktiv auf der Suche nach zwei neuen unabhängigen Direktoren. Es gibt keine sofortigen Auswirkungen auf die Aktienlistung, obwohl die Einhaltung innerhalb des erlaubten Zeitrahmens nicht garantiert ist.
Positive
- Stock continues to trade normally on NYSE American
- Company has until January 4, 2025 to resolve the compliance issue
Negative
- Non-compliance with NYSE American listing requirements
- Risk of potential delisting if compliance is not achieved by deadline
- Audit Committee currently lacks required independent directors
Insights
This NYSE non-compliance notice represents a significant corporate governance issue for NUBURU. The company’s failure to maintain the minimum required two independent directors on its Audit Committee violates Section 803B(2)(c) of the NYSE American Company Guide. This is particularly concerning for a $2M market cap company, as robust audit oversight is important for investor protection.
The deadline of January 4, 2025, provides adequate time to address this deficiency, but the small market cap may make it challenging to attract qualified independent directors. While trading continues uninterrupted, failure to resolve this could lead to delisting. The situation creates uncertainty around financial oversight and could impact investor confidence in the company’s governance structure.
CENTENNIAL, Colo.–(BUSINESS WIRE)– NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced it has received a notice of non-compliance (the “NYSE Notice”) from the staff of the NYSE American Market (the “Exchange”) indicating that the Company has become noncompliant with the continued listing standard set forth in Section 803B(2)(c) of the NYSE American Company Guide (the “Company Guide”), since the Company’s Audit Committee is no longer comprised of at least two independent directors, as a result of the recent resignation of an independent director from the Company’s Board of Directors. The NYSE Notice stated that, pursuant to Section 803B(6)(b) of the Company Guide, the Company has until the earlier of its next annual meeting of stockholders or one year from the occurrence of the event that caused the failure to comply with the audit committee composition requirements to regain compliance with the continued listing standards; provided that, if the annual meeting of stockholders occurs no later than 75 days following the event that caused the failure to comply, the Company will instead have 75 days from such event to regain compliance. As a result, the Company has until January 4, 2025 to regain compliance. The Board is undertaking a process to identify two independent directors to join the Board within the permitted time frame.
The NYSE Notice does not have any immediate effect on the listing of the Company’s common stock on the Exchange, which remains trading under the trading symbol “BURU”. There can be no assurance, however, that the Company will be able to regain compliance with the continued listing standard discussed above in the permitted time frame.
About NUBURU
Founded in 2015, NUBURU, Inc. (NYSEAM: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and 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. 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, developments with our Board of Directors and our compliance with Exchange listing standards. 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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241122726110/en/
Investor Relations:
NUBURU, Inc.
(720) 767-1400
Source: NUBURU, Inc.
FAQ
Why did NUBURU (BURU) receive a NYSE non-compliance notice?
NUBURU received the notice because its Audit Committee no longer has the minimum required two independent directors following a recent director resignation.
When does NUBURU (BURU) need to regain NYSE compliance?
NUBURU has until January 4, 2025, to regain compliance with the NYSE American listing standards.
Will NUBURU (BURU) stock continue trading on NYSE American?
Yes, NUBURU stock continues trading under symbol ‘BURU’ with no immediate effect on its listing, though future compliance is not guaranteed.
