NUBURU, Inc. (NYSE American: BURU) announced the closing of its best-efforts public offering, raising approximately $38.0 million in gross proceeds before fees and expenses. The offering, which included common stock and/or pre-funded warrants with accompanying Series B Preferred Stock, was led by a New York-based single-family office with participation from other accredited investors and family offices. The company intends to use the proceeds to advance its proposed acquisition of Tekne, repay outstanding debentures, and continue building its integrated Defense & Security platform.
According to the press release, NUBURU also disclosed that it received notice from NYSE American that it had fallen out of compliance with the exchange’s continued listing requirements after its common stock traded below $0.10 during the trading day. The company plans to appeal the delisting determination and implement a previously approved reverse stock split in an effort to regain compliance with NYSE American listing standards.
The closing of this offering provides NUBURU with significant capital to execute its strategic plans, including the Tekne acquisition. However, the NYSE non-compliance notice introduces uncertainty about the company's listing status. The reverse stock split is a common mechanism for companies to boost share price to meet exchange minimums, but it does not change the underlying value of the company.
NUBURU is a next-generation dual-use Defense & Security integrated platform company delivering software-orchestrated, hardware-enabled capabilities for defense and security, critical-infrastructure and digital-resilience markets. Its platform strategy includes directed-energy and non-kinetic effects, electronic warfare and CEMA, defense mobility, operational-resilience software and advanced deployable manufacturing. For more information, visit www.nuburu.net.
The full press release can be viewed at https://ibn.fm/51JUN.
