NUBURU, Inc. (NYSE American: BURU) announced the closing of its previously announced best-efforts public offering, raising approximately $38.0 million in gross proceeds before fees and expenses. The offering included common stock and/or pre-funded warrants with accompanying Series B Preferred Stock and was led by a New York-based single-family office with participation from other accredited investors and family offices. The company said it intends to use the proceeds to advance its proposed acquisition of Tekne, repay outstanding debentures and continue building its integrated Defense & Security platform.
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 said it 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. For more details, see the full press release at https://ibn.fm/51JUN.
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. More information is available at www.nuburu.net.
The $38 million raise is significant as it provides NUBURU with capital to pursue strategic acquisitions and reduce debt, but the delisting notice underscores the company's financial challenges and the volatility of its stock price. The outcome of the appeal and the reverse stock split will be critical for the company's continued listing on the NYSE American.
