CENTENNIAL, Colo. - NUBURU, Inc. (NYSE American: BURU), a company specializing in high-power blue laser technology, announced today the cancellation of its Special Proxy Statement due to insufficient proxy submissions to form a quorum. The proposals initially set for the Special Meeting will now be included in the annual meeting proxy statement, expected to be filed by October 31, 2024.
The company highlighted the importance of the proposals, stating they are crucial for raising the working capital needed to support its business plans and continue its commercialization journey. Despite efforts to secure investors and necessary financing, NUBURU requires stockholder approval to fully proceed with its financing strategies.
NUBURU, founded in 2015, is known for developing industrial blue lasers used in welding and additive manufacturing of metals like copper, gold, and aluminum. Its technology is claimed to deliver high-quality welds up to eight times faster than traditional methods.
The company's recent press release also contained forward-looking statements, including expectations of benefits from laser-based additive manufacturing and a partnership with GE Additive. However, it also acknowledged various risks and uncertainties that could impact the company's actual results, such as the ability to meet listing standards, product development, capital access, and competition, among others.
NUBURU's future plans and expectations are subject to change due to economic, business, and competitive factors. The company has stated that it does not guarantee that its predicted results will be achieved and cautions not to place undue reliance on forward-looking statements.
This announcement is based on a press release statement from NUBURU, Inc.
In other recent news, NUBURU, Inc. has transitioned to a new Equity Line of Credit (ELOC) with Liqueous, terminating its previous arrangement with Lincoln Park. This is part of NUBURU's broader strategy to secure capital necessary for its commercial operations. The company has also entered into a series of agreements with Liqueous LP to secure a strategic financing framework, which includes an initial $3 million capital injection and weekly investments of $1.25 million until an additional $10 million is invested.
NUBURU has also announced a 1-for-40 reverse stock split, which has been delayed due to a backlog at the Financial Industry Regulatory Authority (FINRA). This strategic move is aimed at increasing its stock trading price and attracting larger investors. The company has launched the AO-650 laser and the BLTM series, and secured an $850,000 Phase II contract from NASA to enhance its high-power industrial blue laser technology.
Furthermore, NUBURU has received a $3 million investment in its common stock from strategic investors, led by Alessandro Zamboni, Chairman of the AvantGarde Group S.p.A. These recent developments highlight the company's ongoing efforts to expand operations and increase market presence.
InvestingPro Insights
NUBURU's recent announcement regarding the cancellation of its Special Proxy Statement due to insufficient proxy submissions aligns with several key financial indicators and trends highlighted by InvestingPro data.
According to InvestingPro Tips, NUBURU "operates with a significant debt burden" and "may have trouble making interest payments on debt." This financial strain is further evidenced by the fact that the company is "quickly burning through cash." These factors underscore the urgency of NUBURU's need to secure stockholder approval for its financing strategies, as mentioned in the article.
The company's market capitalization stands at a modest $3.98 million, reflecting its current financial challenges. NUBURU's revenue for the last twelve months as of Q2 2024 was only $0.7 million, with a staggering revenue decline of 75.09% over the same period. This decline in revenue aligns with the company's struggle to raise working capital and support its business plans.
InvestingPro Tips also indicate that NUBURU's stock "generally trades with high price volatility" and has seen a "significant return over the last week." This volatility is reflected in the recent price movements, with a 132.61% return over the past week and a 137.71% return over the last month. However, these short-term gains are overshadowed by a 91.13% price decline over the past year, highlighting the company's ongoing challenges.
It's worth noting that NUBURU is currently trading at $1.04, which is only 6.99% of its 52-week high. This substantial drop in share price further emphasizes the company's urgent need for successful financing strategies and stockholder support.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for NUBURU, providing a deeper understanding of the company's financial position and market performance.
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