NUBURU
NUBURU industrial blue laser technology
NUBURU, Inc. has announced it has received notice from the NYSE American LLC indicating that the Company is not in compliance with the continued listing standards in Section 1003(f)(v) of the NYSE American Company Guide.
The high-power, high-brightness industrial blue laser technology developer received the deficiency letter on December 28, 2023, which determined that shares of its common stock have been selling for a low price per share for a substantial period of time. NUBURU’s continued listing is predicated on it demonstrating sustained price improvement by no later than June 28, 2024.
According to a press release, NUBURU says it intends to monitor the price of its Common Stock and consider options, including conducting a reverse stock split. NUBURU says the notice does not affect the its business, operations or reporting requirements with the Securities and Exchange Commission.
NUBURU’s blue laser technology is said to enable faster, higher quality welds and parts for laser welding and additive manufacturing processes using demanding materials such as copper, gold, and aluminium. Last year, the company delivered its first units to High Speed Extrusion 3D printing company Essentium (acquired by Nexa3D in November) as part of a previously announced multi-year, multi-million-dollar agreement to develop and manufacture a blue laser-based 3D printing platform. The company also announced the signing of a joint development agreement with GE Additive to explore the benefits of blue laser-based metal 3D printing.
The news follows a similar announcement from metal additive manufacturing company Velo3D earlier this week, which saw the company notified on December 28, 2023 by the New York Stock Exchange (NYSE) of its noncompliance with Rule 802.01C of the NYSE’s Listed Company Manual, relating to the minimum average closing price of the company’s common stock required over a consecutive 30 day period. It comes after a series of notices for other publicly traded 3D printing companies including Desktop Metal, which received a non-compliance notice from the NYSE in November 2023, and Markforged, which received its first non-compliance notice in April, and second in November.
