Nuburu, Inc. (NYSE American: BURU), a company specializing in miscellaneous electrical machinery and equipment, announced today a delay in the implementation of its previously communicated reverse stock split due to a processing backlog at FINRA. The reverse stock split, which was set at a ratio of 1-for-40, was scheduled to take effect today.
The company, headquartered in Centennial, Colorado, had provided the Financial Industry Regulatory Authority (FINRA) with the required notice exceeding 10 days before the record date of the reverse split. However, due to FINRA's backlog in handling corporate actions for over-the-counter market issuers, the regulatory authority is unable to process the reverse stock split as planned.
As a consequence of this delay, Nuburu must postpone the reverse split until FINRA can accommodate the corporate action. The company has committed to promptly informing the market once a new record date for the reverse split is established.
This announcement follows Nuburu’s transition from its former identity as Tailwind Acquisition Corp., with the name change occurring on June 4, 2020. The company's fiscal year-end is December 31, and it is incorporated in Delaware.
This news is based on a recent SEC filing by Nuburu, Inc.
In other recent news, NUBURU, Inc. NUBURU has launched the AO-650 laser and the BLTM series, with models such as the BL-250 and the BL-1Kw designed to meet various industrial demands. The company plans to concentrate on manufacturing and shipping the BL series, particularly the BL250 model, in the latter half of 2024.
On another front, NUBURU has secured an $850,000 Phase II contract from NASA to enhance its high-power industrial blue laser technology. This technology is aimed at streamlining power management for lunar and Martian missions.
Additionally, the company has announced a $3 million investment in its common stock by strategic investors, led by Alessandro Zamboni, Chairman of the AvantGarde Group S.p.A.
InvestingPro Insights
As Nuburu, Inc. navigates the delay in its reverse stock split, a look at the company's financial health and market performance is crucial for investors. According to real-time data from InvestingPro, Nuburu has a market capitalization of just $1.19 million, reflecting the company's small size in the marketplace. The data also indicates a troubling revenue decline of 6.12% over the last twelve months as of Q1 2023. Additionally, the company's gross profit margin stands at a deeply negative -159.78%, suggesting significant challenges in generating profit from its sales.
InvestingPro Tips highlight several areas of concern for Nuburu. The company operates with a significant debt burden and may have trouble making interest payments on its debt, which is a critical factor for investors to consider. Furthermore, the company's stock has experienced high volatility and has consistently moved in the opposite direction of the market. With Nuburu not being profitable over the last twelve months and the stock price having fallen significantly over the past year, these metrics may influence investor sentiment.
For investors seeking more in-depth analysis and additional InvestingPro Tips, visiting https://www.investing.com/pro/BURU can provide valuable insights. There are 17 additional tips available, which could help investors make more informed decisions. To access these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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