News: Optoelectronics
12 December 2024
NUBURU resolves non-compliance with NYSE rules
NUBURU Inc of Centennial, CO, USA — which was founded in 2015 and develops and manufactures high-power industrial blue lasers — says that NYSE Regulation has sent it a warning letter, as provided under Section 1009(a) of the NYSE American LLC Company Guide, describing violations by the firm of Sections 301 and 713 of the Company Guide.
Section 301 prohibits a listed company from issuing, or authorizing its transfer agent or registrar to issue or register, additional securities of a listed class until it has filed an application for the listing of such additional securities and received notification from the NYSE American that the securities have been approved for listing.
Section 713 requires stockholder approval when additional shares to be issued in connection with a transaction involve the sale, issuance or potential issuance of common stock (or securities convertible into common stock) equal to 20% or more of outstanding stock for less than the greater of book or market value of the stock.
As noted in the letter, NUBURU issued about 4.6 million common shares between May and August in connection with the conversion of certain convertible promissory notes that NYSE has determined were in violation of these provisions. NUBURU says that it is consequently implementing additional controls to avoid violations of such NYSE rules in the future.
NUBURU receives notice of non-compliance with NYSE
