News: Optoelectronics
24 June 2024
NUBURU to implement 1-for-40 reverse stock split on 1 July
NUBURU Inc of Centennial, CO, USA — which was founded in 2015 and develops and manufactures high-power industrial blue lasers — is to continue its previously announced plan to implement a 1-for-40 reverse stock split of its common stock, but with an anticipated implementation date of 1 July rather than the previously announced 24 June.
Due to the New York Stock Exchange (NYSE) halting trading in the common stock upon the initial announcement of the reverse split, the firm was unable to implement the reverse split as announced. NUBURU is in the process of appealing the NYSE’s determination to initiate proceedings to delist its common stock and is in the meantime being traded on the over-the-counter market under the symbol ‘BURU’.
The common stock should begin trading on a split-adjusted basis at the commencement of trading on the trading day following the effective date under the company’s existing trading symbol ‘BURU’. It will be assigned a new CUSIP number, 67021W301, in connection with the reverse split.
“Our decision to execute this reverse stock split is part of our strategic plan to improve the marketability and liquidity of our stock, as we aim to attract a broader range of institutional investors in support of our long-term growth strategy, and return to trading on NYSE American,” says CEO Brian Knaley.
NYSE American to begin delisting NUBURU
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