News: Optoelectronics
25 November 2024
NUBURU receives notice of non-compliance with NYSE
NUBURU Inc of Centennial, CO, USA — which was founded in 2015 and develops and manufactures high-power industrial blue lasers — has received a notice of non-compliance from the NYSE American Market indicating that it has become non-compliant with the continued listing standard set forth in Section 803B(2)(c) of the NYSE American Company Guide, since the company’s Audit Committee is no longer consists of at least two independent directors, as a result of the recent resignation of an independent director from its board of directors.
The NYSE notice stated that, pursuant to Section 803B(6)(b) of the Company Guide, NUBURU has until the earlier of its next annual meeting of stockholders or one year from the occurrence of the event that caused the failure to comply with the audit committee composition requirements to regain compliance with the continued listing standards; provided that, if the annual meeting of stockholders occurs no later than 75 days following the event that caused the failure to comply, the company will instead have 75 days from such event to regain compliance. As a result, NUBURU has until 4 January to regain compliance. The board is undertaking a process to identify two independent directors to join it within the permitted time frame.
The NYSE notice does not have any immediate effect on the listing of the NUBURU’s common stock on the exchange, which remains trading under the trading symbol ‘BURU’. However, there can be no assurance that the company will be able to regain compliance with the continued listing standard discussed above in the permitted time frame.
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