NUBURU, Inc. CEO Brian Knaley Outlines Strategic Vision and Growth Milestones in Shareholder Letter
Dear NUBURU Shareholders, Partners, and Family:
For the last several months, NUBURU has been realigning and refocusing our business and operations and we are beginning to see the positive results of these intense efforts. We are seeing increased orders (which typically require a sales and qualification process that can take 12 months or longer), we have received prestigious recognitions, we have realigned our workforce, we have reduced our outstanding debt by 25%, and we continue to pursue a variety of transactions to further reduce our debt, and we have established new, ongoing funding relationships that are critical to an emerging growth company like Nuburu.
Maintaining NYSE Listing
As part of our overall recalibration, consistent with the authorization previously provided by shareholders, we will be implementing a 1-for-40 reverse stock split of our outstanding stock effective
We believe this will benefit shareholders by reducing the number of outstanding shares and increasing the share price, making the stock more appealing to institutional investors and analysts who tend to avoid stocks with low prices. Additionally, it will help the Company continue to satisfy the minimum price requirements for listing on the NYSE and make it easier for institutional investors to compare NUBURU's stock price with its peers. The reverse stock split does not affect the Company's fundamental value or the proportional ownership of shareholders. Your stake in the Company remains unchanged.
Capital Structure
In addition to our capital-raising efforts, we have entered into agreements, and are pursuing additional agreements, to extinguish some of our outstanding debt, including the conversion and settlement of outstanding convertible promissory notes in exchange for shares of common stock. Currently, we are limited by NYSE rules that prohibit an issuance of common stock in a transaction if it would result in the issuance of shares equal to 20% or more of our outstanding shares. We intend to settle additional amounts of debt once we have obtained shareholder approval to issue shares in excess of 20% of our outstanding common stock for such purpose. Additional information regarding our settlement of debt is available in a Current Report on Form 8-K filed with the
NUBURU Blue Laser Systems
Looking forward, I am excited and optimistic about the future of our Company. We are strengthening our relationships with our key financing partners, employees, customers, and vendors in order to advance the Company's business plan and increase shareholder value. We will focus on maintaining the NYSE's continued listing standards and propelling NUBURU toward sustainable operational success. NUBURU is poised for growth with our cutting-edge blue laser technology, the validation of which is evident in our current corporate contracts with end-users and distributors and government contracts with entities like NASA and the
NUBURU ships blue laser systems for welding applications, including batteries, large-screen displays, and cell phone components. We hold over 220 patents and pending patents globally, covering blue laser applications, technologies, and 3D printing. Notably, in 2022 and early 2023, we began producing and shipping our AO-650 laser. In
Our current focus is on manufacturing and shipping the BL series, specifically the BL250 model, given the acceptance of wire stripping, medical device, and personal electronic application interest. We are also evaluating ways to deliver more power with better beam quality and plan to prioritize this in the second half of 2024. We are poised to enhance shareholder value through the strategic monetization of our innovative IP and the pursuit of additional opportunities that expedite our business development.
With our high-power, high-brightness blue laser technology, NUBURU is driving significant improvements in welding and 3D printing applications by enhancing productivity and cost efficiency for manufacturers in the e-mobility, consumer electronics, aerospace, defense, and 3D printing markets, with the potential to expand into new areas not yet serviced by existing laser technologies.
Our technology is not just about innovation; it is about responsibility. We've developed and patented a pivotal advancement in manufacturing technology that has the potential to transform the industry. NUBURU's cutting-edge technology reduces carbon emissions, promoting sustainability through reduced energy consumption and lower carbon output by more efficiently coupling heat into the processed material.
Blue laser light, which metals such as gold, copper, silver, and aluminum absorb more effectively than infrared light, substantially improves product quality, production yield, and manufacturing speed. These advantages enhance overall productivity and product lifespan, offering significant benefits whether upgrading existing processes or enabling new manufacturing approaches with our laser systems. We aim to reduce waste, limit costs, and improve manufacturing processes by incorporating Six Sigma Lean methodologies and ISO quality standards. These tools help create a quality-driven environment, reducing downtime and defects and deliver a lower cost of ownership to our customers.
Sales and Marketing
To expand our marketing efforts and achieve broader adoption of our technology, we employ our own sales force and have trained and will continue to develop third-party distributors for sales and customer support in key territories, including the
The unwavering support from our longstanding and new shareholders, who have demonstrated remarkable resilience during challenging times, is particularly heartening. NUBURU remains committed to its strategic review processes and is open to exploring further opportunities that enhance its capabilities and market position. With this solid foundation, NUBURU's future is bright, driven by a clear vision for innovation and shareholder enrichment. We at NUBURU are grateful to our customers for their business and trust, each other for our hard work, and our shareholders for their support and encouragement.
About NUBURU
Founded in 2015,
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including relating to its partnership with GE Additive. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "seek," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions. Forward-looking statements in this press release include, among other things: anticipated benefits associated with laser-based additive manufacturing. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by NUBURU and its management, are inherently uncertain and many factors may cause the Company's actual results to differ materially from current expectations which include, but are not limited to: (1) the ability to continue to meet the security exchange's listing standards; (2) failure to achieve expectations regarding its product development and pipeline; (3) the inability to access sufficient capital to operate as anticipated, whether from
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