Business

NUBURU Focuses on Blue Laser Technology as It Cancels Special Proxy Statement for Funding

CENTENNIAL, Colo., October 14, 2024--NUBURU, Inc. ("NUBURU" or the "Company") (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial laser technology, today announced the cancellation of its Special Proxy Statement. Due to insufficient proxies to form a quorum, the company has withdrawn the proposals and canceled the Special Meeting. However, these critical proposals will be included in the upcoming annual meeting proxy statement, expected to be filed by October 31, 2024. The company aims to secure stockholder approval at this meeting to advance its commercialization and growth plans.

NUBURU Cancels Special Proxy Statement Amid Funding Needs

The cancellation of the Special Proxy Statement temporarily delays the ability to raise essential working capital. The proposals that were supposed to be voted on are crucial for funding the business plans and to help continue the path toward full commercialization.

Over the past year, NUBURU has been diligently working to secure financing from investors and has made progress in raising capital through various means. However, the company cannot proceed with its financing plan in full until it receives stockholder approval. This makes the upcoming annual meeting pivotal for the future of the company as it works to strengthen its financial position and maintain momentum in advancing its cutting-edge technology.

Impact of Special Meeting Cancellation on Future Funding

While the cancellation of the Special Proxy Statement has slowed down NUBURU’s immediate access to funds, the company remains optimistic about the upcoming annual meeting, which will provide a fresh opportunity to secure the necessary capital for future growth. If stockholders approve the proposals at this meeting, NUBURU will be able to proceed with the financing required to support operations, accelerate commercialization efforts, and invest in innovative laser technology research and development.

This temporary delay does not detract from the company’s long-term vision. NUBURU remains committed to bringing revolutionary technology to the forefront of industries that rely on high-precision laser processing, such as aerospace, automotive, and additive manufacturing.

Advanced Laser Technology and Commercialization Path

Founded in 2015, the company specializes in industrial laser solutions that leverage fundamental physics and high-brightness, high-power designs. These lasers are engineered to produce superior quality welds and parts at a significantly faster rate than current technologies. This breakthrough technology is utilized in laser welding and additive manufacturing of various industrially important metals.

NUBURU’s advanced laser systems offer minimal to defect-free welds at rates up to eight times faster than traditional methods, providing significant advantages in industrial applications. This technology supports sectors looking to reduce costs and increase efficiency in their manufacturing processes.

For further information on the impact of laser technology in various industries, check out this resource from Advanced Manufacturing.

Recent Contracts and Market Presence

Recent contracts with NASA and the U.S. Air Force showcase the company’s growing market presence in sectors that require advanced laser solutions for high-precision applications. These contracts highlight the increasing demand for NUBURU's innovative technologies in applications such as space exploration, aerospace, and electric vehicle battery production.

To understand more about how these industries utilize advanced laser technology, visit NASA's Laser Communication page.

Plans for Securing Capital Through Stockholder Approval

To continue innovating and growing, NUBURU is focused on securing capital by obtaining stockholder approval at the upcoming annual meeting. This approval is essential for accessing financing required to sustain operations and drive further developments in the laser technology sector.

By securing the necessary funding, NUBURU will be able to invest in research and development, scale production capabilities, and enhance its position as a leader in the industrial laser market. The company’s ability to attract top-tier clients like NASA and the U.S. Air Force demonstrates the growing demand for its products and its potential to transform multiple industries.

What’s Next: Annual Meeting and Fundraising Goals

NUBURU is preparing for its upcoming annual meeting of stockholders, where it will reintroduce the proposals that are crucial for securing financing. The company believes that stockholder approval is vital to raising the capital necessary for growth and expansion in the laser technology market. With a strong focus on commercialization, NUBURU is well-positioned to capitalize on emerging opportunities in high-precision industries.

For more insights into the advancements in laser technology, explore this analysis from Laser Focus World.