Nuburu Closes $12 Million Public Offering

Nuburu announced the closing of its previously announced public offering and that it anticipates trading on NYSE American to resume on March 2. Trading of the company's common stock was halted by NYSE American on February 13, because the trading price dropped below NYSE American's Minimum Trading Price of 10c. The company is conducting a 1-for-4.99 reverse stock split immediately in order to return to compliance with the Minimum Trading Price requirement. Under NYSE American rules, the company's ability to conduct another reverse stock split in the near term is restricted. Following the resumption of trading on March 2, to the extent the company's stock trades below 10c, trading in the common stock would be halted, and the company's common stock would be delisted by NYSE American, which would significantly affect liquidity in the common stock and the ability of investors to trade. The public offering involved the issuance and sale of $12M in common stock and pre-funded warrants in lieu of shares and accompanying warrants, at a subscription price of 11c per share, or 58,379,137 shares of common stock, 50,711,772 pre-funded warrants, and common warrants exercisable for up to 163,636,364 shares of common stock. The exercise price of the pre-funded warrants is $0.0001 per share, and the pre-funded warrants will be immediately exercisable and may be exercised at any time. The common warrants have an exercise price per share equal to 13.2c from the issuance date until the six-month anniversary of the issuance date and 11c from the six-month anniversary of the issuance date until the 5-year expiration date. All share information and exercise pricing would be adjusted in the future to reflect the anticipated reverse stock split and in accordance with the warrant terms. "We are excited to see our strategy being successfully implemented, with significant milestones being achieved less than one year from when this new management team took the reins. We have executed key agreements and reduced $17 million of legacy obligations and overhead. We are delivering on our plan and we are hopeful that our core stockholder base will recognize our accomplishments to date and future potential. The investors in the public offering have demonstrated their support of our strategy and vision for the future," commented Alessandro Zamboni, Co-Chief Executive Officer.