On December 28, 2023, NUBURU, an innovator in high-power and high-brightness industrial blue laser technology, received a deficiency letter from the NYSE American LLC indicating that the company is not in compliance with the continued listing standards as outlined in Section 1003(f)(v) of the NYSE American Company Guide. Specifically, the notice informed the company that the NYSE American has determined that the shares of the company’s common stock have been selling for a low price per share for a substantial period of time. According to Section 1003(f)(v) of the Company Guide, the company’s continued listing is predicated on demonstrating sustained price improvement by June 28, 2024.
The company reportedly intends to monitor the price of its Common Stock and consider available options, including conducting a reverse stock split if its Common Stock does not trade at a consistent level likely to result in the company regaining compliance by June 28, 2024. The receipt of the notice does not affect NUBURU’s business, operations, or reporting requirements with the Securities and Exchange Commission.
Late last year, Desktop Metal and Markforged received similar NYSE listing notices because the average closing price of both companies’ common stock was less than $1.00 over a consecutive 30 trading-day period. In both cases, the notice did not result in the immediate delisting of the companies’ common stock from the NYSE.
