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NUBURU closes public offering, raising gross proceeds of $38m
NUBURU Inc, a dual-use defense and security platform company, has closed its best-efforts public offering raising gross proceeds of $38m, positioning the firm to advance its proposed Tekne acquisition and address NYSE American delisting compliance through a planned reverse stock split. The offering consisted of 244,372,984 shares of common stock and/or pre-funded warrants, each accompanied by Series B Preferred Stock, at a combined price of $0.1555 per share or $0.1554 per pre-funded warrant—representing a ~30% premium to the $0.1199 closing price on July 15. Proceeds, before agent fees and expenses, will fund the acquisition of a controlling stake in Tekne, repay outstanding debentures, and simplify NUBURU’s capital structure. The offering was led by a New York-based single-family office with participation from accredited investors and family offices; Joseph Gunnar & Co LLC acted as exclusive placement agent. However, because NUBURU’s stock traded below $0.10 during the trading day, the company received a notice from NYSE American indicating violation of Section 1003(f)(v) and that proceedings to delist common stock would commence. NUBURU plans to appeal and implement a reverse stock split, already approved by stockholders, to regain compliance. Executive chairman and co-CEO Alessandro Zamboni expressed gratitude to investors, stating the capital positions the company to advance the Tekne acquisition, simplify capital structure via debenture repayment, and build the integrated defense and security platform. Co-CEO Dario Barisoni highlighted progress on the Golden Power process and integration of software, photonics, electronic warfare, defense mobility, and advanced manufacturing into a unified platform.