CENTENNIAL, Colo.--(BUSINESS WIRE)--Nov 22, 2024-- NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced it has received a notice of non-compliance (the “NYSE Notice”) from the staff of the NYSE American Market (the “Exchange”) indicating that the Company has become noncompliant with the continued listing standard set forth in Section 803B(2)(c) of the NYSE American Company Guide (the “Company Guide”), since the Company’s Audit Committee is no longer comprised of at least two independent directors, as a result of the recent resignation of an independent director from the Company’s Board of Directors. The NYSE Notice stated that, pursuant to Section 803B(6)(b) of the Company Guide, the Company has until the earlier of its next annual meeting of stockholders or one year from the occurrence of the event that caused the failure to comply with the audit committee composition requirements to regain compliance with the continued listing standards; provided that, if the annual meeting of stockholders occurs no later than 75 days following the event that caused the failure to comply, the Company will instead have 75 days from such event to regain compliance. As a result, the Company has until January 4, 2025 to regain compliance. The Board is undertaking a process to identify two independent directors to join the Board within the permitted time frame. The NYSE Notice does not have any immediate effect on the listing of the Company’s common stock on the Exchange, which remains trading under the trading symbol “BURU”. There can be no assurance, however, that the Company will be able to regain compliance with the continued listing standard discussed above in the permitted time frame. About NUBURU Founded in 2015, NUBURU, Inc. (NYSEAM: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and high-brightness, high-power design to produce higher quality welds and parts at a faster rate than current lasers can produce for laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds at a rate that is up to eight times faster than traditional welding methods — all with the flexibility inherent to laser processing. For more information, please visit www.nuburu.net . 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. 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, developments with our Board of Directors and our compliance with Exchange listing standards. 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 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; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) changes in applicable laws or regulations; (6) the possibility that NUBURU may be adversely affected by other economic, business and/or competitive factors; (7) volatility in the financial system and markets caused by geopolitical and economic factors; (8) failing to realize benefits from the partnership with GE Additive; and (9) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in NUBURU’s most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. NUBURU does not give any assurance that it will achieve its expected results. NUBURU assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law. View source version on businesswire.com : https://www.businesswire.com/news/home/20241122726110/en/ CONTACT: Investor Relations: NUBURU, Inc. ir@nuburu.net (720) 767-1400 KEYWORD: COLORADO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: MACHINE TOOLS, METALWORKING & METALLURGY MINING/MINERALS MANUFACTURING NATURAL RESOURCES MACHINERY STEEL SOURCE: NUBURU, Inc. Copyright Business Wire 2024. PUB: 11/22/2024 06:45 PM/DISC: 11/22/2024 06:47 PM http://www.businesswire.com/news/home/20241122726110/en
Sunday Aborisade in Abuja The Chairman, Senate Committee on Local Content, who is representing Kogi Central Senatorial District in the National Assembly, Senator Natasha Akpoti-Uduaghan, has described as a welcome idea, plans by the Nigerian National Petroleum Company Limited (NNPCL) to establish five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta Local Government Area of Kogi State next year. A statement by Akpoti-Uduaghan’s Chief Press Secretary, Arogbonlo Israel, in Abuja Friday explained that Akpoti-Uduaghan gave the commendation at the 13th Annual Practical Nigerian Content (PNC) forum. The senator, who said the projects would start next year, noted that it would be the largest concentration of LNG facilities in one senatorial district in the country. She said: “I would like to appreciate NNPCL and the industry experts who have also considered and humbled us at Ajaokuta Local Government, with the (not too sure if it’s too early to speak about it), establishment of five mini LNG plants which will be flagged off early next year. “This is actually the largest concentration of such projects in one district in the entire country. Five, not one, two, three, four, but five mini LNG plants will be established in Ajaokuta by God’s grace next year (2025). “That’s good news for us, good news for Nigeria. So what does that mean? This and many others are just pivotal, it’s important to know that if there’s any place in the country where we should situate a technology hub that will not only drive innovations but talk about the testing and brainstorming around the various kinds of metals and what these metals can do for the industry. It’s just Ajaokuta Local Government.“ She also stressed the need for the Federal Government to redefine the Nigerian local content to drive national development. The senator explained that Nigeria must look beyond capacity building to unlock its full potential and claim its place on the global stage. Nigerian content implementation, she noted, must encompass innovation, sustainability, collaboration and market expansion to drive a holistic transformation across sectors. “For decades, Nigerian content has been synonymous with the development of local capacity in the oil and gas sector. According to her, “We’ve emphasised skills acquisition, education and infrastructure development and rightly so. “These efforts have laid a solid foundation. However, to unlock Nigeria’s full potential and claim our place on the global stage, we must now look beyond capacity building. “Today, I invite us to broaden our perspective and consider how Nigerian content implementation can encompass innovation, sustainability, collaboration and market expansion to drive a holistic transformation across sectors.” She said that for every deep water operation, rigs are utilised and the cheapest rig stands at about $10 million, while some go as much as $25 million. She said: “What actually makes up a rig? Steel. So, just imagine, count how many rigs you have in Nigerian waters. Imagine if we had those rigs manufactured in-country. “That means we would have saved so much money and we would have created so many jobs.” Akpoti-Uduaghan, however, proposed a comprehensive framework for national development, focusing on creating value, achieving self-reliance and establishing a legacy of global competitiveness. “Let’s redefine Nigerian content as more than just the transfer of skills and the localisation of supply chains in the oil and gas sector. Instead, we must view it as a comprehensive framework for national development. “Nigerian content should focus on creating value, achieving self-reliance and establishing a legacy of global competitiveness. “Nigeria’s challenges – ranging from unemployment to dependence on foreign technology and underutilised resources – demand a more dynamic approach. “To pave this new frontier, I propose we focus on four core areas: Policy Refinement and Strategic Enforcement, Building Competitive Ecosystems, Value Chain Optimisation and Global Market Integration “We have strong policies like the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and the Petroleum Industry PIA but how do we ensure these policies evolve to meet the demands of a fast-changing global economy?” She asked.
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