Investing.com
Published Jul 14, 2025 05:48PM ET
Nuburu, Inc. (NYSE American:BURU) reported the results of its 2025 Annual Meeting of Stockholders held Wednesday. The company, whose stock has declined 72.6% over the past year and currently trades at $0.32, held the meeting amid challenging financial conditions. According to InvestingPro data, the company's financial health score stands at 0.66, rated as WEAK. Shareholders voted on ten proposals, including director election, amendments to the certificate of incorporation, and share issuances.
Stockholders elected Alessandro Zamboni as a Class III director with 16,817,385 votes for, 868,729 votes withheld, and 12,250,658 broker non-votes.
A proposal to increase the number of authorized shares of common stock from 250 million to 900 million was approved, receiving 23,662,284 votes for, 6,199,713 against, and 74,755 abstentions. The share expansion comes as the company faces significant financial challenges, with negative EBITDA of $16.53 million and a market capitalization of just $1.15 million. InvestingPro subscribers can access 11 additional key insights about BURU's financial position and market performance.
Stockholders did not approve a proposal to reincorporate the company from Delaware to Nevada, which required a majority of outstanding shares. The vote tallied 15,418,450 for, 1,972,268 against, and 295,396 abstentions, with 12,250,658 broker non-votes.
A reverse stock split proposal authorizing the board to effect one or more reverse splits of the company's common stock was approved, with 19,058,340 votes for, 10,794,956 against, and 83,476 abstentions. The company's current ratio of 0.03 indicates significant liquidity challenges, with short-term obligations exceeding liquid assets, potentially influencing this decision.
Shareholders also approved the issuance of shares above 19.99% of outstanding common stock in connection with convertible notes to Indigo Capital LP, with 14,757,269 votes for, 2,520,069 against, and 408,776 abstentions.
The issuance of up to $100 million in securities related to a standby equity purchase agreement was approved, with 14,970,823 votes for, 2,311,134 against, and 404,157 abstentions.
A proposal for the issuance of up to $100 million in securities in non-public offerings at discounts up to 30% of market price was approved, with 14,086,116 votes for, 3,184,815 against, and 415,183 abstentions.
Shareholders approved the issuance of shares upon conversion of certain promissory notes held by an affiliate, with 14,907,145 votes for, 2,470,227 against, and 308,742 abstentions.
The appointment of WithumSmith+Brown, PC as independent auditor for the fiscal year ending December 31, 2025, was ratified, with 27,687,331 votes for, 828,596 against, and 1,420,845 abstentions.
A proposal to allow adjournment of the meeting if necessary was also approved.
The information in this article is based on a press release statement and the company’s SEC filing.
In other recent news, Nuburu Inc. has made significant strides in its strategic transformation, focusing on the defense technology sector. The company secured stockholder approval for key financing strategies, including an increase in authorized share capital and the ratification of financing agreements, to support its pivot towards defense-tech. Central to this shift is the planned acquisition of Italian firm Tekne S.p.A., which is expected to generate over €50 million in revenue through its "Tactical Bubble" defense products. The acquisition is undergoing Italy's Golden Power review process, which is progressing positively, and is anticipated to conclude by mid-2025.
Additionally, Nuburu has entered into a $100 million equity purchase agreement with YA II PN, Ltd., allowing the company to strategically manage stock sales to fund its growth initiatives. This agreement supports the potential acquisition of Tekne and other strategic ventures. The company has also filed a $100 million Form S-3 Registration statement with the SEC to further bolster its acquisition strategy. Nuburu's Executive Chairman, Alessandro Zamboni, emphasized the importance of these acquisitions in enhancing shareholder value and addressing complex security challenges. The company is also pursuing partnerships to integrate advanced technologies like AI and robotics into its operations, aiming to expand its presence in high-growth sectors.
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Written By: Investing.com
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