NEW YORK, July 17, 2026, 14:15 EDT
- Nuburu paused at 7.27 cents, down 39.2%.
- Combined, common shares and pre-funded warrants represent 98.1% of shares outstanding before the offer.
- 44.1% of projected gross proceeds are allocated to planned debt and note repayments.
Shares of Nuburu, Inc. NYSEAMERICAN:BURU were halted at 11:28 a.m. EDT on Friday. The stock last traded at 7.27 cents, a drop of 39.2%, with 39.4 million shares changing hands.
The main NYSE American core session continued trading. A real-time halt tracker showed Nuburu’s halt with the reason listed as unknown.
The development raises concerns over exchange risk above the financing announcement. In February, Nuburu cautioned that a further trade below 10 cents would result in a trading halt and delisting.
Shares fell on Friday after Nuburu announced a best-efforts offering aimed at raising approximately $38 million gross. The company set the price per package at 15.55 cents, which is 30% higher than the July 15 close.
The price does not directly reflect a standard common-stock valuation. Each unit consists of either common stock or a pre-funded warrant, along with Series B preferred shares.
The final prospectus clarifies the dilution calculation, citing 117.4 million common shares and 127.0 million pre-funded warrants.
| Measure | Filed or market figure | Investor comparison |
|---|---|---|
| Halted common price | $0.0727 | 53.2% under package price |
| Offer package price | $0.1555 | Series B preferred included |
| Pre-offer common shares | 249.0 million | Base |
| Direct common shares offered | 117.4 million | 47.1% of base |
| Pre-funded warrants offered | 127.0 million | 51.0% of base |
| Common plus pre-funded securities | 244.4 million | 98.1% of base |
| Planned debt and note repayment | $16.75 million | 44.1% of gross proceeds |
Prices are not directly comparable as the offer package contains preferred stock. Percentages are based on figures from filings.
If all pre-funded warrants are exercised, the number of common shares would total approximately 493.4 million, prior to any Series B conversion.
The filing lists 733,853 Series B shares, which can be converted into common stock. The choice of preferred layer is also significant.
At the suspension price on Friday, common shares were down 53.2% versus the package price. The comparison is directional since the securities are not the same.
A significant portion of the funds will go toward balance-sheet improvements. Nuburu is allocating $15.5 million for a debenture and $1.25 million for Lyocon notes, representing 44.1% of its anticipated gross proceeds.
Funds left, prior to fees, will be used for Tekne assurance, acquisitions and working capital. Nuburu plans to pause its equity line for a minimum of 90 days, with some exceptions.
“Dilution is not always negative when issuances are used to reduce debt,” Executive Chairman and co-CEO Alessandro Zamboni said on June 29. The latest prospectus outlines the extent of the impact that holders will need to bear. Nuburu
First-quarter revenue totaled $407,644, with March-end cash standing at $8.27 million. The projected gross raise is equivalent to 93 times the revenue and 4.6 times the cash.
Management reported that preliminary, unaudited equity as of May 31 was significantly above $4 million. NYSE American was yet to confirm compliance, with the plan in effect through October 29.
Risks are elevated. The offering is on a best efforts basis, pending closing conditions. Preferred conversion, Tekne clearance, and exchange proceedings may impact dilution or liquidity.
Investors are now contending with a capital repair trade rather than merely a premium issue. Debt relief could be beneficial. The volume of new common shares is almost equal to the current share base.
