CENTENNIAL, CO – Nuburu, Inc. (BURU), a micro-cap company specializing in miscellaneous electrical machinery and equipment with a market capitalization of $2.53 million, announced the expansion of its Board of Directors from four to six members and the appointment of two new directors, effective immediately.
According to InvestingPro data, the company's stock has shown significant momentum recently, gaining over 40% in the past week, though it trades at $0.70 per share. The announcement, based on a recent SEC filing, comes as the company prepares for its 2025 annual meeting of shareholders.
Dario Barisoni, 57, joins the board with over two decades of experience in the technology sector, notably in optoelectronics and international business. He has held senior leadership roles in Europe, the Middle East, and Asia. Barisoni has been instrumental in market expansion and has a strong background in mergers and acquisitions. Currently, he is the Co-founder and Managing Director of Bionexus and Managing Partner of 2Invest.
His previous roles include CEO Middle East and Asia for SIAE Microelectronica. Barisoni's educational background includes an Executive MBA from POLIMI Graduate School of Management and a Master of Science in Optoelectronic Engineering from Politecnico di Milano.
Shawn Taylor, 62, brings over 20 years of experience as a fractional Chief Financial Officer, with a focus on SaaS Technology, Media, and intellectual property sectors. He has a history of driving growth in start-up and scale-up environments and is skilled in corporate finance, IPOs, and strategic transactions. Taylor has served as CFO for various European entities, including Eight Capital Partners (AQUIS:ECPE) plc. He holds a BSc in Geography from Kings College, London University and is a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.
Both Barisoni and Taylor will serve on the company's Audit Committee, with Barisoni also joining the Nominating and Corporate Governance Committee and Taylor the Compensation Committee. Their terms are set to expire at the 2025 annual meeting of shareholders unless they leave their positions earlier due to death, disability, resignation, or removal.
This strategic move to expand Nuburu's board aims to enhance the company's governance and expertise as it continues to grow and evolve in the electrical machinery sector. The appointments come at a crucial time, as InvestingPro analysis indicates challenging financial metrics, including negative gross margins and a weak current ratio of 0.15. The appointments reflect Nuburu's commitment to incorporating diverse and experienced leadership to guide the company's future endeavors. InvestingPro subscribers have access to 15 additional key insights about Nuburu's financial health and market position.
In other recent news, Nuburu Inc. has been navigating a series of significant financial and operational developments. The company's stockholder meeting led to the approval of several proposals, including the election of directors and the issuance of common stock beyond the 19.9% threshold. The company also received a default notice demanding repayment of its Senior Convertible Notes, with an outstanding principal of approximately $6.8 million.
Nuburu adjusted its quorum requirement for shareholder meetings, a move aimed at facilitating business proceedings. Additionally, the company experienced board changes with the resignation of two members, Lily Yan Hughes and Kristi Hummel. A special meeting intended for discussing capital-raising proposals was canceled due to insufficient quorum.
The company transitioned to a new Equity Line of Credit with Liqueous, involving an initial $3 million capital injection and weekly investments of $1.25 million. On the product front, Nuburu launched the AO-650 laser and the BLTM series, secured an $850,000 Phase II contract from NASA, and received a $3 million investment in its common stock from strategic investors, led by Alessandro Zamboni, Chairman of the AvantGarde Group S.p.A.
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