With Transformation Plan in Effect, NUBURU Makes Further Changes to Leadership

Industrial blue laser company NUBURU said late last week that it is working to execute its transformation plan as the company makes extensive changes to its board of directors. Over the past year, the company has been in and out of compliance with the New York Stock Exchange. NUBURU regained compliance last month, following a pair of agreements with S.F.E. Equity Investments SARL and Liqueous LP.

The first agreement, with S.F.E., will fund the company’s operations for 12 months in exchange for certain governance changes. These changes included the resignation of Ron Nicol, the appointment of Alessandro Zamboni as chairman, and the reinstatement of Matteo Ricchebuono as a director.

The second agreement, with Liqueous LP, will provide NUBURU with three installments of $1 million and a payment of $500,000. The payments are conditioned upon NUBURU’s continued performance under prior funding arrangements made with Liqueous, among other conditions.

Further changes to the company’s board include the appointments of Dario Barisoni and Shawn Taylor as well as the resignations of Daniel Hirsch, Elizabeth Mora, and Brian Knaley. According to the company, the resignations are consistent with the company’s transformation plan, and Knaley will continue to support the company as needed throughout the transition period.

Per 8-K filings announcing the deluge of board changes, Zamboni will lead the company in implementing its transformation plan, or in the event of its failure, until the sale, recapitalization, or dissolution of the company.

The transformation plan is expected to include the recapitalization of the company, acquisition of new assets, the transfer and licensing back of certain current assets, and the expansion of the management with expertise relevant to NUBURU’s expanded assets.