Shares of Nuburu sat flat at $0.04 on the OTC Pink Market as the company announced it won its appeal against delisting — trading is scheduled to resume on NYSE American on Monday, September 14, 2026, under the ticker "BURU." The relisting clears an immediate survival hurdle, but the company's financial picture raises hard questions about what comes next.
Two Reverse Splits in Seven Months Tell a Troubling Story. In February 2026, NYSE American halted Nuburu's stock because it fell below the exchange's $0.10 minimum price, prompting a 1-for-4.99 reverse split. The stock slid again, and on July 17, NYSE Regulation commenced delisting proceedings and suspended trading due to persistently low prices.
The latest 1-for-40 reverse split, effective September 1, slashed shares outstanding from roughly 370.5 million to about 9.26 million — a mechanical trick that raises the per-share price without creating any real value. Pre-split, those shares traded at fractions of a penny.
The October Compliance Deadline Looms. If Nuburu is not in compliance with NYSE American's continued listing standards by October 29, 2026, the exchange may initiate delisting proceedings again.
The company scraped back to positive stockholders' equity of just $2.17 million in Q1 2026 — barely clearing the $2 million minimum. Operating income was -$18.4 million, net loss was -$79.1 million, and operating cash flow was -$16.1 million. Any quarterly stumble could trigger a fresh crisis.
The Tekne Acquisition Is the Real Bet. Nuburu is pivoting from its original laser-technology business into defense and security. The company targets closing its acquisition of a 70% stake in Tekne, an Italian defense-tech firm, in the first half of October 2026, after receiving Italian government clearance on August 5.
Tekne management reported roughly $135.4 million in adjusted active order value , but that figure covers 100% of Tekne, remains unaudited, and is not a GAAP measure — meaning it shouldn't be read as guaranteed revenue.
Dilution Risk Remains Severe. In July, Nuburu raised $38 million in a public offering at roughly $0.155 per share — a price now far above the current trading level , meaning those investors are deeply underwater. As of April, over 66 million warrants and 22 million convertible-note shares remained outstanding , each capable of flooding the market with new stock.
Returning to the NYSE is a procedural win. But with cumulative reverse splits of roughly 1-for-800 since mid-2024, razor-thin equity, and an unfinished acquisition as its sole growth engine, Nuburu's listing status may again depend on whether Tekne's order book translates into real revenue — fast.