Shares of Nuburu Inc. (BURU) opened flat at $0.04 on the OTC Pink Market on September 2, 2026, the first trading day after a 1-for-40 reverse stock split took effect — a move designed to artificially boost the per-share price and keep alive the company's hopes of returning to the NYSE American exchange. The math tells the real story: even after consolidating every 40 shares into one, the stock is trading at just four cents, implying a pre-split price so microscopically small it rounds to near zero. Nuburu Executes Its Third Reverse Split in Two Years and Lands on the OTC Pink Market — Is This a Survival Strategy or a Slow-Motion Collapse?
Shares of Nuburu Inc. sat at $0.04 on the OTC Pink Market on September 2 — the first day of trading after a 1-for-40 reverse stock split that was supposed to boost the stock above the exchange's minimum price threshold. It didn't work. The stock is still deep in penny-stock territory, and the company's fight to stay listed on a major exchange looks increasingly desperate.
This Is the Company's Third Reverse Split Since Mid-2024. Nuburu executed a 40-for-1 reverse split in July 2024.
After the stock fell below $0.10 again in February 2026, triggering a trading halt, the company performed a 1-for-4.99 split. Now comes a third — another 1-for-40 — effective September 1, 2026. The cumulative ratio across these actions is staggering: roughly 1-for-8,000 in just over two years. Each split has failed to produce a sustained price increase, a pattern that screams chronic value destruction rather than a fixable listing technicality.
The NYSE American Door Is Closing. On July 17, 2026, NYSE American suspended trading in Nuburu's stock and commenced delisting proceedings due to its low selling price.
Nuburu appealed and has a hearing scheduled for September 2026, but any resumption of NYSE American trading remains subject to exchange authorization. Trading on the OTC Pink Market — a far less regulated, less liquid venue — makes it harder for the company to attract institutional capital or conduct meaningful financings.
The Balance Sheet Improved, but Revenue Is Microscopic. Stockholders' equity swung to $2.17 million at March 31, 2026, from a deficit of $15.18 million at year-end 2025.
Q1 revenue was just $407,644, up from zero a year earlier.
Substantial doubt remains about the company's ability to continue as a going concern due to ongoing losses, negative cash flows, and reliance on external financing.
A Big Acquisition Claim Hangs in the Air. Nuburu says it is on track to finalize a 70% acquisition of Tekne by October 2026, citing an adjusted active order value of $135.4 million. If real, that pipeline dwarfs the company's current revenue — but executing a nine-figure deal from a four-cent stock on the OTC Pink Market would be extraordinary. Investors should weigh management's ambitions against the hard reality of serial dilution and a listing crisis that three reverse splits have failed to fix.