SMU Corporate Governance Initiative · Reincorporation Tracker

Nuburu, Inc.

BURUNYSE American Industrials · DE → NV

Announcement
2025-05-30
First SEC disclosure
Meeting / Vote
2025-07-09
REJECTED
Effective
—
Legal effective date
Market Cap
$27M
At announcement

Why this firm matters

Nuburu, Inc. is one of only 3 firms in the cohort whose shareholders rejected the reincorporation proposal — analytically rare and the cleanest single-case identification of shareholder objection in the panel.

Vote outcome — reincorporation proposal

Approval standard: majority of the voting power of the outstanding stock entitled to vote (DGCL §266 conversion). Meeting type: annual.
For
15,418,450
Against
1,972,268
Abstain
295,396
88.66% approval (For ÷ outstanding voting power (DGCL §266 conversion))

Event-study abnormal returns — announcement window

Returns around the announcement date.
Event date: 2026-03-03 · Estimation window: trailing 240 days; 240 valid after NaN drop
SpecificationDay-0 ARInference
Market model (SPY benchmark) HEADLINEi+1.24%Patell-z p-value = 0.917

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.
SpecificationCAR / BHARDetails
Cumulative abnormal return — vote windowi-8.11%Market-model abnormal return on vote day
Day-of-vote abnormal returni-8.11%Market-model benchmark (S&P 500)

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.
SpecificationCAR / BHARDetails
Day-of-effective abnormal returni+4.71%Market-model benchmark (S&P 500)
Pooled three-event statistici-12.33%Pooled three-event statistic

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.917, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Nevada Statutory Disclosures

Nevada Revised Statutes (NRS) governance provisions relevant to Delaware→Nevada redomestications. Five sections summarized; each links to the Nevada Legislature’s authoritative NRS text. Counterpart to the Texas § 21.552 / § 21.373 panel for TX-destination firms.
Codifies the business-judgment rule and limits monetary liability of directors and officers absent breach of loyalty, intentional misconduct, fraud, or knowing violation of law. Stronger statutory shield than DGCL § 102(b)(7) on its face; charter opt-out / carve-out is firm-specific.
PENDING VERIFICATION
Adoption with carve-out by Nuburu, Inc.: primary-source verification pending; canonical record not yet populated.
Broad permissive indemnification statute; covers expenses, judgments, fines, and amounts paid in settlement for any action by reason of service as director or officer, subject to good-faith standard. Charter / bylaw uptake is firm-specific.
PENDING VERIFICATION
Nuburu, Inc. indemnification provisions pending charter / bylaw extraction.
Nevada's control-share acquisition statute (anti-takeover): voting rights of shares acquired in a “control-share acquisition” are extinguished absent disinterested-shareholder approval. Opt-out is by charter or bylaw amendment; default is opt-in for Nevada corporations meeting the statute's coverage thresholds.
PENDING VERIFICATION
Nuburu, Inc. opt-in / opt-out status pending charter or bylaw verification.
Nevada's business-combination statute (anti-takeover): for two years post-acquisition, a Nevada corporation may not engage in a “combination” with a 10%+ interested stockholder unless the board pre-approved the transaction. Charter opt-out available.
PENDING VERIFICATION
Nuburu, Inc. opt-in / opt-out status pending charter verification.
Authorizes conversion of a foreign business entity into a Nevada domestic entity by filing articles of conversion. The Nevada analog to DGCL § 266 (Delaware) and TBOC §§ 10.101–108 (Texas). Where used, the firm's redomestication is a true legal-entity conversion rather than a reverse-triangular merger.
PENDING VERIFICATION
Mechanism (§ 92A.135 conversion vs. merger-with-NV-sub) pending primary-source verification.

Primary-source pending. Where badges read “PENDING VERIFICATION,” the firm-specific adoption posture (e.g., charter carve-outs to NRS § 78.138, opt-outs from NRS §§ 78.378–3793 or 78.411–444) has not yet been extracted from the firm’s amended-and-restated articles or proxy materials. The presence of a Nevada incorporation alone does not establish adoption of every provision; opt-outs are charter-level facts.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Classification & audit trail

Bucket
D
Panel eligibility
PANEL_A_post_SB29
Audit status
PENDING_TRANSACTION | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries
Source confidence
EDGAR_8K_ITEM_5_07
Transaction status
REJECTED
Audit notes
Phase 3M 2026-04-27: status=SCHEDULED — moved 2026-03-13 from actual to proposed_effective_date_iso. Will promote to actual after vote passes.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://nuburu.net/investors/
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: PINCITE-VERIFIED via DEF 14A — DGCL §266 conversion. Standard: 'majority of the outstanding stock entitled to vote thereon, which is a higher voting threshold than other matters presented at the meeting.' PRIOR ATTEMPT (July 9, 2025 annual meeting) REJECTED — won majority of votes cast but failed majority-of-outstanding test. Re-filed for May 5, 2026 special meeting. Same standard applies. Source: stocktitan DEF 14A summary + BusinessLawProf 2025-08 update. [2026-05-20] subagent_a SEVERE-6 (Phase 1B): cleared invalid proposed_effective_date_iso=2026-03-13 (conflated with reverse-stock-split effective date). Set prior_failed_vote_flag=True. [2026-05-24] BURU R-9 status aging: meeting was 2026-05-05 (19 days past audit date); status SCHEDULED no longer accurate. WebSearch finds: prior reincorporation attempt July 9, 2025 FAILED majority-of-outstanding test; March 12, 2026 special meeting was for stock splits / financing (not reincorporation); no Item 5.07 8-K confirming a May 5 2026 reincorporation vote located. Status set to STATUS_PENDING_VERIFICATION per R-9 standing rule. Possibility that the 2026-05-05 meeting was scheduled but adjourned or postponed without filing — requires Shane's manual EDGAR pull. [2026-05-26 v6-rev87 BURU RESOLUTION] Primary-source verified via 8-K Item 5.07 (accession 0000950170-25-095629, filed 2025-07-09): 'The Reincorporation Proposal required approval by a majority of the outstanding stock entitled to vote thereon, which is a higher voting threshold than other matters presented at the meeting' — and 'did not achieve the required vote and did not pass.' Vote tallies 15,418,450 For / 1,972,268 Against / 295,396 Abstain. Source: https://www.sec.gov/Archives/edgar/data/1814215/000095017025095629/buru-20250709.htm . The March 12, 2026 special meeting (DEF 14A accession 0001193125-26-055585) contained share authorization, reverse-split authority, Orbit acquisition issuance, and adjournment proposals only — no reincorporation content (Lucas's claim CONFIRMED). EDGAR submissions API stateOfIncorporation remains DE (Gemini reviewer's claim CONFIRMED). Status flipped SCHEDULED → REJECTED; STATUS_PENDING_VERIFICATION resolved; prior_failed_vote_flag cleared (July 9 IS the failed vote, not a precursor). meeting_date_iso 2026-05-05 → 2025-07-09 (no May 5 2026 reincorporation vote ever occurred).

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