Luna Innovations Notifies Nasdaq of Non-Compliance with Continued Listing Standards
19 Maio 2009 - 6:00PM
Business Wire
On May 15, 2009, Luna Innovations Incorporated (NASDAQ:LUNA)
notified Nasdaq that it was not in compliance with the standards
for continued listing on the Nasdaq Global Market in connection
with the filing of its Quarterly Report on Form 10-Q for the period
ended March 31, 2009. Luna Innovations confirmed to Nasdaq that it
no longer satisfied the requirements of Nasdaq Marketplace Rule
5450(b)(1)(A), which specifies that an issuer must maintain
stockholders� equity of at least $10 million. Luna Innovations does
not meet the alternative �Market Value� or �Total Assets/Total
Revenue� standards for continued listing at this time. The Nasdaq
Listing Qualifications Staff confirmed this compliance deficiency
in a letter dated May 19, 2009.
The Nasdaq Listing Qualifications Staff has permitted Luna
Innovations until June 3, 2009 to provide Nasdaq with a specific
plan to regain and maintain compliance with the continued
quantitative listing standards and requirements of the Nasdaq
Global Market. During this time, Luna Innovations common stock will
continue to trade on the Nasdaq Global Market, subject to the
company�s continued compliance with other Nasdaq listing
requirements. If the plan of compliance is approved following
review, Luna Innovations may be granted an additional extension to
regain compliance for an undetermined period that may extend no
longer than September 1, 2009, which is 105 days following the date
of the original deficiency notice. If Luna Innovations is unable to
regain compliance within the permitted time period or a staff
extension is not granted, it may then receive a delisting
determination notice. In the event that Nasdaq determines to delist
the company�s common stock from the Nasdaq Global Market, Luna
Innovations intends to appeal the proposed delisting to the extent
it is permitted to do so under the Nasdaq Marketplace Rules.
In addition, on May 12, 2009, Luna Innovations notified the
Nasdaq Stock Market that it no longer complied with Nasdaq
Marketplace Rule 5605(c)(2)(A), which requires the audit committee
of a listed company to be composed of at least three independent
directors. On May 12, 2009, John C. Backus, Jr.�s term as a
director and member of the company�s audit committee concluded,
and, as a result, only two independent directors remained as
members of Luna�s audit committee.
Luna Innovations intends to fill the vacancy on its audit
committee and to regain compliance with Nasdaq�s audit committee
requirements as expeditiously as possible. In the meantime, Luna
Innovations will rely on the cure period set forth in Nasdaq
Marketplace Rule 5605(c)(4)(B), as confirmed by a letter from the
Nasdaq Listing Qualifications Staff dated May 14, 2009. This cure
period will run through the earlier of the company�s 2010 annual
meeting of stockholders or May 12, 2010. During this time, Luna
Innovations common stock will continue to trade on the Nasdaq
Global Market, subject to the company�s continued compliance with
other Nasdaq listing requirements.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com) is
focused on sensing and instrumentation, and pharmaceutical
nanomedicines. Luna develops and manufactures new-generation
products for the healthcare, telecommunications, energy and defense
markets. Luna�s products are used to measure, monitor, protect and
improve critical processes in the markets we serve. Through its
disciplined commercialization business model, Luna has become a
recognized leader in transitioning science to solutions. Luna is
headquartered in Roanoke, Virginia.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This release includes information that constitutes
�forward-looking statements� made pursuant to the safe harbor
provisions of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including statements
regarding, but not limited to, Luna�s plans to regain and maintain
compliance with Nasdaq�s listing standards. The company attempts,
whenever possible, to identify forward-looking statements by words
such as �intends,� �will,� �plans,� �anticipates,� �expects,�
�may,� �estimates,� �believes,� �should,� �projects,� or
�continue,� or the negative of those words and other comparable
words. Actual events or results may differ materially from the
expectations expressed in such forward-looking statements as a
result of various factors, including risks and uncertainties, many
of which are beyond the company�s control. Factors that could cause
actual results to differ materially from the expectations expressed
in such forward-looking statements include, but are not limited to,
the outcome of Luna�s litigation with Hansen Medical, Inc. and
Luna�s ability to regain and maintain compliance with the Nasdaq
listing requirements and standards.
Additional factors that may affect the future results of the
company are set forth in the company�s quarterly and annual reports
on Form 10-Q and Form 10-K, respectively, and other filings with
the Securities and Exchange Commission (�SEC�), which are available
at the SEC�s website at http://www.sec.gov, and at the company�s
website at http://www.lunainnovations.com.
These risk factors are updated from time to time through the
filing of periodic reports with the SEC. The statements made in
this press release are based on information available to the
company as of the date of this release and Luna Innovations
undertakes no obligation to update any of the forward-looking
statements herein after the date of this press release.
Stockholders of or potential investors in Luna Innovations are
cautioned not to place undue reliance on our forward-looking
statements, which speak only as of the date such statements are
made.
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