Luna Innovations’ Delay in Filing 10-Q Causes Further NASDAQ Non-Compliance
19 Agosto 2009 - 9:30AM
Business Wire
Luna Innovations Incorporated (NASDAQ:LUNA) announced that it
cannot file on a timely basis its Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2009, which was due to be filed
with the Securities and Exchange Commission by August 14, 2009. The
Company does not expect that such filing will be made within five
calendar days of the due date, as required for the extension
provided by Rule 12b-25(b) promulgated under the Securities
Exchange Act of 1934 (the “Exchange Act”). On August 17, 2009,
received a notice of deficiency from the NASDAQ Stock Market
(“NASDAQ”) listing qualifications department staff (the “Staff”)
indicating that the Company no longer complied with filing
requirements as set forth in Rule 5250(c)(1) as a result of the
failure to make the filing on Form 10-Q by the due date.
The Company has previously requested a hearing before the NASDAQ
Listing Qualifications Panel (the “Panel”) with respect to a
previous Staff Determination Notice from NASDAQ dated July 17, 2009
because the Company filed for protection under Chapter 11 of the US
Bankruptcy Code on July 17, 2009. The delisting action has been
stayed pending a hearing before the Panel, which has been scheduled
for August 27, 2009. Since there is a pending hearing, the Company
does not qualify to provide NASDAQ with a plan of compliance within
the next 60 days with respect to the latest notice of deficiency,
and will be required to address this issue at the hearing. There
can be no assurance that the Panel will grant the Company’s request
for continued listing. Pending a decision by the Panel, the
Company’s common stock will remain listed on the NASDAQ Global
Market.
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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