Luna Innovations’ Largest Investor Exchanges Debt for Equity
14 Janeiro 2010 - 12:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) announced today
that Carilion Clinic, its largest non-employee shareholder, has
exchanged all outstanding convertible promissory notes of Luna,
with a balance of principal and accrued interest equal to $6.2
million, for newly issued shares of Series A Convertible Preferred
Stock of Luna.
In 2005, Carilion Clinic invested $10 million in equity and $5
million in convertible promissory notes of Luna. The indebtedness
accrued interest at 6 percent annually and had an aggregate balance
of $1.2 million in accrued interest. Carilion elected to exchange
the entire balance of this indebtedness for shares of Luna
preferred stock that will be convertible into shares of common
stock at the original conversion price of the promissory notes of
$4.69 per share. In addition, Carilion will receive warrants for
356,000 shares of common stock that are exercisable beginning in
2013 at an exercise price of $2.50 per share.
“Carilion has been an exceptional strategic partner of Luna’s
and is reaffirming its commitment by exchanging all of its debt for
equity,” said Kent Murphy, Chief Executive Officer. “We are
significantly deleveraging our indebtedness and simultaneously
increasing our stockholders equity, which materially strengthens
Luna’s balance sheet.”
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. The
company’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.
Forward Looking Statements:
This release may include information that constitutes
“forward-looking statements” made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Statements that describe the Company’s business strategy, goals,
prospects, opportunities, outlook, plans or intentions, including
any potential future effect on Luna’s financial strength are also
forward looking statements. Actual results may differ materially
from the expectations expressed in such forward-looking statements
as a result of various factors, including risks and uncertainties
set forth in the company’s periodic reports and other filings with
the Securities and Exchange Commission. Such filings are available
at the SEC’s website at http://www.sec.gov, and at the company’s
website at http://www.lunainnovations.com. The statements made in
this 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 after
the date of this release.
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