Luna Innovations Incorporated Announces Share Repurchase Program
03 Setembro 2019 - 9:30AM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced optical technology, today announced that its Board of
Directors has reinstated a share repurchase program of up to $2.0
million of Luna Innovations common stock.
“Over the past two years, Luna Innovations has taken action to
strengthen its balance sheet and to execute transactions that we
believe will generate long-term sustainable growth,” said President
and CEO, Scott Graeff. “The Board of Directors and management team
believe that the company's shares are an attractive investment
opportunity and repurchasing stock is an important part of our
capital allocation strategy. We believe that now is the right time
to reinstitute a share repurchase program that provides us with the
flexibility to, in addition to potential transactions, accelerate
opportunistic share repurchases under the new authorization. Our
profit and cash flow performance has been strong, and, in addition
to repurchasing shares, we will continue to fund substantial
investments in the business.”
Repurchases may be made from time to time at the company’s
discretion, based on ongoing assessments of the capital needs of
the business, the market price of its common stock and general
market conditions. The $2.0 million share repurchase authorization
is effective immediately with a one-year duration and the program
may be suspended or discontinued at any time. Under its share
repurchase program, the company may purchase shares of its common
stock through various means, including open market transactions,
privately negotiated transactions or tender offers. Open market
repurchases of common stock may be made pursuant to trading plans
established pursuant to Rule 10b5-1 under the Securities Exchange
Act of 1934, which would permit common stock to be repurchased at a
time that Luna might otherwise be precluded from doing so under
insider trading laws.
The share repurchase program will be funded using Luna
Innovations working capital. As of June 30, 2019, the company had
cash and cash equivalents of approximately $23.5 million. Luna
Innovations had approximately 33.7 million shares of common stock
outstanding as of June 30, 2019.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for the aerospace and automotive industries. Luna is
organized into two business segments, which work closely together
to turn ideas into products: a Technology Development segment and a
Products and Licensing segment. Luna’s business model is designed
to accelerate the process of bringing new and innovative
technologies to market.
Forward-Looking
Statements
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna’s expectations regarding the timing, amount, methods and
funding sources of future repurchases of its common stock, the
company’s future capital allocation strategy and the company’s
future growth. Management cautions the reader that these
forward-looking statements are only predictions and are subject to
a number of both known and unknown risks and uncertainties, and
actual results, performance, and/or achievements of Luna may differ
materially from the future results, performance, and/or
achievements expressed or implied by these forward-looking
statements as a result of a number of factors. These factors
include, without limitation, changes in market needs and
technological challenges and other risks and uncertainties set
forth in Luna’s periodic reports and other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and on Luna’s website
at www.lunainc.com. The statements made in this release are based
on information available to Luna as of the date of this release and
Luna undertakes no obligation to update any of the forward-looking
statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190903005234/en/
Investor: Jane Bomba Luna Innovations Incorporated Phone:
303-829-1211 Email: IR@lunainc.com
Sally J. Curley Luna Innovations Incorporated Phone:
614-530-3002 Email: IR@lunainc.com
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