Luna Announces Sale of Luna Labs
14 Março 2022 - 8:30AM
Business Wire
Luna to focus on fiber optic-based
technologies
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced fiber optic-based technology, today announced it has
divested its Luna Labs division in a transaction valued at
approximately $21 million. The investment was led by the executive
management team at Luna Labs with support from two private equity
firms, Mereo Capital Partners and Point Lookout Capital Partners.
Under the terms of the sale, Luna will retain a less than five
percent minority equity ownership interest in this new company.
“The sale of Luna Labs marks a final step in the simplification
of our portfolio; something we announced several years ago when we
set our strategy to focus our capital and resources on the fiber
optics markets,” said Scott Graeff, President and Chief Executive
Officer of Luna. “While not core to the fiber optic-based
technologies of Luna, we are nonetheless incredibly proud of the
critical work the Luna Labs team has accomplished over the years
and look forward to their continued success under the leadership of
the new company.”
Graeff continued, “With this divestiture, Luna is now a
pure-play fiber optic-based technology company, and we look forward
to leveraging our industry-leading, proprietary fiber optics
platform to better serve our customers and to generate long-term
growth for our investors and employees.”
“It is a privilege for me to be able to continue to lead the
Luna Labs business as we transition to being a separate, private
company,” said James Garrett, CEO of the newly formed entity. “With
over 75 years of experience between myself and my executive
leadership team, we will continue to aggressively grow our contract
research capabilities as a private company and accelerate our
product commercialization.”
Leo Helmers, Managing Partner at Mereo Capital Partners, said,
“We are excited to partner with such an experienced management team
on this investment and look forward to working with them to create
value.”
Luna was advised by Cooley LLP and Woods Rogers PLC with
transaction financing provided by M&T Bank. Any disclosed
transaction details may be found in Luna’s Form 8-K filing with the
U.S. Securities and Exchange Administration and found on the Luna
website under https://ir.lunainc.com/sec-filings.
Earnings Conference Call
Information
Luna will discuss this announcement on its fourth-quarter and
year-end 2021 earnings call, taking place today at 8:30 a.m. (ET).
The investor conference call will be available via live webcast on
the Luna website at www.lunainc.com under the tab “Investor
Relations.” To participate by telephone, the domestic dial-in
number is 844.578.9643 and the international dial-in number is
270.823.1522. The participant access code is 2096088. Investors are
advised to dial in at least five minutes prior to the call to
register. The webcast will be archived on the company’s website
under “Webcasts and Presentations” for 30 days following the
conference call.
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 a multitude of industries. 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 technological capabilities,
management focus and growth potential. 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, possible
technological challenges and geopolitical and larger economic
factors 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220314005028/en/
Allison Woody Phone: 540-769-8465 Email: woodya@lunainc.com
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024