Luna Innovations Receives NASDAQ Notification Regarding Bid Price; Grace Period Granted Through March 15, 2010
ROANOKE, Va.--(BUSINESS WIRE)--Sep. 18, 2009--
Luna Innovations Incorporated (NASDAQ:LUNA),
a company focusing on sensing & instrumentation and pharmaceutical
nanomedicines, today announced that the Company has received a letter
from The NASDAQ Stock Market indicating that because the bid price of
the Company’s common stock closed below the minimum $1.00 per share
threshold set forth in NASDAQ Listing Rule 5550(a)(2) for the prior 30
consecutive business days, the Company has been provided 180 calendar
days, or until March 15, 2010, to regain compliance with the minimum bid
price requirement. In addition, should the Company satisfy the criteria
for initial listing on The NASDAQ Capital Market (except for bid price)
as of March 15, 2010, the Company will be entitled to a second
180-calendar day period, through September 13, 2010, to regain
compliance with the minimum bid price requirement. The Company will
regain compliance with NASDAQ’s minimum bid price requirement if the bid
price of its common stock closes at $1.00 or higher for a minimum of ten
consecutive business days during the compliance period. This notice does
not affect the Company’s listing on NASDAQ at this time.
As previously announced on September 8, 2009, the NASDAQ Listing
Qualifications Panel determined to transfer the Company’s listing to The
NASDAQ Capital Market and to continue the listing of the Company’s
common stock subject to several conditions, including the Company’s
emergence from Chapter 11 reorganization by December 31, 2009.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com)
develops and manufactures new-generation products for the healthcare,
telecommunications, energy and defense markets. Our 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.
Source: Luna Innovations Incorporated
Luna Innovations Incorporated
Investor Contact:
Dale
Messick, 1-540-769-8400
[email protected]
or
Media
Contact:
Karin Clark, 1-540-769-8400
[email protected]