Luna Innovations Receives NASDAQ Notification Regarding Bid Price; Grace Period Granted Through March 15, 2010
ROANOKE, Va.—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 fromThe NASDAQ Stock Market indicating that because the bid price of the Companyâ€™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 untilMarch 15, 2010, to regain compliance with the minimum bid price requirement. In addition, should the Company satisfy the criteria for initial listing on TheNASDAQ Capital Market (except for bid price) as ofMarch 15, 2010, the Company will be entitled to a second 180-calendar day period, throughSeptember 13, 2010, to regain compliance with the minimum bid price requirement. The Company will regain compliance with NASDAQâ€™s minimum bid price requirement if the bid price of its common stock closes at$1.00or higher for a minimum of ten consecutive business days during the compliance period. This notice does not affect the Companyâ€™s listing on NASDAQ at this time.
As previously announced onSeptember 8, 2009, theNASDAQ Listing Qualifications Paneldetermined to transfer the Companyâ€™s listing to TheNASDAQ Capital Marketand to continue the listing of the Companyâ€™s common stock subject to several conditions, including the Companyâ€™s emergence from Chapter 11 reorganization byDecember 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 inRoanoke, Virginia.