Luna Innovations Receives Staff Determination Regarding Nasdaq Delisting
ROANOKE, Va.–Jul. 17, 2009–Luna Innovations Incorporated (NASDAQ:LUNA), a company focusing on sensing, instrumentation and pharmaceutical nanomedicines, today received a delisting determination letter from theNasdaq Stock Market Listing Qualifications Staff indicating the Listing Qualifications Staffâ€™s decision to delist Lunaâ€™s common stock from theNasdaq Global Marketpursuant to Nasdaq Marketplace Rules 5101, 5110(b) and IMâˆ’5101-1. The determination was made following Lunaâ€™s action to file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code earlier today.
The delisting determination letter further advises Luna that trading of Lunaâ€™s common stock will be suspended at the opening of business on JulyÂ 28, 2009 unless it requests a hearing before aNasdaq Listing Qualifications Hearing Panelto appeal the proposed delisting. Luna intends to request a hearing to appeal the proposed delisting. Lunaâ€™s common stock will remain listed on theNasdaq Global Marketpending the outcome of the hearing.
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. Its products are used to measure, monitor, protect and improve critical processes. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered inRoanoke, Virginia.
Forward Looking Statements:
This release includes information that constitutes â€œforward-looking statementsâ€ made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to, the companyâ€™s plans to appeal the Listing Qualifications Staffâ€™s determination to a Listing Qualifications Hearing Panel; the companyâ€™s expectations to remain listed during the appeals process; and the companyâ€™s expectations to regain compliance with the listing qualifications requirements and standards of the Nasdaq Global Market. The company attempts, whenever possible, to identify forward-looking statements by words such as â€œintends,â€ â€œwill,â€ â€œplans,â€ â€œanticipates,â€ â€œexpects,â€ â€œmay,â€ â€œestimates,â€ â€œbelieves,â€ â€œshould,â€ â€œprojects,â€ or â€œcontinue,â€ or the negative of those words and other comparable words. Similarly, statements that describe the companyâ€™s business strategy, goals, prospects, opportunities, outlook, objectives, plans or intentions are also forward-looking statements. Actual events or results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties, many of which are beyond the companyâ€™s control. Factors that could cause actual results to differ materially from the expectations expressed in such forward-looking statements include, but are not limited to, the possibility that the companyâ€™s reorganization plan will not be approved or will be approved in a substantially different form, substantially affecting the companyâ€™s ability to regain compliance with the listing standards and requirements of the Nasdaq Global Market; and the possibility that the Nasdaq Listing Qualifications Hearing Panelwill reject the companyâ€™s request for continued listing and delist the companyâ€™s common stock from the Nasdaq Global Market. Additional factors that may affect the future results of the company are set forth in the companyâ€™s quarterly and annual reports on Form 10-Q and Form 10-K, respectively, and other filings with the Securities and Exchange Commission(â€œSECâ€), which are available at the SECâ€™s website at http://www.sec.gov, and at the companyâ€™s website at http://www.lunainnovations.com. These risk factors are updated from time to time through the filing of periodic reports with theSEC. The statements made in this press release are based on information available to the company as of the date of this release andLuna Innovations undertakes no obligation to update any of the forward-looking statements herein after the date of this press release.