Luna Innovations Could Emerge from Bankruptcy as Early as January 12
December 18 2009 - 4:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) announced today
that a bankruptcy court hearing has been set for January 12, 2010,
to decide whether to confirm Luna’s Plan of Reorganization and
allow Luna to emerge from bankruptcy. If the court confirms Luna’s
Plan, Luna could emerge from bankruptcy as early as January 12 or
13. Under the Plan, Luna proposes to pay 100% of its due and
payable valid claims, and Luna stockholders will retain their
shares of Luna’s Common Stock. As previously announced, the Plan
also includes the settlement of Luna’s dispute with Hansen Medical,
Inc., which is subject to various conditions.
The bankruptcy court decided to combine the hearing on approval
of Luna’s Disclosure Statement with the hearing on confirmation of
the Plan, for the purpose of accelerating Luna’s reorganization
process. Further information on the court process can be found at
http://chapter11.epiqsystems.com/ under Luna Innovations.
As previously announced, in September 2009, a NASDAQ Listing
Qualifications Panel (the “Panel”) granted Luna’s request for
continued listing on The NASDAQ Stock Market subject to the
requirement that Luna demonstrate compliance with all applicable
requirements for initial listing on The NASDAQ Capital Market by
December 31, 2009, among other requirements. Luna has requested
that the Panel grant it a further extension through January 13,
2010, so as to afford Luna the opportunity to emerge from
bankruptcy and demonstrate compliance with all applicable listing
requirements. There can be no assurances, however, that the Panel
will grant Luna’s request for additional time to emerge from
bankruptcy or that Luna will timely achieve compliance with the
applicable listing requirements for The NASDAQ Capital Market.
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
in Roanoke, Virginia.
Forward-Looking Statements:
This release includes information that constitutes
“forward-looking statements” made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements regarding, but not limited to the ability to
meet the conditions precedent to settlement and obtain adequate
plan confirmation in Chapter 11 reorganization and pay all of
Luna’s creditors. The company attempts, whenever possible, to
identify forward-looking statements by words such as “intends,”
“will,” “plans,” “anticipates,” “expects,” “may,” “estimates,”
“believes,” “should,” “projects,” or “continue,” or the negative of
those words and other comparable words. Similarly, statements that
describe the company’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 company’s control.
Additional factors that may affect the future results of the
company are set forth in the company’s quarterly and annual reports
on Form 10-Q and Form 10-K, respectively, and other filings with
the Securities and Exchange Commission (“SEC”), which are available
at the SEC’s website at http://www.sec.gov, and at the company’s
website at http://www.lunainnovations.com. These risk factors are
updated from time to time through the filing of periodic reports
with the SEC. The statements made in this press release are based
on information available to the company as of the date of this
release and Luna Innovations undertakes no obligation to update any
of the forward-looking statements herein after the date of this
press release.
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