Luna Innovations Incorporated Announces Stock Repurchase Program
September 20 2017 - 4:00PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) today announced
that its Board of Directors has reinstituted the Company’s stock
repurchase program and authorized the repurchase of up to $2.0
million of Luna’s common stock. Luna’s prior stock repurchase
program expired on May 31, 2017.
“Reflecting our continuing commitment to building shareholder
value, this new stock repurchase program provides us with
additional flexibility to utilize capital meaningfully and
productively,” said My Chung, president and chief executive officer
of Luna.
The number of shares repurchased and the timing of repurchases
will depend on a number of factors, including, but not limited to,
share price, trading volume and general market conditions, along
with Luna’s working capital requirements, general business
conditions and other factors. Under its share repurchase program,
the company may, from time to time, purchase shares of its common
stock through various means, including open market transactions,
privately negotiated transactions or tender offers. Open market
repurchases of common stock may be made pursuant to trading plans
established pursuant to Rule 10b5-1 under the Securities Exchange
Act of 1934, which would permit common stock to be repurchased at a
time that Luna might otherwise be precluded from doing so under
insider trading laws. The $2.0 million share repurchase
authorization expires on September 19, 2018 (unless extended), and
does not obligate Luna to purchase any shares. The authorization
for the share repurchase program may be terminated, increased or
decreased by the Board of Directors at any time.
The stock repurchase program will be funded using Luna’s working
capital. As of June 30, 2017, Luna had cash and cash equivalents of
approximately $10.3 million. As previously announced, on August 9,
2017, the company completed the sale of its high speed optical
receiver business for $33.5 million, of which $29.5 million was
received by Luna upon closing of the transaction and $4.0 million
was placed in escrow.
Luna had approximately 27.7 million shares of common stock
outstanding as of June 30, 2017.
About Luna:
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in high speed
optoelectronics and high performance fiber optic test products for
the telecommunications industry and distributed fiber optic sensing
for the aerospace and automotive industries. Luna is organized into
two business segments, which work closely together to turn ideas
into products: a Technology Development segment and a Products and
Licensing segment. 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
the company’s expectations regarding the timing, amount, methods
and funding sources of future repurchases of its common stock.
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 may
differ materially from those expressed or implied by these
forward-looking statements as a result of a number of factors.
These factors include, without limitation, changes in Luna’s stock
price, the trading volume of the company’s stock, the nature of
other investment opportunities presented to the company from time
to time, the company’s cash flows from operations, general economic
conditions, and those risks and uncertainties set forth in the
company’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 the company’s website at
www.lunainc.com. The statements made in this release are based on
information available to the company 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, except
as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170920006251/en/
Luna Innovations IncorporatedDale Messick, CFO,
1-540-769-8400IR@lunainc.com
Luna Innovations (NASDAQ:LUNA)
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