Lumera Corporation Announces NASDAQ Notice
November 19 2008 - 4:30PM
Business Wire
Lumera Corporation (NASDAQ:LMRA) (the "Company"), a leader in the
field of photonic communications, today announced that it received
a NASDAQ Staff Determination on November 18, 2008, indicating that
the Company fails to comply with the minimum stockholders' equity
requirements for continued listing, set forth in Marketplace Rule
4450(a)(3) and that its common stock is therefore scheduled to be
delisted from The NASDAQ Global Market on November 28, 2008.
Marketplace Rule 4450(a)(3) provides that the Company must maintain
a minimum stockholders� equity of $10,000,000 for continued listing
on The NASDAQ Global Market. As reported on the Company�s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2008, the
Company�s stockholders� equity was $8,718,000. The Company does
qualify for a continued listing on the NASDAQ Capital Market at
this time. The Company intends to request a hearing before a NASDAQ
Listing Qualifications Panel to review the Staff Determination, and
to request that consideration of the matter be postponed until
after Lumera's upcoming annual meeting, at which its proposed
merger with GigOptix will be considered. After that point, the new
GigOptix Inc. may propose to have its stock listed on the NASDAQ
Global Market, to move to the NASDAQ Capital Market or to agree
that its stock will be delisted, in which case it would be traded
on the OTCBB. Although the Company is requesting a hearing before a
NASDAQ Listing Qualifications Panel, there can be no assurance the
Panel will grant the Company's request for continued listing. About
Lumera Lumera is a leader in photonic communications. The company
designs electro-optic components based on proprietary polymer
compounds for the telecommunications and computing industries. For
more information, please visit www.lumera.com. On October 27, 2008,
the Securities and Exchange Commission declared effective a
registration statement on Form S-4 filed by GigOptix, Inc., which
contains a proxy statement/prospectus of Lumera regarding the
proposed merger transaction between GigOptix and Lumera, as well as
other relevant documents concerning the transaction. WE URGE
INVESTORS AND SECURITY HOLDERS OF LUMERA TO READ THE REGISTRATION
STATEMENT AND PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT
DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
GIGOPTIX, INC., LUMERA, GIGOPTIX LLC AND THE PROPOSED TRANSACTION.
A definitive proxy statement/prospectus was mailed to Lumera�s
stockholders on or about October 28, 2008 seeking their approval of
the merger agreement and related matters. Investors and security
holders may obtain a free copy of the registration statement and
proxy statement/prospectus and other documents filed by Lumera with
the SEC at the SEC�s web site at www.sec.gov. Free copies of
Lumera�s SEC filings are available on Lumera�s web site at
www.lumera.com and also may be obtained without charge by directing
a request to Lumera Corporation, 19910 North Creek Parkway,
Bothell, WA 98011-3008, Attention: Investor Relations or by
telephoning us at (425) 398-6546. Lumera and its directors and
executive officers may be deemed, under SEC rules, to be
participants in the solicitation of proxies from Lumera�s
stockholders with respect to the proposed transaction. Information
regarding Lumera�s directors and executive officers is included in
its annual report on Form 10-K filed with the SEC on March 17,
2008, as amended by Form 10-K/A filed with the SEC on March 27,
2008. More detailed information regarding the identity of potential
participants and their direct or indirect interests in the
transaction, by securities holdings or otherwise, will be set forth
in the registration. This communication shall not constitute an
offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended. Forward-Looking Statements Certain
statements in this document may contain forward-looking information
regarding Lumera and the combined company after the completion of
the transactions that are intended to be covered by the safe harbor
for "forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. These statements include, but are
not limited to, the benefits of the business combination
transaction involving Lumera and GigOptix, LLC including future
financial and operating results, the combined company's plans,
objectives, expectations and intentions and other statements that
are not historical facts. Such statements are based upon the
current beliefs and expectations of the management of Lumera and
GigOptix, LLC and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in
the forward-looking statements. You should not place undue reliance
on forward-looking statements, which speak only as of the date of
this document. Except for any obligation to disclose material
information under the Federal securities laws, Lumera undertakes no
obligation to release publicly any revisions to any forward-looking
statements to reflect events or circumstances after the date of
this document. SOURCE: Lumera Corporation
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