Luna Innovations Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
May 21 2024 - 5:20PM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) (the “Company”), a
global leader in advanced fiber optic-based technology, today
announced that it has received a written notice (the “Notice”) on
May 17, 2024, from the Listing Qualifications Department of The
Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company
has not yet filed its Form 10-Q for the quarter ended March 31,
2024 (the “Form 10-Q”) and because the Company remains delinquent
in filing its Form 10-K for the year ended December 31, 2023 (the
"Form 10-K"), it is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the “Rule”), which requires listed companies to timely
file all required periodic financial reports with the Securities
and Exchange Commission (the "SEC").
This Notice has no immediate effect on the listing of the
Company's shares on Nasdaq. However, if the Company fails to timely
regain compliance with the Rule, the Company's common stock will be
subject to delisting from Nasdaq.
As previously disclosed, the Company has until June 3, 2024 to
submit to Nasdaq a plan to regain compliance with the Nasdaq
Listing Rule. If Nasdaq accepts the Company's plan, then Nasdaq may
grant the Company up to 180 days, or until September 30, 2024, from
the prescribed due date for filing the Form 10-K to regain
compliance. If Nasdaq does not accept the Company's plan, then the
Company will have the opportunity to appeal that decision to a
Nasdaq Hearings Panel.
The Company is working diligently to complete its Form 10-K and
Form 10-Q and will provide an update once more information is
available.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in optical
technology, providing unique capabilities in high-performance,
fiber optic-based, test products for the telecommunications
industry and distributed fiber optic-based sensing for a multitude
of industries. Luna’s business model is designed to accelerate the
process of bringing new and innovative technologies to market.
Forward-Looking Statement
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 expected timing of the Company’s filing of its Annual Report on
Form 10-K for the year ended December 31, 2023 and its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024, the
potential submission of a plan to Nasdaq and the potential for
Nasdaq to accept such plan or grant the Company an exception period
or the success of any hearing process, and the Company’s ability to
regain compliance with the Nasdaq continued listing standards.
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,
performance, and/or achievements of Luna may differ materially from
the future results, performance, and/or achievements expressed or
implied by these forward-looking statements as a result of a number
of factors. These factors include, without limitation, the
investigation being overseen by the Special Committee of the Board
is still ongoing, the determinations with respect to the degree of
transactions and relevant financial reporting periods implicated
thereby, the resulting effects on the Company’s reported financial
results and the delay in the Company’s reporting of its financial
results and filing of its Annual Report on Form 10-K and its
Quarterly Report on Form 10-Q with the SEC, the possibility that
the Company is unable to regain compliance with, or thereafter
continue to comply with, the Nasdaq Listing Rules, or experience
violations of additional Nasdaq Listing Rules, the possibility that
the Nasdaq may delist the Company’s securities, as well as the
other risks and uncertainties set forth in the sections entitled
“Risk Factors” in the Company’s Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023, as well as in subsequent
filings with the Securities and Exchange Commission (“SEC”). Such
filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this
release are based on information available to Luna 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521596763/en/
Investor Contact: Allison Woody Luna Innovations
Incorporated Phone: 540.769.8465 Email: woodya@lunainc.com
Media Contact: Chris Kittredge/Stephen Pettibone FGS
Global Email: luna@fgsglobal.com
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