Luna Innovations Inc Stock Price, News & Analysis

Luna Innovations (Nasdaq: LUNA) announced the retirement of Board member Pamela Coe, effective immediately. Coe was elected to the Board in May 2021 for a three-year term. Board Chairman Barry Phelps acknowledged her contributions, expertise, and leadership during her tenure on the board of the global fiber optic-based technology company.

Luna Innovations (Nasdaq: LUNA) received a notice from Nasdaq on November 14, 2024, regarding non-compliance with listing rules due to failure to file multiple financial reports. The company has not filed its Q3 2024 Form 10-Q and remains delinquent in filing Q1 and Q2 2024 Form 10-Qs, as well as its 2023 Form 10-K. While this notice doesn't immediately affect LUNA's listing, continued non-compliance could lead to delisting. The company has requested a hearing before the Nasdaq Panel scheduled for November 26, 2024, and received a stay of suspension pending the hearing process.

Luna Innovations Incorporated (NASDAQ: LUNA) has appointed William L. Phelan as its new Chief Financial Officer and Chief Accounting Officer, effective immediately. Phelan succeeds John Roiko, who will transition to a consulting role to support the ongoing restatement process. Phelan brings over 25 years of financial and accounting leadership experience and has been advising Luna since May 2024.

Phelan will oversee financial strategy, accounting operations, and regulatory compliance, while contributing to Luna's financial and strategic growth. His previous experience includes serving as Chief Accounting Officer at MiMedx Group, Inc., where he led financial restructuring and SEC compliance efforts. Phelan holds an MBA from Pennsylvania State University and is a Certified Public Accountant.

Luna Innovations, a leader in advanced fiber optic-based technology, expects Phelan's expertise to be instrumental in executing its growth strategy in the global fiber optic technology market.

Luna Innovations Incorporated (Nasdaq: LUNA) has received a staff determination letter from Nasdaq on October 1, 2024, due to its failure to comply with Nasdaq Listing Rule 5250(c)(1). The company has not filed its Annual Report on Form 10-K for 2023 and Quarterly Reports on Form 10-Q for Q1 and Q2 2024. Nasdaq has determined that LUNA's securities will be delisted unless the company appeals the decision.

If LUNA does not appeal by October 8, 2024, trading of its common stock will be suspended on October 10, 2024. The company plans to appeal to the Hearings Panel, which will automatically stay the suspension for 15 days. LUNA intends to request a further stay pending the hearing process. Hearings typically occur 30-45 days after the request, and the panel's decision can be further appealed to the Nasdaq Listing Council.

Luna Innovations (Nasdaq: LUNA) has received a written notice from Nasdaq on August 20, 2024, regarding non-compliance with Nasdaq Listing Rule 5250(c)(1) due to late filing of its Q2 2024 Form 10-Q. The company remains delinquent in filing its Q1 2024 Form 10-Q and 2023 Form 10-K. While this notice has no immediate effect on LUNA's listing, failure to regain compliance may result in delisting. Luna must submit an updated compliance plan by September 4, 2024. If accepted, Nasdaq may grant an extension until September 30, 2024, to file the 2023 Form 10-K. The company is working to complete its delinquent filings and will provide updates as available.

Luna Innovations (NASDAQ: LUNA) announced significant changes in its leadership and financial structure. Kevin Ilcisin will become the new President and CEO effective August 1, 2024, bringing extensive industry experience from roles at National Instruments and Tektronix. This appointment coincides with the retirement of Richard Roedel from the Board after nearly 20 years of service.

Additionally, Luna secured a $15 million junior secured term loan facility from White Hat Capital Partners, with an initial draw of $9 million. This follows White Hat's previous $50 million preferred stock investment in December 2023. The loan proceeds will support working capital needs and Luna's ongoing strategic alternatives process.

Luna Innovations has received a notice from Nasdaq on May 17, 2024, regarding its failure to file Form 10-Q for Q1 2024 and its delayed Form 10-K for FY 2023. According to Nasdaq Listing Rule 5250(c)(1), timely filing of these reports is required. This notice does not immediately affect Luna's Nasdaq listing, but non-compliance could lead to delisting. Luna has until June 3, 2024, to submit a compliance plan. If accepted, the company may get an extension until September 30, 2024. Luna is actively working to complete its filings and will update accordingly.

Luna Innovations Incorporated (NASDAQ: LUNA) announced two inducement grants under its 2024 Inducement Plan. The grants include 400,000 restricted stock units to John C. Roiko and 350,000 restricted stock units to Will Denman. These grants were made to secure their employment and are subject to specific vesting conditions. The grants will accelerate upon certain events.

Luna Innovations Incorporated (NASDAQ: LUNA) has appointed new senior leadership members, including Will Denman as Senior Vice President, Sales, North America, Matthew Friedman as Vice President, Product Marketing, and Heather Matzke-Hamlin as Public Accounting Advisor. Denman brings over 20 years of sales and marketing experience, Friedman has extensive experience in product marketing and management, and Matzke-Hamlin brings over 30 years of public accounting and internal control experience. The new appointments aim to strengthen Luna's operations and drive value for stakeholders in the fiber optic-based technology sector.