LUNA News & Events

Luna Innovations yesterday announced that, due to the company's inability to meet the March 27 deadline to file its previously disclosed delinquent filings with the Securities and Exchange Commission to regain compliance, the trading in its securities will be suspended on January 7, and subsequently delisted from The Nasdaq Stock Market. Following the suspension, the company expects its shares to be eligible to trade on the over-the-counter market, specifically the OTC Expert Market. Kevin Ilcisin, the company's President and Chief Executive Officer, said, "While we are disappointed in the restatement process schedule delays, we are encouraged by the operational discipline and improvements by the entire Luna team since May. During the second half of 2024, we secured notable wins, underscoring our commitment to providing exceptional products and services to our customers."

Luna Innovations "announced the appointment of William L. Phelan as its new Chief Financial Officer and Chief Accounting Officer, effective immediately. Mr. Phelan succeeds John Roiko, who joined Luna out of retirement in May 2024 and played a key role in establishing a resilient foundation for Luna's future growth. Following the appointment of Mr. Phelan, Mr. Roiko will shift to a consulting role to support the ongoing restatement process. Mr. Phelan has been a full-time advisor to the company since May 2024, providing him with in-depth knowledge of the company's operations and positioning him to immediately contribute to Luna's success."

Luna Innovations Incorporated announced that on October 1, 2024, it received a staff determination letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, due to the Company's failure to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission, Nasdaq has determined that the Company's securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of the determination to a Hearings Panel.