ROANOKE, VA – Luna Innovations (NASDAQ:LUNA) Incorporated, a company specializing in commercial physical and biological research, announced today that it has received an extension to remain listed on the Nasdaq Stock Market. The extension, granted by the Nasdaq's Listing Qualifications Staff, allows Luna Innovations time to file its overdue financial reports with the Securities and Exchange Commission (SEC).
The company must submit its annual report for the fiscal year ended December 31, 2023, and its quarterly report for the period ended March 31, 2024, along with any subsequent periodic reports, by September 11, 2024. Failure to meet this deadline may result in a delisting determination from Nasdaq. However, Luna Innovations would then have the opportunity to appeal the decision to a Nasdaq Hearings Panel.
Luna Innovations, headquartered at 301 First Street SW in Roanoke, Virginia, is recognized under the Standard Industrial Classification code 8731 for services in commercial physical and biological research. The company operates under the trading symbol LUNA on the Nasdaq Stock Market.
The notice of extension is a critical development for the company, as timely filing of financial reports is a key requirement for maintaining a listing on major stock exchanges like Nasdaq. The extended deadline provides Luna Innovations with a window to regain compliance and avoid potential delisting.
In other recent news, Luna Innovations is facing a potential Nasdaq delisting due to delayed financial filings. The company has been given until June 3, 2024, to submit a compliance plan and regain compliance. Luna Innovations is also set to restate its financial statements for the fiscal year ended December 31, 2022, due to revenue recognition errors. The extent of these errors is yet to be determined. In addition to these issues, Luna Innovations announced that CEO Scott Graeff has retired, with Richard Roedel stepping in as Interim Executive Chairman and Interim President.
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