ROANOKE, Va. - Luna Innovations (NASDAQ:LUNA) Incorporated (NASDAQ:LUNA), known for its advanced fiber optic-based technology and currently trading at $2.05 with a market capitalization of $71 million, announced today that its stock will be suspended from trading on The Nasdaq Stock Market LLC starting Tuesday, January 7, 2025. The company failed to meet the March 27, 2025, deadline for filing its delinquent reports with the Securities and Exchange Commission (SEC), which was necessary to regain compliance. Following the suspension, Luna’s shares are expected to be traded over-the-counter (OTC) on the OTC Expert Market.
The delisting from Nasdaq is not anticipated to directly affect Luna’s business operations. The company’s President and CEO, Kevin Ilcisin, expressed disappointment over the delay in the restatement process but remains positive about the company’s operational discipline and improvements. According to InvestingPro data, LUNA’s stock has declined nearly 69% over the past year, with shares trading significantly below their 52-week high of $7.92. He highlighted the achievements of the Luna team, including securing significant contracts in the latter half of 2024 that demonstrate their commitment to delivering quality products and services.
Luna Innovations plans to provide a comprehensive business update later this month, which will include preliminary revenue and booking figures for the fiscal year 2024. InvestingPro analysis indicates concerning financial health metrics, with the company receiving a Fair overall rating. Investors seeking detailed analysis can access additional ProTips and financial metrics through an InvestingPro subscription. Despite the shift from Nasdaq to the OTC market, Luna continues to focus on strategic alternatives and maintaining support for its customers, partners, and suppliers.
The company, which specializes in fiber optic-based test products for the telecommunications industry and distributed fiber optic sensing for various industries, has faced challenges that have led to its current position. With analyst price targets ranging from $8 to $9, investors looking for comprehensive analysis and additional insights can explore more financial metrics and expert recommendations on InvestingPro. The forward-looking statements in their announcement are subject to risks and uncertainties, as detailed in their filings with the SEC, including the most recent Quarterly Report for the quarter ended September 30, 2023.
Investors and interested parties are advised to follow the updates provided by Luna Innovations, as the company navigates through this transition period. The information for this article is based on a press release statement from Luna Innovations Incorporated.
In other recent news, Intuitive Machines, Inc. announced an upsized public offering, with the pricing set at $10.50 per share for over 9 million shares of its Class A common stock. The offering also includes a 30-day option for underwriters to purchase additional shares, potentially increasing the total number of shares sold. Concurrently, Intuitive Machines will issue nearly one million shares of Class A common stock to Boryung Corporation at the public offering price. The estimated net proceeds from both the public offering and the private placement are around $104.25 million. The offering is led by BofA Securities, Cantor, Barclays (LON:BARC), and Stifel, with additional management by Roth Capital Partners (WA:CPAP) and B. Riley Securities.
In other recent developments, Luna Innovations Incorporated has amended its existing loan agreement, securing an additional $15 million in term loans, bringing the total term loan commitment to $30 million. The company has also appointed William L. Phelan as Chief Financial Officer and Chief Accounting Officer. However, Luna Innovations faces potential delisting from the Nasdaq Stock Market due to non-compliance with filing requirements, despite being granted extensions to regain compliance. The company has expressed its intention to appeal the delisting notice. Luna Innovations has also witnessed significant changes in its board, with Warren B. Phelps III taking over as the non-executive Chair of the Board following Richard Roedel’s resignation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.