Luna receives NASDAQ listing extension
- January 5, 2010
Luna Innovations will retain its listing on the NASDAQ Capital market until Jan. 13, allowing the company time to emerge from bankruptcy.
The company says it is hopeful it will emerge from bankruptcy by Jan. 13 but cannot ensure it will meet initial listing requirements, including the $4 per share bid price. The NASDAQ Listing Qualifications Panel’s decision to extend Luna’s listing requires the company to comply with all requirements for initial listing.
Luna said if it does not meet the requirements it will try to achieve them as soon as possible and request a further extension from NASDAQ.
Luna settled a lawsuit last month with Hansen Medical in an alleged breach of contract and misappropriation of trade secrets. Under the agreement, Luna will pay a $5 million promissory note to Hansen over four years and Luna’s fiber optic shape-sensing technology will be integrated into Hansen’s robotic medical instruments.