Luna Innovation today announced two inducement grants pursuant to its 2024 Inducement Plan.
On May 1, 2024, Luna’s Compensation Committee granted 400,000 restricted stock units to John C. Roiko and 350,000 restricted stock units to Will Denman.
Luna Innovations today announced the appointment of two new members of its senior leadership team and new finance executive:
Will Denman Joins Luna as Senior Vice President, Sales, North America
Matthew Friedman Recently Appointed Vice President, Product Marketing
Heather Matzke-Hamlin Joins Luna as Public Accounting Advisor.
Alex Davern and Kevin Ilcisin Join as Advisors to the Company. Along with these updates, John Roiko was appointed as Chief Financial Officer.
The Board announces Exploration of Strategic Alternatives and Luna provides update related to Special Committee Independent Review
A Special Committee of the Company’s Board of Directors has been conducting an independent review, with the assistance of external legal and financial advisors, of certain revenue recognition matters in connection with the Company’s previously issued financial statements.
As the independent review remains ongoing and the full extent of this impact is still being determined, the Company cannot at this time estimate when it will file its restated financial statements.
On April 2, 2024, Luna received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) concerning compliance.
Luna is working diligently to complete its Form 10-K to ensure compliance with Nasdaq Listing Rule 5250(c)(1) and will provide an update once more information is available.
Richard Roedel Named Interim Executive Chairman and Interim President
Luna Innovations Incorporated today announced that Scott Graeff has retired from his role as President and Chief Executive Officer of the Company and has stepped down from the Board of Directors, leaving the Company after 21 years. The Board has initiated a search for a new President and Chief Executive Officer.
Luna Innovations will delay the release of its fourth quarter and fiscal year 2023 financial results.
A Special Committee of the Company’s Board of Directors is conducting an independent review of certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles.
Company executives will participate in the 26th Annual Needham Growth Conference in New York City, New York. Scott Graeff, President and CEO; George Gomez- Quintero, CFO; and Brian Soller, CTO and EVP, Corporate Development, will present on Thursday, January 18, 2024, at 8:45 a.m. ET. Click to view details on the conference.
Our acquisition of Silixa, Distributed Fibre Optic Sensing Systems & Solutions provider, strengthens Luna's portfolio of distributed fiber optic sensing solutions.
This acquisition adds significant new growth markets and applications, further expanding our global footprint.
Conference Call Scheduled for December 21st, at 11:00 AM ET
Proceeds from this strategic investment were partially used to fund the acquisition of Silixa, also announced today, and related transaction costs in the aggregate amount of approximately $25 million. Remaining proceeds were used to repay the Company’s outstanding $17 million term loan with PNC Bank and strengthen the Company’s balance sheet.
Luna has extended its existing relationship with Northrop Grumman by securing a new, multi-unit, multi-million dollar order for its OBR 6200 portable backscatter reflectometer in support of the F-35 Joint Strike Fighter.
Luna collaborated with automation contractor ABB, to provide leak detection, pipeline security and facility security across the 1,811 km route for the transcontinental gas supply from Azerbaijan to the EU, a project spanning six years for Trans-Anatolian Natural Gas Pipeline (TANAP).