Luna Innovations Incorporated (Luna Innovations) has received a letter from The NASDAQ Stock Market. The letter indicates that, as the bid price of the company's common stock closed below the minimum $1 per share threshold set forth in NASDAQ Listing Rule 5550(a)(2) for the prior 30 consecutive business days, the company has been provided 180 calendar days, or until March 15, 2010, to regain compliance with the minimum bid price requirement.
In addition, should the company satisfy the criteria for initial listing on The NASDAQ Capital Market (except for bid price) as of March 15, 2010, the company will be entitled to a second 180-calendar day period, through September 13, 2010, to regain compliance with the minimum bid price requirement. The company will regain compliance with NASDAQ’s minimum bid price requirement if the bid price of its common stock closes at $1 or higher for a minimum of ten consecutive business days during the compliance period. This notice does not affect the company’s listing on NASDAQ at this time.
As previously announced on September 8, 2009, the NASDAQ Listing Qualifications Panel determined to transfer the company’s listing to The NASDAQ Capital Market and to continue the listing of the company’s common stock subject to several conditions, including the company’s emergence from Chapter 11 reorganization by December 31, 2009.