News

Luna Innovations today announced the appointment of William L. Phelan as its new Chief Financial Officer and Chief Accounting Officer, effective immediately. Mr. Phelan succeeds John Roiko, who joined Luna out of retirement in May 2024 and played a key role in establishing a resilient foundation for Luna’s future growth. Following the appointment of Mr. Phelan, Mr. Roiko will shift to a consulting role to support the ongoing restatement process.  

Luna Innovations Incorporated (Nasdaq: LUNA), announced that on October 1, 2024, it received a staff determination letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, due to the Company’s failure to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission, Nasdaq has determined that the Company’s securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of the determination to a Hearings Panel.

Luna Innovations Incorporated (Nasdaq: LUNA) announced that it has received a written notice on August 20, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that because the Company has not yet filed its Form 10-Q for the quarter ended June 30, 2024 and because the Company remains delinquent in filing its Form 10-Q for the quarter ended March 31, 2024 and its Form 10-K for the year ended December 31, 2023, it is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

Luna Innovations Incorporated announced the appointment of Kevin Ilcisin as its new President and Chief Executive Officer, the retirement of Richard Roedel from the Board of Directors after nearly 20 years of service, and the closing of a $15 million junior secured term loan facility.

Luna Innovations Incorporated (NASDAQ: LUNA) announced that it has received a written notice on May 17,  2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). This Notice has no immediate effect on the listing of the Company's shares on Nasdaq. If Luna fails to timely regain compliance with the Rule, the Company's common stock will be subject to delisting from Nasdaq. 

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.