Luna Innovations Down 50% on News of Nasdaq Suspension

Dow Jones01-07

By Josh Beckerman

Shares of Luna Innovations fell to a 52-week low as the optical technology company said its stock will be suspended from Nasdaq on Tuesday and subsequently delisted.

Shares were down 50% to $1.02 on Monday, marking a 52-week low. The stock is down about 84% over the past 52 weeks.

In March 2024, the company delayed the release of fiscal 2023 results and said it was reviewing transactions for which revenue was recognized that didn't qualify for revenue recognition under U.S. generally accepted accounting principles. The next month, it said it would restate certain results.

Luna said Monday that it informed Nasdaq that it wouldn't be able to meet a March 27, 2025, deadline to file its delinquent filings to regain compliance. The company expects its shares will trade on the OTC Expert Market.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

January 06, 2025 15:18 ET (20:18 GMT)

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