Fire ravages four of the oldest buildings on the vacant, former campus of Virginia Intermont College in Bristol. The college closed 10 years ago and its buildings have been deemed blighted and derelict by the city. Courtesy of city of Bristol.
Roanoke-based technology company Luna Innovations Inc. has lost its place on the Nasdaq Stock Market after months of delays in filing proper financial statements.
Luna officials notified Nasdaq in late December that they do not expect to file any of their multiple delinquent financial reports by a March 27 deadline — the latest available extension under the stock market’s listing rules — according to a Securities and Exchange Commission report posted Monday morning.
In response, Nasdaq will suspend and delist the company on Tuesday, according to the SEC.
Luna develops and markets fiber-optic sensing and monitoring devices for transportation, energy and other markets. It can remain in business, but its stock will not be publicly traded, according to the SEC.
In a news release posted late Monday morning, the company said that it will focus on “strategic alternatives” while continuing to work with its customers, partners and suppliers.
“While we are disappointed in the restatement process schedule delays, we are encouraged by the operational discipline and improvements by the entire Luna team since May,” Kevin Ilcisin, the company’s president and chief executive officer, said in the news release.
Ilcisin took the reins on Aug. 1. He had been a top consultant after Luna’s former top leader, Scott Graeff, abuptly retired the month before. Graeff’s departure followed the company’s disclosure that earnings reporting discrepancies had caused it to indefinitely delay annual and quarterly reports.
The company’s stock traded at $7.92 a share as recently as February 2024. The price began a steady decline about mid-March, after the company’s announcements about the financial statements — the first in a series of events that led to a complete turnover in its executive suite.
Luna opened Monday on the Nasdaq selling at $2.13 a share. The price had fallen to $1.11 a share by noon on its final day of listing.
The company, Graeff and two former chief financial officers are identified in multiple lawsuits related to how Luna has handled the financial statements.
This is a breaking news story and will be updated.
