Luna Innovations Incorporated (NASDAQ: LUNA), a global provider of advanced optical technology, has announced that its board of directors has reinstated a share repurchase program of up to USD 2.0 million of Luna Innovations common stock, the company said.
Repurchases may be made from time to time at the company´s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions.
The USD 2.0 million share repurchase authorization is effective immediately with a one-year duration and the program may be suspended or discontinued at any time. Under its share repurchase program, the company may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions or tender offers.
The share repurchase program will be funded using Luna Innovations working capital. As of June 30, 2019, the company had cash and cash equivalents of approximately USD 23.5 million. Luna Innovations had approximately 33.7 million shares of common stock outstanding as of June 30, 2019.
Luna Innovations Incorporated (www.lunainc.com) is a provider of optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Technology Development segment and a Products and Licensing segment. Luna´s business model is designed to accelerate the process of bringing new and innovative technologies to market.