Luna Innovations Incorporated (NASDAQ: LUNA), a global provider of advanced fiber optic-based technology, has announced that Carilion Clinic has provided notice to convert their 1.3 million shares of Series A convertible preferred stock into common stock on a one-for-one basis effective September 30, 2019, the company said.
Per the terms of the Series A convertible preferred stock as set forth in the Certificate of Designations, the accrual of dividends will also cease as of September 30, 2019, due to Luna´s share price maintaining a level of USD 5.16 or above for more than 30 consecutive trading days, which was achieved as of September 19, 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.