Luna Innovations (LUNA) Cuts IPO Size and Price

June 2, 2006 1:30 PM EDT
In an amended S-1 filing with the SEC, Luna Innovations (NASDAQ: LUNA) cut the size of its IPO to 3.5 million shares and cut the expected price range to $6-$8. The company had seen an IPO price of $11-$13 per share on 4 million shares. The company will list on the Nasdaq under the symbol "LUNA."

The company has granted the underwriters the right to purchase up to an additional 600,000 shares of common stock at the initial public offering price less the underwriting discount to cover any over-allotments.

The offering is being made through an underwriting syndicate including ThinkEquity Partners LLC, WR Hambrecht + Co and Merriman Curhan Ford & Co.

Luna Innovations researches, develops and commercializes innovative technologies in two primary areas: molecular technology solutions and sensing solutions. The company's business model is designed to accelerate the process of bringing new and innovative products to market. The company identifies disruptive technology that can fulfill identified market needs and then take this technology from the applied research stage through commercialization in their two areas of focus. The company focuses on nanotechnology among other things.

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