Lumera Corporation Receives NASDAQ Notification |
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GigOptix Inc.
2400 Geng Road, Suite 100
Palo Alto, CA, 94303
USA
Press release date: May 22, 2008
BOTHELL, Wash.--May 22, 2008--Lumera Corporation (NASDAQ: LMRA), a leader in the field of photonic communications, announced today it had received notice from The NASDAQ Stock Market stating that the Company's stockholders' equity at March 31, 2008 of $9,001,000 was less than the $10 million minimum in stockholders' equity required for continued listing on The NASDAQ Global Market under Marketplace Rule 4450(a)(3). This notification, which was received in a letter dated May 16, 2008, is a standard communication when stockholders' equity is less than the $10 million minimum requirement. The letter has no immediate effect on the listing of the Company's common stock at this time.
In its letter, NASDAQ staff requested that the Company provide, on or before May 30, 2008, a plan to achieve and sustain compliance with all of The NASDAQ Global Market listing requirements, including the minimum stockholders' equity requirement. The Company will submit a plan to comply with the Global Market minimum listing requirements; however, should its plan to regain compliance be deemed insufficient by NASDAQ, the Company will pursue a transfer to the NASDAQ Capital Market where it currently meets the continued listing requirements. The Company does not believe that stockholders' liquidity will be adversely impacted should a transfer to the NASDAQ Capital Market be required.
About Lumera
Lumera is a leader in photonic communications. The company designs electro-optic components based on proprietary polymer compounds for the telecommunications and computing industries. For more information, please visit lumera.com.
CONTACT: Lumera Corporation Investor Relations Helene F. Jaillet, Ph.D., 425-398-6546 or The Summit Group Communications Media Todd Wolfenbarger, 801-595-1155 Cell: 801-244-9600
SOURCE: Lumera Corporation
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