New York, June 2 - Luna Innovations Inc. priced a downsized $21 million initial public offering of common stock at $6.00 per share, at the low end of the reduced target range.
The deal was reduced to 3.5 million shares from the previously planned 4 million shares.
Guidance was for a price of $6.00 to $8.00 per share, cut from $11.00 to $13.00 previously.
When it first filed for the IPO, Luna was aiming to raise as much as $57.5 million.
ThinkEquity Partners LLC was lead manager. WR Hambrecht + Co and Merriman Curhan Ford & Co. were co-managers.
The sale has a greenshoe of 525,000 shares.
Following the sale, Luna has 9,734,325 shares outstanding.
Luna is a Roanoke, Va.-based company involved in research, development and commercialization of innovative technologies in molecular technology solutions and sensing solutions, such as magnetic resonance imaging.
Proceeds will be used for working capital, capital expenditures, other corporate expenses and potential acquisitions.
Despite the decrease, Luna will still have enough funding to meet its operating and investing requirements through the beginning of 2008, according to an FWP filing with the Securities and Exchange Commission.
| Issuer: | Luna Innovations Inc.
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| Issue: | Initial public offering
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| Amount: | $21 million
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| Shares: | 3.5 million
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| Greenshoe: | 525,000
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| Price: | $6.00
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| Lead manager: | ThinkEquity Partners LLC
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| Pricing date: | June 1, after close
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| Price target: | $6.00 to $8.00, reduced from $11.00 to $13.00
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| Stock symbol: | Nasdaq: LUNA
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