Lumera Corporation Announces Registered Direct Offering and Preliminary Q2 2008 Results
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Lumera Corporation (NASDAQ:LMRA) today announced that the Company has
entered into definitive agreements with selected institutional investors
to sell 4 million shares of its common stock and warrants to purchase an
additional 2 million shares through a registered direct offering for net
proceeds of approximately $2.8 million, after deducting offering fees
and expenses. The Company intends to use the net proceeds from this
offering for general corporate purposes, and has raised the funds in
order to meet minimum capital requirements under the conditions of the
previously announced proposed merger with GigOptix, LLC.
The shares and warrants are being offered pursuant to the Company’s
effective shelf registration statement that was previously filed on Form
S-3 with the Securities and Exchange Commission. Rodman & Renshaw, LLC,
a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM),
acted as the exclusive placement agent for the offering.
For each share of common stock purchased in the offering, the investor
will also be issued warrants to purchase 0.50 shares of common stock for
a combined issue price of $0.76 per unit, before deducting offering fees
and expenses. The shares of common stock and warrants are immediately
separable and will be issued separately. The warrants have an exercise
price of $0.76 per share, subject to adjustment, have a five-year term,
and will not be exercisable prior to six months after issuance. The
closing of the offering is expected to take place on July 16, 2008,
subject to satisfaction of customary closing conditions.
The Company also announced that revenues for the second quarter are
expected to be approximately $1.5 million, reflecting a 60% increase as
compared to second quarter 2007, and a reduction in costs of
approximately 30% as compared to second quarter 2007, primarily due to
the closing of Plexera, for expected net loss per share of between $0.10
to $0.12.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state. Copies of the final prospectus supplement and
accompanying prospectus relating to this offering may be obtained from
Rodman & Renshaw, LLC, 1251 Avenue of the Americas, New York, New York
10020; Fax: 212-430-1711.
About Lumera Corporation:
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 www.lumera.com.
Certain statements contained in this release are forward-looking
statements that involve a number of risks and uncertainties. Factors
that could cause actual results to differ materially from those
projected in the company’s forward-looking
statements include the following: our financial results for second
quarter 2008; the proposed merger with GigOptix, LLC; market acceptance
of our technologies and products; our ability to obtain financing; our
financial and technical resources relative to those of our competitors;
our ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our intellectual
property rights and protect our proprietary technologies; the ability to
obtain additional contract awards and to develop partnership
opportunities; the timing of commercial product launches; the ability to
achieve key technical milestones in key products; and other risk factors
identified from time to time in the company’s
SEC reports, including its Annual Report on Form 10-K, and its Quarterly
Reports on Form 10-Q.
