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 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: 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.
