Advanced Photonix and Luna Sign Merger Agreement
API’s product lines include terahertz spectroscopy systems for process applications. For the year ending September 30, 2014, API generated revenues of $29.9 billion. API’s calendar-year 2014 terahertz-product revenues totaled $2.4 million and are expected to reach $4.1 million this year, according to an SEC filing. Former holders of API common stock will own around 41% of Luna upon the merger’s completion.
Ann Arbor, MI 2/2/15; Roanoke, VA 2/2/15—Advanced Photonix (API), a supplier of optoelectronic sensors, devices, and test and measurement instrumentation, has agreed to merge with Luna Innovations, which develops and manufactures fiber optic sensing, and test and measurement products, in a stock-for-stock transaction. Both companies are publicly held. For each share of API stock, API shareholders will receive 0.31782 of Luna’s common stock. Combined, the company would have had $49.9 million in revenues for the year ending September 30, 2014. “We’re creating a significantly stronger company through the combination of Luna’s proven technology with API’s components and subsystems,” stated Richard Roedel, chairman of Luna’s Board. The company will go by the Luna name and be headed by Luna CEO My E. Chung.
