LUMM - Lumenon Innovative Lightwave Technology Inc. Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : LUMM - Lumenon Innovative Lightwave Technology Inc.

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Currency who started this subject	10/15/2002 6:55:31 PM
From: Kent Rattey	of 2484

The torture never stops! Lumenon Holders OK $14 Million Private Equity Financing Plan Friday October 11, 2:10 pm ET NEW YORK -(Dow Jones)- Lumenon Innovative Lightwave Technology Inc. (NasdaqSC:LUMM - News) shareholders approved several company proposals, including one for a private equity financing facility with Crossover Ventures Inc. (V.CRV) and an increase in authorized shares. ADVERTISEMENT In a press release Friday, Lumenon said it could issue up to $14 million worth of common stock and have issued warrants convertible into common shares under the terms of the private equity financing. A series of periodic draw downs to the facility will limit Crossover's holdings to 9.999% of Lumenon's oustanding common shares at any given time, without shareholder approval. Additionally, the company received approval to increase authorized shares to 250 million from 100 million. The St. Laurent, Quebec-based developer of optical components and devices said it withdrew a separate general financing proposal and will resubmit a new proposal once a definitive investor is available. In August, Lumenon received Nasdaq notice that it didn't meet the $1 minimum bid price rules and has until Feb. 10 to gain compliance. During the month, the company also said it planned to temporarily lay off about 37 employees and would take a related charge. Shares of Lumenon traded recently at 8 cents, up 2 cents, or 33.3%, on Nasdaq volume of 615,200 shares. Average daily volume is 179,895 shares. Company Web site lumenon.com -Karen M. Lee; Dow Jones Newswires; 201-938-5400

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next