Luna Innovations Incorporated announced that it has entered into a Subscription Agreement with certain affiliates and from new investor, White Hat Capital Partners LP to issue up to 65,000 shares of a new series of the Company?s Series B Convertible Preferred Stock, par value $0.001 per share at an issue price of $962 per share for the aggregate gross proceeds of $65 million on December 21, 2023. As a part of the transaction, David Chanley of White Hat Capital Partners LP will join company's board of directors.

On the same day, the company issued 52,500 shares of Series B Convertible Preferred Stock for an aggregate gross proceeds of $50 million in its first tranche. The company raised the tranche pursuant to exemption provided under Regulation D from 3 investors.