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Advanced Photonix, Inc (API)

  • Tue, Mar. 24, 11:49 AM
    • Advanced Photonix (NYSEMKT:API) CFO Jeffrey Anderson plans to resign, effective April 3. The company insists Anderson's resignation isn't the result of any disagreement with the company.
    • The news comes as API gets set to merge with fiber optic sensing and test/measurement equipment provider Luna Innovations (LUNA). That deal is expected to close in May, with Luna chief My E. Chung becoming the CEO of the post-merger company.
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  • Mon, Feb. 2, 10:24 AM
    • Optoelectronic sensor and test/measurement hardware vendor Advanced Photonix (API +34.5%) is merging with fiber optic sensing and test/measurement equipment firm Luna Innovations (LUNA +0.5%) in an all-stock deal.
    • API shareholders will receive 0.32 Luna shares for each API share they own. Between them, the companies possess 200+ patents and patent applications, and had revenue of $49.9M for the 12 months ending Sep. 30.
    • The combined company will keep Luna's name, and be headquartered in Roanoke, VA. Luna chief My E. Chung will be its CEO.
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  • Jun. 12, 2014, 1:08 PM
    • Following yesterday afternoon's business update call (webcast), B. Riley has upgraded Advanced Photonix (API) to Buy, and lifted its PT by $0.05 to $0.80.
    • The microcap currently sports a $21.6M valuation. It recently raised $2.5M in net proceeds by selling 5.39M shares at $0.53 apiece.
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  • Feb. 11, 2013, 4:52 PM
    Advanced Photonix (API): FQ3 EPS of -$0.02 in-line. Revenue of $5.8M (-10% Y/Y) misses by $0.8M. Shares -17.4% AH. (PR)
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Company Description
Advanced Photonix Inc is engaged in the development and manufacturing of optoelectronic devices and value-added sub-systems and systems. It has two manufacturing facilities located in Camarillo, California and Ann Arbor, Michigan.