B. Riley Advises Luna in Tech Divestiture

B. Riley Financial served as an advisor for Luna Innovations Inc.’s sale of its high-speed optical receivers business, the company announced Tuesday. B. Riley in Woodland Hills helped negotiate and structure the sale to Macom Technology Solutions Holdings Inc., which bought Luna’s optical receivers business for $33.5 million. Luna, headquartered in Roanoke, Va. makes products for the aerospace, automotive, energy, defense and telecommunications markets. Macom is a semiconductor manufacturer in Lowell, Mass. “B. Riley’s strong sector expertise combined with its proven track record of maximizing shareholder value were key factors in distinguishing B. Riley as the right choice to represent us in this transaction,” My Chung, chief executive of Luna Innovations, said in a statement. Shares of B. Riley (RILY) closed Wednesday down 10 cents, or less than 1 percent, to $15.30 on the Nasdaq.