Shares of Lightwave Logic, a development stage company developing electro-optic photonic devices, hit an all-time low on Wednesday, December 11. The company announced a management overhaul to accelerate commercialization of and identify new applications for its products.
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Lightwave Logic stock plummeted nearly 26% on the Nasdaq on Wednesday to close at $1.965 per share. This marks the lowest closing price since the company’s stock began trading on the Nasdaq main market in September 2021.
Earlier in the day, Lightwave Logic announced that Yves LeMaitre, an “optical communications industry veteran,” would take over as CEO, while Thomas Zelibor was named president. Longtime CEO Michael Lebby stepped down on Tuesday.
“The time is right for new leadership with the experience and business acumen commensurate with this new phase of our company,” Ronald Bucchi, who was picked to chair the board on Wednesday, was quoted as saying in the press release.
The company expects the new leadership team to “capitalize on high-growth opportunities across the AI and datacenter networking sector, expedite commercialization for its proprietary electro-optic materials, and open new markets and applications for its advanced polymer-based solutions.”
About Lightwave Logic
Lightwave Logic develops next-generation electro-optic polymers designed to enhance the efficiency of internet infrastructure by enabling higher data transmission speeds with lower energy consumption compared to existing solutions.
Data centers have high power consumption and face growing demand for high-speed data transmission, driven by advancements in AI, machine learning, and other cloud-based services, the company has explained. According to new CEO LeMaitre, Lightwave Logic materials can enable the fast and energy-efficient scaling of AI back-end and datacenter front-end networks.
One of Lightwave Logic’s key innovations is chromophores, which are described as complex, large molecules, on a scale akin to drug molecules. They are embedded into polymers, making them, the company claims, superior in speed and sensitivity to electric field to traditional electro-optic materials. In September, Lightwave introduced an ultra-high bandwidth electro-optic polymer modulator for data centers, developed in collaboration with Swiss-based Polariton Technologies, which incorporates its chromophores.
