Avinger to Effect One-for-Ten Reverse Stock Split
June 21 2019 - 4:05PM
Avinger, Inc. (NASDAQ:AVGR), a commercial-stage medical device
company marketing the first-ever image-guided, catheter-based
system for diagnosis and treatment of Peripheral Artery Disease
(PAD), today announced that the Company will effect a 1-for-10
reverse stock split of the Company's common stock, which will be
effective at 5:00 p.m. Eastern time on Friday, June 21, 2019. As of
that date, each 10 shares of issued and outstanding common stock
and equivalents will be converted into one share of common stock. A
new CUSIP number of 053734604 has been assigned to the Company's
common stock as a result of the reverse stock split.
On June 19, 2019, the Company reconvened its June 11, 2019
Annual Meeting of Stockholders, at which time the Company’s
stockholders approved the reverse stock split. The Board of
Directors was authorized to implement the reverse stock split and
determine the ratio of the split within a range of not less than
1-for-3 or greater than 1-for-10. Thereafter, the Board of
Directors determined to fix the ratio for the reverse stock split
at 1-for-10. The reverse stock split is being effected in order to
increase the per share trading price of the Company's common stock
to satisfy the $1.00 minimum bid price requirement for continued
listing on The Nasdaq Capital Market. Shares will continue to trade
under the symbol “AVGR.”
“The board of directors has determined to effect the reverse
stock split without delay in order to secure the Company's Nasdaq
listing and return our full focus to executing Avinger’s business
strategy,” said Jeff Soinski, Avinger’s president and CEO. “We are
excited about a number of upcoming expected milestones in our
business for the second half. These include continued ramping of
our Pantheris Next Generation cases at both existing and new
centers, commercial launch of our Pantheris SV device for the
treatment of PAD in smaller vessels, and further development of
best-in-class medical technologies to give patients suffering from
PAD the highest quality treatment outcomes.”
The reverse split will reduce the number of shares of the
Company's common stock outstanding from approximately 64.2 million
to approximately 6.4 million. Proportional adjustments will be made
to the terms and exercise prices of outstanding options and
warrants. The Company will pay out cash in lieu of any fractional
shares otherwise resulting from the reverse stock split.
Stockholders should direct any questions concerning the reverse
stock split to their broker or to the Company’s transfer agent,
American Stock Transfer & Trust Company, LLC, at
1-800-937-5449. Inquiries can also be sent via email to
help@astfinancial.com and should include a reference to
“Avinger.”
About Avinger, Inc. Avinger is a
commercial-stage medical device company that designs and develops
the first-ever image-guided, catheter-based system that diagnoses
and treats patients with peripheral artery disease (PAD). PAD is
estimated to affect over 12 million people in the U.S. and over 200
million worldwide. Avinger is dedicated to radically changing the
way vascular disease is treated through its Lumivascular platform,
which currently consists of the Lightbox imaging console, the
Ocelot family of chronic total occlusion (CTO) catheters, and the
Pantheris® family of atherectomy devices. Avinger is based in
Redwood City, California. For more information, please visit
www.avinger.com.
Forward-Looking StatementsThis news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding Avinger's upcoming expected milestones in its business.
Such statements are based on current assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties, many of which are
beyond our control, include our dependency on a limited number of
products; our ability to demonstrate the benefits of our
Lumivascular platform; the resource requirements related to
Pantheris; the outcome of clinical trial results; potential
exposure to third-party product liability, intellectual property
and other litigation; lack of long-term data demonstrating the
safety and efficacy of our Lumivascular platform products;
experiences of high-volume users of our products may lead to better
patient outcomes than those of physicians that are less proficient;
reliance on third-party vendors; dependency on physician adoption;
reliance on key personnel; and requirements to obtain regulatory
approval to commercialize our products; as well as the other risks
described in the section entitled "Risk Factors" and elsewhere in
our quarterly report on Form 10-Q filed with the Securities and
Exchange Commission on May 8, 2019. These forward-looking
statements speak only as of the date hereof and should not be
unduly relied upon. Avinger disclaims any obligation to update
these forward-looking statements.
Investor Contact:Mark Weinswig Chief Financial
Officer Avinger, Inc. (650) 241-7916 ir@avinger.com
Matt Kreps Darrow Associates Investor Relations (214)
597-8200mkreps@darrowir.com
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