REDWOOD CITY, Calif. /ACCESSWIRE/March 14, 2022/ Avinger, Inc. (NASDAQ: AVGR), a commercial-stage medical device company commercializing the first and only catheter-based, image-guided intravascular system for the diagnosis and treatment of peripheral arterial disease (PAD), today announced that the Company will proceed with a 1 for 20 stock consolidation of the Company’s common stock, effective at 5:00 p.m. Eastern Time on Monday, March 14, 2022. Effective immediately date, each of the twenty shares of the issued and outstanding common shares and their equivalents will be converted into one common share. A new CUSIP number of 053734885 has been assigned to the common shares of the Company following the reverse stock split.
On March 11, 2022, the shareholders of the Company approved the reverse stock split. The Board of Directors was authorized to implement the reverse stock split and to determine the split ratio within a range of not less than 1:5 and greater than 1:20. Subsequently, the Board of Directors has decided to set the reverse stock split ratio at 1:20. The reverse stock split is being conducted in order to (i) fulfill the Company’s obligations with respect to its new Series D Preferred Shares and Warrants which were issued in January 2022, (ii) increase the price per share of the common stock of the Company to meet the minimum bid price requirement of $1.00 to continue to be listed on the Nasdaq Capital Market, and (iii) increase the number of common shares of the Company available for issuance. The Company’s common stock will trade on the Nasdaq Capital Market on a reverse split basis beginning March 15, 2022.
The reverse split will reduce the number of common shares of the Company outstanding from approximately 95.6 million to approximately 4.8 million, prior to the issuance of shares associated with the Series D Preferred Shares and Warrants. Proportional adjustments will be made to the terms and exercise prices of outstanding options and warrants. The Company will round up the odd lots resulting from the reverse stock split.
Shareholders should direct any questions regarding the stock consolidation to their broker or the company’s transfer agent, American Stock Transfer & Trust Company, LLC, at 1-800-937-5449. Requests can also be emailed to [email protected] and should include a reference to “Avinger”.
About Avinger, Inc.
Avinger is a commercial-stage medical device company that designs and develops the first and only catheter-based, image-guided system for the diagnosis and treatment of patients with peripheral arterial disease (PAD). PAD is estimated to affect more than 12 million people in the United States and more than 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 and Tigereye™ family of chronic total occlusion (CTO) catheters and of the Pantheris® family of atherectomy devices. Avinger is based in Redwood City, California. For more information, visit www.avinger.com.
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This press 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 the potential impacts of the reverse stock split, our ability to execute our business strategy and plans for 2022, and OCT-led product development. These statements are based on current assumptions that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties, many of which are beyond our control, include our dependence on a limited number of products; resource requirements related to Pantheris, Tigereye and our Lightbox imaging console; the outcome of clinical trial results; adoption of our products by healthcare providers; as well as other risks described in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2021 and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date hereof and should not be relied upon unduly. Avinger disclaims any obligation to update these forward-looking statements.
Darrow Associates Investor Relations
THE SOURCE: Avinger, Inc.
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