Avinger Announces Annual Meeting Results
Avinger, Inc. (Nasdaq:AVGR) announced results from its Annual Meeting held on December 23, 2020. Key proposals included electing a director, ratifying the public accountant, and a reverse stock split. While the majority voted in favor of the reverse split, it failed to achieve the necessary majority of outstanding shares. CEO Jeff Soinski emphasized plans for 2021, including the commercial launch of the Tigereye CTO device and advancements in the Lightbox 3 imaging console. Avinger remains well-capitalized for its growth strategy despite the reverse split setback.
- Well-funded balance sheet for 2021 growth plans.
- Upcoming full commercial launch of the Tigereye CTO device.
- Advancements in next-generation Lightbox 3 imaging console.
- Reverse stock split proposal did not receive required shareholder approval.
REDWOOD CITY, CA / ACCESSWIRE / December 23, 2020 / Avinger, Inc. (Nasdaq:AVGR), a commercial-stage medical device company marketing the first-ever image-guided, catheter-based system for the diagnosis and treatment of Peripheral Artery Disease (PAD), today announced results of its annual meeting of stockholders (the "Annual Meeting"), concluded on December 23, 2020.
At the Annual Meeting, proposals were presented to elect one director to serve until the 2023 annual meeting, to ratify the appointment of the Company's public accountant for the year ended December 31, 2020, to approve an amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split, and to adjourn the Annual Meeting for the purpose of continuing to solicit votes with respect to the proposals presented. The stockholders entitled to vote at the Annual Meeting approved the proposals to elect one director to serve until the 2023 annual meeting, ratify the appointment of the Company's public accounting for the year ended December 31, 2020, and to adjourn the Annual Meeting for the purpose of continuing to solicit votes. The reverse stock split proposal was not approved. While a majority of the votes received were cast in favor of the reverse stock split proposal, Avinger did not receive the approval of the majority of the shares outstanding required in order to approve the reverse split proposal.
"While the Nasdaq extension has been granted, we did not receive the required votes to approve the reverse stock split proposal at this time. We intend to commence preparations in 2021 for another meeting in order to ensure we have every opportunity to maintain our Nasdaq listing, either through organic share price improvement or a reverse stock split," said Jeff Soinski, Avinger's President and CEO.
"As we look ahead to 2021, we are excited about Avinger's current position. We enter the year with a well-funded balance sheet, with capital to cover our 2021 growth plans. In January, we expect to begin the full commercial launch of our Tigereye CTO device," said Soinski. "In order to drive further growth, we continue to advance our next generation Lightbox 3 imaging console, clinical studies in support of our products, and the development of new image-guided catheters for peripheral and coronary applications."
About Avinger, Inc.
Avinger is a commercial-stage medical device company that designs and develops the first and only image-guided, catheter-based system for the diagnosis and treatment of 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 Statements
This 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 our future performance, current capital availability, expected capital requirements, growth plans, timing of product launches and clinical studies, our continued listing on Nasdaq, future shareholder meetings, and the effects of the reverse stock split. 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, are described in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2020, and subsequent Form 10-Qs. 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) 597-8200
mkreps@darrowir.com
SOURCE: Avinger, Inc.
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FAQ
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