Avinger Announces Exercise and Closing of Underwriter's Over-Allotment

Rhea-AI Summary

Avinger, Inc. (NASDAQ:AVGR) has announced the full exercise of the underwriter's option to purchase an additional 1,000,000 shares of common stock at $0.47 per share. This results in total gross proceeds of approximately $5.67 million, before any deductions. The offering was made under a previously filed shelf registration statement with the SEC. Aegis Capital Corp. acted as the sole bookrunner for this offering. Avinger, which focuses on innovative treatment solutions for Peripheral Artery Disease (PAD), remains committed to advancing its Lumivascular platform.

Positive

• Gross proceeds of approximately $5.67 million from the stock offering.
• Full exercise of underwriter's option indicates strong demand for shares.

Negative

• Share price set at $0.47 may indicate low investor confidence.

REDWOOD CITY, CA / ACCESSWIRE / September 1, 2020 / Avinger, Inc. (NASDAQ:AVGR), a commercial-stage medical device company marketing the first and only intravascular image-guided, catheter-based system for diagnosis and treatment of patients with Peripheral Artery Disease ("PAD"), today announced that the underwriter of its previously announced underwritten public offering has exercised, in full, their option to purchase an additional 1,000,000 shares of the Company's common stock at a price of $0.47 per share. Total gross proceeds to the Company from the offering, including the funds received from the prior closing and the exercise of this option, are approximately $5.67 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The shares were offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). A prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC and are available on the SEC's website at www.sec.gov.

Aegis Capital Corp. acted as sole bookrunner for the offering.

A copy of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7^th Avenue, 18^th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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.

Investor Contact:

Mark Weinswig
Chief Financial Officer
Avinger, Inc.
(650) 241-7916
ir@avinger.com

Matt Kreps
Darrow Associates Investor Relations
(214) 597-8200

Safe Harbor Disclosure

This press release includes statements that constitute "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 are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the effects of the COVID-19 pandemic on our operations and general economic conditions; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the SEC on March 6, 2020 and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

SOURCE: Avinger, Inc.

View source version on accesswire.com:
https://www.accesswire.com/604262/Avinger-Announces-Exercise-and-Closing-of-Underwriters-Over-Allotment

FAQ

What recent financial event occurred for Avinger (AVGR) on September 1, 2020?

Avinger announced the full exercise of the underwriter's option to purchase 1,000,000 shares at $0.47 per share, raising approximately $5.67 million.

Who acted as the sole bookrunner for Avinger's offering?

Aegis Capital Corp. was the sole bookrunner for Avinger's public offering.

How much did Avinger raise through their recent stock offering?

Avinger raised approximately $5.67 million from the stock offering.

What is the significance of the share price of $0.47 for Avinger?

The share price of $0.47 may reflect low investor confidence, considering it's a significant equity offering.

What platform does Avinger focus on for treating Peripheral Artery Disease?

Avinger focuses on its Lumivascular platform for the diagnosis and treatment of Peripheral Artery Disease.