Avinger (NASDAQ:AVGR) stock traded volume of 2038301 shares during its last trading session as compared to its average volume of 1536853 shares over the recent month. AVGR ended its day with the below stream along the move of -8.38% and closed at the price of $0.42 before opening at $0.46. It has total market capitalization is $26587702. 52 week range of the stock remained $ 0.18 – 2.03 while its day lowest price was $0.41 and its hit its day highest price at $0.46
Avinger (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 firstname.lastname@example.org and should include a reference to “Avinger.”
The company has 65.63M of outstanding shares and 64.12M shares were floated in the market. According to the most recent quarter its current ratio was 1.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -12.73% from the mean of 20 days, -24.28% from mean of 50 days SMA and performed -35.11% from mean of 200 days price. Company’s performance for the week was -6.74%, -11.11% for month and YTD performance remained 39.27%.
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