Avinger Inc. (NASDAQ:AVGR) was up 22% after hours following the recent slump. The company has announced the completion of its previously disclosed registered direct offering to specific institutional investors of 7,600 Series D convertible preferred shares and warrants to buy up to 16.15 million common stock shares for gross proceeds of $7.6 million.
Trading Data
On Friday, AVGR stock fell 0.57% to $0.3119 with more than 4.80 million shares traded, compared to its average volume of 2.17 million shares. The stock has moved within a range of $0.2951 – 0.3181 after opening trading at $0.30.
Avinger Announces Closing of $7.6 Million Registered Direct Offering
The Preferred Shares have a stated value of $1,000 for each share, convertible into 19million common stock shares at a par value of $0.40 per share.
Interestingly, the Preferred Shares will not be converted until the Company’s Amended and Restated Certificate of Incorporation is amended to execute a reverse stock split at a ratio of 1-for-5 and 1-for-20. The exercise price of the issued warrants is $0.48 per share and will be exercisable six months after the date of issuance or later of the effective Reverse Split Amendment date, whichever comes first. The warrants will be valid for five years after the initial exercise date. Therefore, AVGR is worth watching in the coming days.
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).
Technical Data
AVGR stock is below the 20-Day and 50-Day Moving averages of $0.46 and $0.56 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.88.
