Avinger prices 3.61M shares at $1.66 in public offering

Avinger announced the pricing of a public offering of an aggregate of 3,614,457 shares of its common stock, Series A-1 warrants to purchase up to 3,614,457 shares of common stock, Series A-2 warrants to purchase up to 3,614,457 shares of common stock and Series A-3 warrants to purchase up to 3,614,457 shares of common stock, at a combined public offering price of $1.66 per share and accompanying Series Warrants. The Series Warrants will have an exercise price of $1.66 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares upon exercise of the Series Warrants. The Series A-1 warrants will expire on the on the earlier of the five-year anniversary of the initial issuance date and within 60 days following the public announcement of FDA clearance of a second image-guided coronary device with a therapeutic indication other than diagnostic imaging or coronary CTO crossing, the Series A-2 warrants will expire on the earlier of the twenty-four month anniversary of the initial issuance date and within 60 days following the public announcement of the occurrence of 510(k) clearance of the image-guided Coronary CTO crossing device and the Series A-3 warrants will expire on the earlier of the nine-month anniversary of the initial issuance date and within 60 days following the public announcement of the occurrence of FDA approval of the image-guided Coronary CTO IDE application. The closing of the offering is expected to occur on or about June 17, 2024, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the Company from the offering are expected to be approximately $6 million before deducting the placement agent’s fees and other offering expenses payable by the Company. The potential additional gross proceeds to the Company from the Series Warrants, if fully exercised on a cash basis, will be approximately $18 million. No assurance can be given that any of the Series Warrants will be exercised. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.