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Avinger Announces Pricing of $3.55 Million Registered Direct Offering
Avinger (NASDAQ:AVGR), a leading developer of innovative treatments for peripheral artery disease (PAD), today announced that it has entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale of 2,166,180 shares of common stock at a price of $1.6425 per share in a registered direct offering, resulting in total …
Avinger (NASDAQ:AVGR), a leading developer of innovative treatments for peripheral artery disease (PAD), today announced that it has entered into a securities purchase agreement with certain institutional investors providing for the purchase and sale of 2,166,180 shares of common stock at a price of $1.6425 per share in a registered direct offering, resulting in total gross proceeds of approximately $3.55 million.
As quoted in the press release:
The Company also agreed to issue unregistered warrants to the investors in a concurrent private placement to purchase up to 0.5 share of common stock for each share purchased with an exercise price of $1.58 per share. The warrants will be exercisable six months following the closing date and will expire three years following the date of issuance. The closing of the sale of the securities is expected to take place on or about July 16, 2018, subject to the satisfaction of customary closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., (NYSE American:LTS) is acting as exclusive placement agent for the registered direct offering and concurrent private placement.
The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-209368), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on March 8, 2016. The warrants and shares issuable upon exercise of the warrants were offered in a concurrent private placement and have not been registered under the Securities Act of 1933, as amended.
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