Avinger, Inc. Executes Assignment for the Benefit of Creditors; Announces Receipt of Nasdaq Delisting Notice

/EIN News/ -- SANTA CLARA, CALIFORNIA, Feb. 17, 2025 (GLOBE NEWSWIRE) -- On February 10, 2025, Avinger, Inc., a Delaware Corporation (“Avinger” or the “Company”), entered into a general assignment for the benefit of creditors (the “Assignment”) in favor of Avinger (assignment for the benefit of creditors), LLC, a California limited liability company (the “Assignee”).

Pursuant to the Assignment, the Company transferred substantially all of the Company’s assets to the Assignee for liquidation. The Assignee will, as appropriate, liquidate any such assets and rights, wind down the Company, and distribute any net proceeds to creditors of the Company.

The Company designed, manufactured and sold image-guided catheter-based systems used by physicians to treat patients with peripheral artery disease. At a special meeting of stockholders held on February 5, 2025 (the “Special Meeting”), the stockholders of the Company approved an assignment for the benefit of creditors followed by a voluntary dissolution and liquidation pursuant to a plan of dissolution. Effective February 10, 2025, the board of directors of the Company approved the Company’s entrance into the Assignment.

On February 11, 2015, the Company received a letter (the “Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq staff has determined that the Company’s securities will be delisted from Nasdaq. Trading of the Company’s common stock was suspended at the opening of business on February 18, 2025, and a Form 25-NSE will be filed with the United States Securities and Exchange Commission to remove the Company’s securities from listing and registration on Nasdaq.

Nasdaq’s determination was based, in part, on: (i) the Company’s filing of a Current Report on Form 8-K on February 10, 2025 reporting on the results of the Special Meeting and associated public interest concerns raised by it; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq.

All inquiries should be directed to representatives of the Assignee, Avinger (assignment for the benefit of creditors), LLC.

Please contact Andrew Kitirattagarn at akitirattragarn@sherwoodpartners.com.

Forward-Looking Statements

The matters described herein may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements contain information about the Company’s expectations, beliefs, plans or intentions regarding its business plans, financial condition, and other similar matters. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “hopes” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing.

These statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict, and involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the expected completion, timing and effects of the Company’s entrance into the Assignment and the suspension of trading on the Nasdaq Capital Market.

Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.