Avinger (AVGR) Prices 8.57M Common Stock Offering at $3.50/Share

August 11, 2016 8:31 AM EDT

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Avinger, Inc. (Nasdaq: AVGR) announced the pricing of its public offering of 8,572,000 shares of its common stock at a price to the public of $3.50 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to 1,285,800 additional shares of its common stock. The Company expects to close the offering on August 16, 2016, subject to customary closing conditions.

The Company expects to use the net proceeds from the offering for general corporate purposes, including working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses. Use of proceeds may also include the partial repayment of debt under the Company’s loan agreement with CRG Partners III L.P. and certain of its affiliated funds in order to cure potential non-compliance with the covenant in the loan agreement requiring that the Company achieve minimum revenue of $23.0 million in 2016. The Company does not have any agreements or commitments for any specific acquisitions at this time.

Canaccord Genuity and Cowen and Company are serving as the joint book-running managers for the offering, and BTIG and Stephens Inc. are acting as co-managers.

The offering is being made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, and when available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained at the SEC's website at www.sec.gov or by contacting the Syndicate Department of Canaccord Genuity Inc., Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at (617) 371-3900, by email at prospectus@canaccordgenuity.com, or by contacting Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by telephone at (631) 274-2806 or by fax at (631) 254-7140.



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