Avinger (AVGR) Plans for Common Stock Offering

August 10, 2016 4:07 PM EDT
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Avinger, Inc. (Nasdaq: AVGR) announced that it intends to offer, subject to market and other conditions, newly issued shares of common stock, $0.001 par value (the "Offering" with such shares being the "Shares") in an underwritten public offering under an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”). The final terms of the Offering will depend on market and other conditions at the time of pricing.

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 Stephens Inc. and BTIG are acting as co-managers. The Offering of the Shares may be made only by means of a preliminary prospectus supplement and the accompanying prospectus, copies of which can be obtained, when available, 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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