Avinger closes $12m offering

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Avinger (NSDQ:AVGR) said late last week that it closed an approximately $11.5 million round of financing.

In the offering, the Redwood City, Calif.-based company floated approximately 3.5 million Class A units at a price of 40¢ per share. Each unit offered consists of a single share of common stock and a five-year warrant to purchase an additional share at 40¢ per share.

Avinger also offered 8,586 Class B units at a price of $1,000 per, with each unit consisting of one share of Series C convertible preferred stock at a conversion price of 40¢ and a five-year warrant to purchase 2,500 shares of common stock at an exercise price of 40¢ per share.

Convertible preferred stock issued in the offering includes a beneficial ownership limitation on conversion but has no dividend rights, liquidation preference or other preferences over common stock, and has no voting rights.

Avinger said that the round included a fully exercised underwriter’s over-allotment option to purchase an additional approximately 3.8 million shares of common stock and 3.8 million warrants.

The company said it plans to use net proceeds to support working capital and for general corporate purposes, according to an SEC filing.

In September, plaintiffs in a class action suit against Avinger approved a $5 million settlement that the company offered in March.

The post Avinger closes $12m offering appeared first on MassDevice.

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