Avinger (NSDQ:AVGR) said this week it enacted a 1-for-40 reverse stock split of its common stock, effective yesterday, as it looks to satisfy the $1 minimum bid price requirement to be listed on Nasdaq.
In the split, each shareholder in the Redwood City, Calif.-based company received a single share of common stock for every 40 shares they previously held, with cash paid in lieu of fractional shares that were a result of the split.
The split was approved by the company’s shareholders on Monday, and has reduced the outstanding shares in Avinger from approximately 35.1 million to approximately 877,000.
“The reverse stock split is a critical step in our strategy to maintain the company’s Nasdaq listing and is an important component of our broader strategy to strengthen the company’s capital position,” prez & CEO Jeff Soinski said in a press release.
Last month, Avinger said it is seeking FDA approval for its next-generation Pantheris atherectomy device only a day after it said it won CE Mark approval for the platform.
