The split took the number of outstanding shares from roughly 64.2 million to about 6.4 million, Redwood City, Calif.-based Avinger said.
AVGR shares, which closed at 41.8¢ apiece June 21, jumped to $4.18 apiece when the split took effect at 5pm Eastern June 21. The stock was off -17.5% today to $3.45 per share today in late-morning trading.
“The board of directors has determined to effect the reverse stock split without delay in order to secure the company’s Nasdaq listing and return our full focus to executing Avinger’s business strategy,” president & CEO Jeff Soinski said in prepared remarks. “We are excited about a number of upcoming expected milestones in our business for the second half. These include continued ramping of our Pantheris Next Generation cases at both existing and new centers, commercial launch of our Pantheris SV device for the treatment of [peripheral artery disease] in smaller vessels, and further development of best-in-class medical technologies to give patients suffering from PAD the highest quality treatment outcomes.”