Why Avinger, Inc. (AVGR), stock boomed in the After-hours trading Wednesday

Avinger, Inc. (Nasdaq:AVGR), shares jumped more than 84% drastically to 0.64 in the After-‎market session, when a commercial medical technology corporation selling the very first ‎catheter-based image-guided system for the care and prognosis of peripheral artery ‎diseaseAVGR, disclosed the details of its annual stockholders’ meeting, which ended on ‎December 23, 2020.‎

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‎Proposals were discussed at the Annual Meeting to appoint one director to serve until the ‎Annual Meeting of 2023, to ratify the selection of the public accountant of the Company for ‎the year ended December 31, 2020, to endorse an adjustment to the Amended and Revised ‎Certificate of Incorporation process to effect a reverse stock split, and to postpone the Annual ‎Meeting to continue to do so. The shareholders entitled to vote at the Annual Meeting have ‎approved resolutions to elect one director to serve until the Annual Meeting of 2023, to ratify ‎the selection of the public accounting authority of the Company for the year ended December ‎‎31, 2020, and to adjourn the Annual Meeting for the continuation of the call for votes. There ‎was no acceptance of the reverse stock split plan. While most of the votes received were cast ‎for the reverse stock split plan, Avinger did not receive the support of the majority of the ‎outstanding shares needed for the reverse split proposal to be accepted.‎

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Jeff Soinski, Avinger’s President and CEO,said in a statement thatthey did not initially ‎receive the required numbers to vote in favor of the reverse stock split proposal. Still, they ‎expect to prepare for a meeting in 2021 to make sure they maintain Nasdaq listing whether ‎through organic share price growth or reverse stock splits.‎

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