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.
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.