REDWOOD CITY, CA - Avinger Inc (NASDAQ:AVGR), a medical device company with a market capitalization of $1.92 million, announced today that its Special Meeting of Stockholders, scheduled for January 24, 2025, was adjourned due to the absence of a quorum. The meeting is now rescheduled for February 5, 2025, at the company's headquarters.
A quorum, the minimum number of shares that must be represented in person or by proxy to conduct business at a meeting, was not achieved. According to Avinger's bylaws, the chairperson is authorized to postpone the meeting until a quorum is present. The adjourned Special Meeting will take place at 1:00 PM Pacific Time at 400 Chesapeake Drive, Redwood (NYSE:RWT) City, California.
Stockholders will have the opportunity to vote in person or by proxy at the reconvened meeting as outlined in the definitive proxy statement filed with the Securities and Exchange Commission on December 23, 2024. Proxies already submitted will remain valid for the February meeting, unless they are properly altered or revoked before voting occurs.
The inability to reach a quorum on the original date highlights the challenges companies can face in rallying shareholder participation in key governance events. The outcome of the rescheduled meeting will be awaited with interest by stakeholders and market observers alike.
Avinger Inc specializes in the development of innovative treatments for peripheral artery disease and is known for its advanced catheter-based systems. The company is listed on The Nasdaq Capital Market under the ticker symbol (NASDAQ:AVGR).
In other recent news, Avinger Inc. has made several strategic moves in response to financial challenges. The company decided to halt the production and sales of its peripheral artery disease products to concentrate on developing devices for treating coronary artery disease. This decision led to the termination of 36 employees related to the sales and manufacturing of these products.
Avinger's recent financial reports showed a slight decrease in total revenue to $1.7 million for the third quarter, but improvements in gross margins to 26% and a decrease in operating expenses to $4.1 million were also observed. The company is progressing with Phase III testing of a new coronary device, and a partnership with Zylox-Tonbridge is expected to expand its market in China.
In terms of financial management, Avinger declared dividends on its Series E, F, and H Convertible Preferred Stock and increased the number of designated shares of Series F Preferred Stock. The company also expanded its equity incentive plan and extended its term to 2034.
On a more challenging note, Avinger is facing a potential default on its financial obligations due to a liquidity shortfall and is considering liquidation. The company's executive officers have waived rights ahead of this potential liquidation. Additionally, the firm is facing a potential delisting from the Nasdaq due to non-compliance with the minimum bid price requirement.
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