In a recent transaction, Himanshu Patel, the Chief Technology Officer of Avinger Inc (NASDAQ:AVGR), sold 2,215 shares of the company's common stock. According to InvestingPro data, the company's stock has experienced significant volatility, declining nearly 80% over the past year. The shares were sold at an average price of $0.5567, amounting to a total value of $1,233. This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units on January 18, 2025. Following this sale, Patel holds 39,062 shares directly. It's important to note that this was not a discretionary trade but a necessary action to meet tax requirements. InvestingPro analysis indicates the company is currently trading below its Fair Value, with concerning financial health metrics including negative EBITDA of -$17.18M in the last twelve months. Discover 11 additional key insights about AVGR with an InvestingPro subscription, including detailed valuation metrics and growth prospects.
In other recent news, Avinger Inc, a medical device company, reported a slight decrease in total revenue to $1.7 million for the third quarter. Despite this, the company saw improvements in gross margins to 26% and a decrease in operating expenses to $4.1 million. In a strategic shift, Avinger has halted the production and sales of its peripheral artery disease products to focus on developing devices for treating coronary artery disease, leading to the termination of 36 employees.
The company has also declared dividends on its Series E, F, and H Convertible Preferred Stock and increased the number of designated shares of Series F Preferred Stock. Additionally, Avinger expanded its equity incentive plan and extended its term to 2034.
However, 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. Facing a potential delisting from the Nasdaq due to non-compliance with the minimum bid price requirement, these developments present a challenging outlook for Avinger Inc.
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