Subainati Nabeel Paul, Vice President of Finance at Avinger Inc (NASDAQ:AVGR), a micro-cap medical device company with a market capitalization of $1.92 million and currently trading at $0.59 per share, recently reported a sale of common stock. According to InvestingPro data, the stock has experienced significant volatility, declining nearly 80% over the past year. On January 23, 2025, Paul sold 1,255 shares at an average price of $0.5567 per share, totaling approximately $698. This transaction was necessary to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) and does not represent a discretionary trade by Paul. Following this transaction, Paul holds 3,296 shares directly. InvestingPro analysis suggests the stock is currently undervalued, though the company's overall financial health score is rated as WEAK. Discover 11 additional key insights about AVGR and access the comprehensive Pro Research Report, available exclusively with an InvestingPro subscription.
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, improvements in gross margins to 26% and a decrease in operating expenses to $4.1 million were observed. The company has also made strategic moves, halting the production and sales of its peripheral artery disease products to focus on developing devices for treating coronary artery disease.
Avinger has declared dividends on its Series E, F, and H Convertible Preferred Stock and increased the number of designated shares of Series F Preferred Stock. This forms part of the company's ongoing capital management strategy. Additionally, the company expanded its equity incentive plan and extended its term to 2034, providing incentives to employees, consultants, and non-employee Directors through various forms of grants.
However, the company is facing a potential default on its financial obligations due to a liquidity shortfall and is considering liquidation. Avinger's executive officers have waived rights ahead of this potential liquidation. Furthermore, the firm is facing a potential delisting from the Nasdaq due to non-compliance with the minimum bid price requirement. These are some of the recent developments for Avinger Inc.
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