Avinger Shares Slide 27% on Proposal for Potential Dissolution

Dow Jones12-12

By Josh Beckerman

Avinger shares fell after the company said it would seek shareholder approval for a potential assignment for the benefit of creditors followed by a voluntary dissolution and liquidation.

The medical-device company's stock was down 27%, to 60 cents, in after hours Wednesday after closing flat, at 82 cents.

Avinger said in a proxy filing that it expects to continue to generate operating losses and consume significant cash resources for the foreseeable future. It doesn't expect its cash and cash equivalents to be sufficient to continue as a going concern for any significant period of time.

"Although we are currently exploring various strategic alternatives, including strategic partners and financing opportunities, it is unlikely that these strategic alternatives will be successful in the next few weeks prior to our cash position getting to the point that we will need to pursue our winding down and dissolution," the company said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

December 11, 2024 18:58 ET (23:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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