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On Monday, Avinger (NASDAQ:AVGR) Inc., a medical device company specializing in developing treatments for vascular diseases, announced the approval of a key proposal by its shareholders. During the Special Meeting of Stockholders, participants voted in favor of issuing shares of common stock upon the exercise of certain warrants. This move is in compliance with Nasdaq Listing Rule 5635(d), which relates to equity compensation.
The specific proposal that received approval will allow Avinger to issue common stock upon the exercise of warrants connected to a securities purchase agreement and a certain letter agreement from a previous best efforts offering. Shareholders voted with a significant majority in favor of the proposal, with 3,430,344 votes for, 125,627 against, and 2,949 abstentions.
In addition, shareholders also approved a second proposal to adjourn the Special Meeting, if needed, to solicit additional votes for the first proposal. However, due to the successful approval of Proposal No. 1, adjournment was not necessary. The voting results for the adjournment proposal were 3,412,530 for, 125,436 against, and 20,954 abstentions.
No further matters were presented or voted upon at the meeting. The results of the votes are considered final. This approval by the shareholders is a crucial step for Avinger in its efforts to secure additional capital and continue its operations and development projects.
In other recent news, Avinger reported its Q2 2024 financial results, revealing a total revenue of $1.8 million with a gross margin of 20%. The company's operating expenses were reduced to $4.5 million, resulting in a net loss of $4.4 million. Avinger also announced strategic moves, including a partnership with Zylox-Tonbridge to penetrate the Greater China market, and improved its financial position by converting $11 million of debt into convertible preferred stock and completing a public offering valued at up to $24 million.
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