Avinger,Inc. (NASDAQ:AVGR) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On May 24, 2017, Avinger, Inc. (the “Company”) received a letter from the Listing Qualifications Department of The NASDAQ Stock Market, LLC (“NASDAQ”) notifying the Company that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1), as the minimum bid price for the Company’s listed securities was less than $1 for the previous 30 consecutive business days. This letter also informed the Company that it was not in compliance with Nasdaq Listing Rule 5450(b)(2)(C), as the market value of the Company’s publicly held shares (“MVPHS”) was less than $15,000,000 for the previous 30 consecutive business days. The Company has a period of 180 calendar days, or until November 20, 2017, to regain compliance with the rules referred to in this paragraph. To regain compliance, during the 180 day period, the bid price of the Company’s common stock must close at $1 or more and/or the Company’s MVPHS must close at $15 million or more, in each case for a minimum of ten consecutive business days. The notice has no present impact on the listing of the Company’s securities on NASDAQ.
In the event that the Company does not regain compliance with the Nasdaq Listing Rules prior to the expiration of the compliance period, it will receive written notification that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a hearings panel to the procedures set forth in the applicable Nasdaq Listing Rules.
The Company intends to actively monitor its bid price and MVPHS and will consider available options to resolve the deficiencies and regain compliance with the Nasdaq Listing Rules, including conducting a reverse stock split and applying to transfer to the NASDAQ Capital Market, which has a minimum MVPHS requirement of $1 million.