Avinger slips on discounted stock offering

Avinger

29/01/2020 12:09

** Medical device maker's shares  AVGR.O  tumble 19.2% to
$0.70 premarket after announcing prices for a stock offering
expected to raise gross proceeds of $4.5 mln
    ** Avinger Inc is the third most actively-traded U.S. stock
before the bell
    ** Co to sell 6.4 mln shares at 70 cents apiece; Pricing
reflects a 20% discount to stock's last close urn:newsml:reuters.com:*:nACSfzmJDa
    ** Offering represents about 62% of company's free float
    ** Co intends to use the net proceeds from offering to fund
working capital, pay interest on debt    
    ** AVGR shares have lost about a third of their value in the
past year

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))