Avinger, Inc. Announces Officers’ Waivers in Connection with Assignment and Dissolution

Avinger, Inc. (NASDAQ: AVGR) made a notable announcement on December 11, 2024, regarding the execution of waivers by the company’s named executive officers—Jeffrey M. Soinski, Himanshu Patel, and Nabeel Subainati. The waivers were in connection with a potential assignment for the benefit of creditors, followed by a voluntary dissolution and liquidation process known as the “Assignment and Dissolution.”

In accordance with these waivers, the officers agreed that the transfer of the company’s assets to a liquidating trust or assignee for liquidation and distribution purposes would not constitute a Change of Control, as defined in their agreements. Furthermore, the officers waived certain rights and benefits under their change of control and severance agreements, retention bonus agreements, and offer letter agreements, which could have been triggered by the mentioned Assignment and Dissolution or related transactions.

Specifically, the officers waived provisions that would ordinarily entitle them to severance payments, COBRA reimbursements, accelerated vesting of unvested stock options and restricted stock, and extensions of the post-termination exercise period for any options in connection with the Transfer. They also waived any rights to retention bonus payments under their respective retention bonus agreements.

The details of these waivers are disclosed in full within Exhibits 10.1, 10.2, and 10.3 attached to the Current Report on Form 8-K filed by Avinger, Inc. The waivers are incorporated by reference in the report.

Avinger, Inc. also indicated in the report that the transaction was done in compliance with its responsibilities under the Securities Exchange Act of 1934. The report was duly authorized and signed on December 13, 2024, by Jeffrey M. Soinski, the Chief Executive Officer of Avinger, Inc.

These developments reflect the company’s proactive approach in navigating potential corporate changes while ensuring transparency and compliance with regulatory obligations.

Please note that this information is in accordance with the 8-K filing submitted to the Securities and Exchange Commission on December 11, 2024, by Avinger, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avinger’s 8K filing here.

Avinger Company Profile

Avinger, Inc, a commercial-stage medical device company, designs, manufactures, and sells a suite of image-guided and catheter-based systems used by physicians to treat patients with peripheral artery disease (PAD) primarily in the United States and Germany. The company develops lumivascular platform that integrates optical coherence tomography visualization with interventional catheters to provide real-time intravascular imaging during the treatment portion of PAD procedures.