UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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(650 ) 241-7900
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The
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
In an effort to preserve and more efficiently allocate resources, the Board of Directors (the “Board”) of Avinger, Inc. (the “Company”), has determined to shift the Company’s strategic focus from the manufacture and sale of products for the treatment of peripheral artery disease (“PAD”) to the development of image-guided devices to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (“CTO”), in the treatment of coronary artery disease (“CAD”).
In connection with this strategic shift, the Company has terminated 36 employees, including all sales and manufacturing personnel relating to the Company’s PAD products, effective January 3, 2025. Consequently, the Company will no longer manufacture PAD products and expects that it will no longer generate any revenues from the sales of PAD products. The Company does not believe that the change in strategic focus or the termination of employees will result in material charges.
The Company will focus its operations on research and development activities to develop CTO crossing devices for the treatment of CAD. There can be no guarantee that we will be successful in developing such products or, if such products are developed, that we will be able to successfully commercialize such products.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AVINGER, INC.
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Date: January 3, 2025
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By:
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/s/ Jeffrey M. Soinski
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Jeffrey M. Soinski
Chief Executive Officer
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