Avinger converts $1.92M of CRG term debt into Series E convertible preferred stock

Avinger Inc

Converted ~12% of CRG term loan ($1.92M) into 1,920 shares of Series E convertible preferred stock.
Each Series E share initially convertible into 1,398 common shares at $0.715, equal to Aug 2, 2023 closing price.
Post-conversion, CRG holds convertible shares equal to ~19.9% of common stock on a pro forma basis.
Term loan maturity (Dec 31, 2025) and other covenants remain unchanged.
Series E carries 8% cumulative annual dividend, payable in cash or stock at company's election.

item 1.01 item 5.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Avinger Inc: Filed Certificate of Designation designating 5,000 shares of Series E Convertible Preferred Stock (effective 2023-08-04).

Change: charter amendment
Effective: 2023-08-04

Exact text from the filing

On August 4, 2023, pursuant to the Purchase Agreement, the Company filed the Certificate of Designation, designating 5,000 shares of Series E Preferred Stock.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Avinger Inc entered into Securities Purchase Agreement with CRG Partners III L.P., CRG Partners III - Parallel Fund A L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund B (Cayman) L.P. valued at Issuance of 1,920 shares of Series E convertible preferred stock in exchange for cancellation of $1. (effective 2023-08-02).

Action: entry
Agreement: equity purchase
Counterparty: CRG Partners III L.P., CRG Partners III - Parallel Fund A L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund B (Cayman) L.P.
Value: Issuance of 1,920 shares of Series E convertible preferred stock in exchange for cancellation of $1.
Effective: 2023-08-02

Exact text from the filing

On August 2, 2023, Avinger, Inc. (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with CRG Partners III L.P., CRG Partners III - Parallel Fund “A” L.P., CRG Partners III (Cayman) Unlev AIV I L.P., CRG Partners III (Cayman) Lev AIV I L.P. and CRG Partners III Parallel Fund “B” (Cayman) L.P. (collectively in such capacity, the “ Lenders ”) pursuant to which the Company agreed to issue to the Lenders an aggregate of 1,920 shares of a newly authorized Series E convertible preferred stock (the “Series E Preferred Stock”) in exchange (the “Exchange”) for the Lenders surrendering for cancellation $1.92 million of outstanding borrowing under that certain Term Loan Agreement, dated as of September 22, 2015 and amended from time to time, by and among the Company and the Lenders (the “Term Loan Agreement”).

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Source: SEC EDGAR

accession 0001437749-23-022055

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