Avinger announces conversion of 12% of CRG term debt into equity

Avinger announced the conversion of approximately 12% of its existing debt with entities affiliated with CRG Partners III L.P. into shares of a new series of convertible preferred stock. The conversion reduces the outstanding principal amount of the debt by $1.92 million, or approximately 12%, in exchange for 1,920 shares of Avinger Series E convertible preferred stock. The December 31, 2025 maturity date of the term loan and other covenants remain unchanged. Following this transaction, the shares of Series E preferred stock held by CRG are convertible into an aggregate of 2,684,160 shares of common stock, representing approximately 19.9% of Avinger’s common stock on a post-conversion to common stock basis. Each share of Series E preferred stock is initially convertible into 1,398 shares of Avinger’s common stock, based on a conversion price of $0.715, which is equal to the closing price of the common stock on August 2, 2023.