Looks like Canadian cannabis companies aren’t the only companies interested in trading on the Nasdaq Exchange. Of course, it makes total sense that there is a high demand to list on the New York City-based stock exchange. After all, it is one of the major U.S. stock exchanges. This time, however, we’re talking about Avinger Inc. being listed on the Nasdaq Capital Market.
What Happened Today With Avinger Inc.?
Today, Avinger Inc. (NASDAQ:AVGR) disclosed that it has regained compliance with the Nasdaq Exchange for listing requirements. As a result, the company’s stock is currently trading up more than 20%. For those who don’t know, Avinger is a renowned developer of treatments that are extremely innovative, all of which target peripheral artery disease.
Reportedly, the exchange informed Avinger that is has attained compliance with the following rules: the minimum bid price rule, the market value of listed securities rule, and the market value of publicly held shares rule. Avinger was required to achieve compliance by the Nasdaq Hearing Panel. Additionally, the Redwood, California-based medical device company is said to be in compliance with the various other applicable requirements, all of which were set in the Panel’s January 17, 2018, decision. The company has to meet these other requirements to be listed on the Nasdaq Capital Market.
This news comes less than a week after Cronos Group (CVE:MJN) became the first cannabis company to trade on the Nasdaq Exchange. Additionally, just yesterday, Canopy Growth (TSE:WEED) stated during an Economic Club of Canada lunch that it is extremely interested in listing on the exchange.
Even though the exchange has a reputation for being marginally more volatile than, say, the New York Stock Exchange, is it also known for being a high-tech market. This means it tends to attract big-league firms, all of which deal primarily with the internet or electronics. For instance, some major companies listed on the exchange include Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), and Amazon (NASDAQ:AMZN).
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It’s for these reasons I’m not shocked to see the stock is soaring today. I mean, if I were an Avinger shareholder, I would be pretty excited about the possibility of being listed on the same exchange as some of the most well-known technology companies in the world. Even Avinger CEO Jeff Soinski stated that “being a Nasdaq Capital Market listed company is an important part of Avinger’s corporate strategy.”
It seems the stock market is as excited about the news as Avinger’s management team. As of this writing, Avinger is trading at $1.35, putting the stock up $0.26, or 23.85%. It opened the trading day at $1.10 and has a market cap of 1.11 million.
The Takeaway
I would still keep an eye on this company next week, however. Why? Because the tables could definitely turn. We still don’t know for sure if Avinger will be able to meet the other requirements, and it did hit a new 52-week low yesterday. Therefore, it is not guaranteed the company will continue to trade up like this on Monday. But hey, investors will take what they can get, right?
Featured Image: twitter
