SAN CLEMENTE, CA and SAN DIEGO, CA / ACCESSWIRE / June 15, 2021 / ReShape Lifesciences Inc. (OTCQB: RSLS) and Obalon Therapeutics, Inc. (NASDAQ: OBLN) today announced the early closing of their previously announced merger which will take effect after market close today, June 15, 2021. Common shares The combined company’s shares are expected to begin trading on the Nasdaq capital market on Wednesday, June 16, 2021, under the name ReShape Lifesciences Inc. and the trade symbol “RSLS”.
Immediately after the effective date of the merger, the existing shareholders of ReShape will own 51% and the existing shareholders of Obalon will own 49% of the outstanding common shares of the combined company. Holders of ReShape Common Shares will receive 0.5637 Combined Company Common Shares for each ReShape Common Share then held (as calculated on a post-reverse stock split basis). Holders of Obalon common stock will continue to hold their shares, subject to an adjustment for the stock split of Obalon common stock prior to the merger.
At an extraordinary meeting of the shareholders of Obalon on May 25, 2021, the shareholders of Obalon approved the issuance of common shares of Obalon to the shareholders of ReShape and an amendment to Obalon’s certificate of incorporation to effect the consolidation of shares. Immediately prior to the closing of the merger, Obalon will reverse-engineer 1 for 3 of its ordinary shares. At an extraordinary meeting of ReShape shareholders on May 13, 2021, ReShape shareholders approved the merger and other transactions contemplated by the agreement and merger plan.
About ReShape Lifesciences Inc.
ReShape Lifesciences is America’s premier weight loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® and associated program provide minimally invasive, long-term treatment of obesity and are an alternative to more invasive surgical stapling procedures such as gastric bypass or sleeve gastrectomy. The ReShape Vest ™ System is a minimally invasive laparoscopically implanted (outside of the United States) investigational medical device that wraps around the stomach, mimicking the gastric volume reduction effect of conventional weight loss surgery. . It helps obese and morbidly obese patients lose weight quickly without permanently altering the patient’s anatomy. The recently launched ReShapeCare ™ Virtual Health Coaching Program is a telehealth virtual weight management program that supports lifestyle changes for all weight loss patients to help them maintain their weight over time. time.
About Obalon Therapeutics, Inc.
Obalon Therapeutics is a San Diego-based company focused on the development and commercialization of new technologies for weight loss.
Certain statements contained in this document are “forward-looking statements”. Examples of such statements include, but are not limited to, statements relating to the anticipated timing and ratio of the Obalon reverse stock split, the anticipated timing and completion of the proposed merger; and the listing of the combined company on the NASDAQ Stock Market after the proposed merger closes. ReShape and / or Obalon may not achieve plans, achieve intentions or meet expectations or projections disclosed in forward-looking statements and you should not place undue reliance on such forward-looking statements. These statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in forward-looking statements due to many factors, including, without limitation, the risks and uncertainties associated with the ability to complete the proposed reverse stock split and merger. through the process led by ReShape and Obalon. ReShape and Obalon disclaim any intention or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made.
ReShape Lifesciences Inc.
Contact for ReShape investors:
James Salierno / Daniel Kontoh-Boateng
The Ruth group
646-536-7028 / 7019
SOURCE: ReShape Lifesciences Inc.
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