ReShape Lifesciences, Inc. - RSLS STOCK NEWS

ReShape Lifesciences shares began trading on The Nasdaq Capital Market under the ticker RSLS on June 16, 2021, with a trading volume exceeding 3.5 million shares on the first day. This marks a significant achievement for the company following its merger with Obalon Therapeutics. CEO Bart Bandy expressed enthusiasm about leveraging the advantages of being a Nasdaq-listed firm and advancing their mission in weight loss solutions, highlighting the Lap-Band® System and the new reshapecare™ virtual health program that is reimbursed by major insurance carriers.

ReShape Lifesciences Inc. announced the completion of its merger with Obalon Therapeutics, effective June 16, 2021, with shares trading under the ticker symbol RSLS on The Nasdaq Capital Market.

The merger enhances ReShape's capacity in the weight-loss solutions market, providing a broader range of FDA-approved products and reimbursed virtual care services.

Post-merger, ReShape and Obalon shareholders own 51% and 49% of the combined company, respectively, reinforcing ReShape's position as a leader in the physician-led weight loss industry.

ReShape Lifesciences and Obalon Therapeutics announced the closing of their merger effective June 15, 2021. Post-merger, ReShape stockholders will hold 51% and Obalon stockholders 49% of the new entity. Shareholders of ReShape will receive 0.5637 shares of the combined company for each share held. Obalon will undergo a 1-for-3 reverse stock split prior to the merger. The combined company will trade on Nasdaq under the symbol RSLS, starting June 16, 2021.

ReShape Lifesciences Inc. (OTCQB:RSLS) and Obalon Therapeutics, Inc. (NASDAQ:OBLN) are nearing the completion of their merger, pending approval from Nasdaq for their listing application. This merger follows stockholder approvals from both companies, with ReShape stockholders voting on May 13, 2021, and Obalon stockholders on May 25, 2021. Once finalized, the combined company will trade under the name ReShape Lifesciences Inc. with the ticker RSLS on Nasdaq. This development signifies a strategic move in the obesity treatment market.

Obalon Therapeutics, Inc. (NASDAQ:OBLN) is reminding stockholders to vote on proposals crucial for its merger with ReShape Lifesciences Inc. at the reconvened special meeting on May 25, 2021. Stockholder approval is essential, as failure to secure it could adversely impact Obalon's financial standing and share price. Post-merger, Obalon stockholders will own around 49% of the combined company, promoting potential growth. All materials for the special meeting are available online, and stockholders can vote via phone or email.

Obalon Therapeutics (NASDAQ:OBLN) is urging stockholders to vote on proposals related to its merger with ReShape Lifesciences ahead of the reconvened special meeting on May 25, 2021. Approval of the merger is critical, as failure to secure it could adversely affect Obalon and its stock price. Post-merger, Obalon shareholders will own around 49% of the combined entity, allowing them to benefit from its future growth. Eligible stockholders are reminded to vote by phone or online.

Obalon Therapeutics has announced the adjournment of its special shareholders meeting to May 25, 2021, due to a lack of quorum on the originally scheduled date of May 13, 2021. The board urges all stockholders to participate and vote on key proposals related to the merger with ReShape Lifesciences. Eligible stockholders as of April 7, 2021, can vote regardless of current share ownership. All pertinent materials regarding the special meeting are accessible online. The final joint proxy statement regarding the merger filed with the SEC contains significant information for investors.

ReShape Lifesciences reported a 15.5% increase in Q1 2021 revenues to $3.2 million, driven by U.S. sales growth despite a decline in international sales caused by COVID-19. Gross profit rose to $2.3 million from $1.5 million in Q1 2020. Operating expenses decreased to $4.5 million, and the Non-GAAP adjusted EBITDA loss improved by $1.6 million to $1.8 million. The company secured a $15 million line of credit and received full forgiveness on a $1 million PPP loan, indicating strong financial positioning for future growth and sustainability.

ReShape Lifesciences (OTCQB:RSLS) reported its Q4 and full-year 2020 financial results, revealing a decline in revenue to $3.2 million in Q4, down from $4.1 million in Q4 2019, primarily due to COVID-19 impacts. The total revenue for 2020 fell to $11.3 million from $15.1 million in 2019. Notably, operating expenses decreased by 44.6% year-over-year. The company announced a merger with Obalon Therapeutics, enhancing market presence and aiming for NASDAQ listing. A significant $15 million line of credit was secured, alleviating prior financial concerns.