ReShape Lifesciences completes Obalon Therapeutics merger
ReShape Lifesciences has completed the previously announced merger with Obalon Therapeutics. In connection with the merger's closing, Obalon changed its name to ReShape Lifesciences Inc. and the combined company's common stock will begin trading under the ticker symbol "RSLS" on The Nasdaq Capital Market beginning on June 16, 2021.
"As a Nasdaq listed company, ReShape is poised to take advantage of the numerous benefits that accompany this new status, including the opportunity to increase shareholder value and expand visibility in the broader investment community. Completing and reaching this significant milestone represents a pivotal moment in our company's lifecycle," said Bart Bandy, President and Chief Executive Officer of ReShape Lifesciences.
With the closing of the merger, the Board of Directors of the combined company consists of the five current members of the Board of Directors of ReShape and the executive officers of the combined company will be the current executive officers of ReShape. Following the completion of the merger, ReShape stockholders and Obalon stockholders own 51% and 49% of the combined company's outstanding common stock respectively.
"The completion of this merger strengthens our ability to focus on our growth priorities, including our global commercial operations, the integration from this transaction and our internal technologies in development,” he added. “We are now more confident than ever in ReShape's ability to be a premier and diversified leader in the physician led weight loss industry, dedicated to helping more patients achieve a better quality of life through safe, effective and accessible medical treatment."