RSLS - ReShape Lifesciences dips on $750K securities offering

• ReShape Lifesciences ( NASDAQ: RSLS ) shares fell over 10% on Tuesday after the health solutions company announced a $750,000 securities offering.
• The company entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 2,884,615 shares at $0.26 each and 2,500 shares of series D mirroring preferred stock.
• The Series D Preferred Stock will automatically terminate on the date that the company effects a reverse stock split of common shares or, if later, the date the company effects an increase in its authorized shares of common stock.
• In a concurrent private placement, the company is offering unregistered warrants to purchase up to an aggregate of 2,884,615 shares of common stock.
• The warrants have an exercise price of $0.30/share, will become exercisable six months following the date of issuance and will expire five and one-half years following the date of issuance.
• Total gross proceeds from the offering is expected to be ~$750,000. Net proceeds will support ReShape's ( RSLS ) commercialization efforts, clinical and product development activities and other working capital and general corporate purposes.

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