RSLS - ReShape Lifesciences stock drops after pricing $2.5M equity offering

2023-04-20 09:35:28 ET

• ReShape Lifesciences ( NASDAQ: RSLS ) shares dipped 9% on Thursday after the health solutions company priced an offering to raise $2.5M in gross proceeds.
• The firm entered into a securities purchase agreement with a single institutional investor to purchase 800,695 shares of common stock (or pre-funded warrants in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules.
• In a concurrent private placement, ReShape ( RSLS ) will issue unregistered warrants to purchase up to 800,695 shares. The warrants will be immediately exercisable at $3.07 per share and will expire five and a half years from the issuance date.
• The combined effective offering price for each share (or pre-funded warrant in lieu thereof) and accompanying warrant is $3.07.
• Gross proceeds are estimated to be around $2.5M. The offering is expected to close on or about April 24, 2023.

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