Obalon Therapeutics Inc (NASDAQ:OBLN) stock was one of the biggest gainers in the biotech space on Friday.
Market Action
OBLN stock soared 30% to end the session at $3.42. More than 38.50 million shares traded hands – 13.50X its 30-day average of 2.85 million shares. The stock opened at $2.67 and moved within a range of $2.6700 – 4.7900.
OBLN Released News Yesterday
Obalon Therapeutics Continues to Urge Stockholders to Vote FOR All Proposals Related to Merger with ReShape Lifesciences
- Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable gas-filled intragastric balloon system for the treatment of obesity, is taking this opportunity to remind its stockholders to vote on all the proposals related to the proposed merger with ReShape Lifesciences Inc. in advance of the upcoming reconvened special meeting of Obalon stockholders (the “Special Meeting”) on May 25, 2021, at 8:30 a.m. PT.
- All stockholders are highly encouraged to vote by phone or email on this critical transaction. Without the required stockholder approval, the merger will not be able to be completed. The failure to complete the merger may result in, among other things, a material adverse effect on Obalon and its stock price.
- After giving effect to the merger, Obalon stockholders will own approximately 49% of the stock of the combined company, and as a result, Obalon stockholders would have the opportunity to participate in any future growth of the combined company after the consummation of the merger. The Obalon board of directors has recommended that the Obalon stockholders vote FOR each of the proposals.
- Obalon stockholders as of the close of business on April 7, 2021, the record date for the special meeting, are eligible to vote and attend the virtual special meeting whether or not they currently hold those shares.
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