Break Out Ahead? ReShape Lifesciences Inc. (NASDAQ:RSLS) Stock Jumps On Merger News

ReShape Lifesciences Inc. (NASDAQ:RSLS) is one of the biggest gainers in the pre-market session on Wednesday after announcing the announcing the completion of merger with Obalon Therapeutics

Major Trigger:

ReShape Lifesciences Inc.: ReShape Lifesciences Completes Merger with Obalon Therapeutics

Key Highlights:

  • RSLS announced the completion of 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.

Key Quote:

“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.

Mr. Bandy continued, “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. 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.”

Market Reaction

As of 7:43, RSLS stock soared 43.75% to $9.20. So far more than 2.80K shares have exchanged hands.

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