ReShape Lifesciences plunges on deep-discounted equity offering

Vyome Holdings

06/02/2023 14:04

** ReShape Lifesciences Inc's  RSLS.O  shares down ~62% at
$6.50 premarket as weight loss firm raises equity
    ** Co prices 1.3 mln units at $8, ~53% discount to stock's
Fri close, for $10.2 mln raise  urn:newsml:reuters.com:*:nGNX9HTxZG
    ** Each unit comprises one share of common, or pre-funded
warrant, and one warrant to buy 1-1/2 shares of common
    ** Warrants immediately exerciseable at $8/sh, expire in 5
yrs
    ** Co to use net proceeds for growth strategies, working
capital, general purposes
    ** Co has 483.5k shares outstanding, per Refinitiv. About
1.7 mln shares have traded before the bell as of 9:00 a.m. ET
    ** RSLS shares on Fri surged ~170% from $6.30 to close at
$17.04
    ** Maxim Group sole bookrunner for offering
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))