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Obalon Management Takes Advantage Of 200% Rally, Announces $3M Offering

Tanzeel Akhtar

Medical technology company Obalon Therapeutics Inc. (NASDAQ: OBLN) announced Thursday that it has entered into definitive agreements with investors for the purchase and sale of 5 million shares of common stock valued at $3 million.

Obalon shares were trading down 38.85 percent at 80 cents per share at the time of publication Thursday. 

The firm said it has entered into definitive agreements with investors for the purchase and sale of five million shares of common stock, par value .001 cents per share, at an offering price of 60 cents per share, pursuant to a registered direct offering.

Obalon Therapeutics said it offers the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity.

The closing of the registered direct offering is expected to take place on or about May 28 subject to the satisfaction of customary closing conditions, according to Obalon. 

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