|Bid||0.76 x 1100|
|Ask||0.78 x 800|
|Day's Range||5.10 - 6.27|
|52 Week Range||1.14 - 14.00|
|Beta (5Y Monthly)||1.65|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 12, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
NEW YORK, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Obalon Therapeutics, Inc. (NASDAQ: OBLN) breached their fiduciary duties or violated the federal securities laws in connection with the company’s acquisition by ReShape Lifesciences Inc. (Other OTC: RSLS). Click here to learn more and participate in the action. On January 20, 2021, Obalon announced that it had signed an agreement to be acquired by ReShape in an all-stock merger. Pursuant to the merger agreement, at the close of the merger, current Obalon stockholders will own 49% while current ReShape stockholders will own 51% of the combined company. Bragar Eagel & Squire is concerned that Obalon’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Obalon’s stockholders. If you own shares of Obalon and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at email@example.com or telephone at (646) 860-9157, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.firstname.lastname@example.org
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Obalon Therapeutics, Inc. ("Obalon" or the "Company") (NASDAQ: OBLN) in connection with the proposed merger of the Company with ReShape Lifesciences Inc. ("ReShape") (OTCQB: RSLS). Under the terms of the merger agreement, ReShape will acquire Obalon in an all-stock transaction, pursuant to which Obalon will be renamed ReShape Lifesciences Inc. and will trade under the NASDAQ ticker symbol "RSLS." Upon completion of the merger, ReShape stockholders will own approximately 51% of the combined company's outstanding common stock and Obalon stockholders will own approximately 49%.
Shares of Obalon Therapeutics Inc. blasted six-fold higher on massive volume in afternoon trading Wednesday, after the weight loss technologies company announced an agreement to merge with weight loss solutions company ReShape Lifesciences Inc. . Obalon's stock rose 503.4% toward the highest close since JUne 2019, while trading volume soared to 395.4 million shares, compared with the full-day average of about 626,000 shares. The stock was the biggest gainer and most active on major U.S. exchanges on Wednesday. ReShape shares, which currently trade over the counter, rose 155%. When the merger is completed, ReShape shareholders will own 51% of the combined entity, and the company will be renamed Reshape Lifesciences Inc. and will trade on the Nasdaq under the ticker symbol "RSLS." "We are excited with this opportunity to add Obalon's FDA approved Balloon System to ReShape's line of minimally invasive weight-loss solutions while also expanding our market reach," said ReShape Chief Executive Bart Bandy. Obalon's stock has now rocketed 922.5% over the past three months while ReShape shares have soared 187.3% and the S&P 500 has gained 12.0%.