ReShape Lifesciences Inc (RSLS)

[davidsson10]

ReShape Lifesciences Announces 1-for-120 Reverse Stock Split

Monday, November 11, 2019 12:50 PM

SAN CLEMENTE, CA / ACCESSWIRE / November 11, 2019 / ReShape Lifesciences Inc. (OTCQB:RSLS), a developer of minimally invasive medical devices to treat obesity and metabolic diseases, today announced that its Board of Directors has declared a 1-for-120 reverse stock split of the company's common stock, which will be effective for trading purposes upon the commencement of trading on November 12, 2019. At that time, each 120 shares of issued and outstanding common stock and equivalents will be converted into one share of common stock. As a result of the reverse stock split, proportional adjustments will be made to the number of shares of common stock issuable upon exercise or conversion, and the per share exercise or conversion price, of the company's outstanding warrants, stock options and convertible preferred stock, in each case in accordance with their terms. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole share. The number of authorized shares of common stock and preferred stock under the company's certificate of incorporation will not be reduced in connection with the reverse stock split.

The reverse stock split was approved by ReShape Lifesciences' stockholders at the company's special meeting of stockholders held on October 31, 2019. ReShape Lifesciences stockholders will receive instructions from the company's transfer agent, EQ Shareowner Services, as to procedures for exchanging existing stock certificates for new certificates or book-entry shares. The new CUSIP number for the company's common stock following the reverse stock split will be 761123603.