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Obalon Therapeutics Inc. OBLN shares,
Wednesday, after weight loss tech company announced an agreement to merge with weight loss solutions company ReShape Lifesciences Inc. RSLS,
Obalon shares rose 503.4% to the highest close since June 2019, while trading volume climbed to 395.4 million shares, from a daily average of around 626,000 shares. The title was the biggest winner and the most active on major US stock exchanges on Wednesday. ReShape shares, which are currently traded 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 symbol “RSLS”. “We are excited about this opportunity to add Obalon’s FDA-approved balloon system to ReShape’s line of minimally invasive weight loss solutions while expanding our reach in the market,” said Bart Bandy, Managing Director of ReShape. Obalon stock has now climbed 922.5% in the past three months while ReShape stocks have climbed 187.3% and the S&P 500 SPX,
gained 12.0%.
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