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IRVINE, Calif. - ReShape Lifesciences Inc. (NASDAQ:RSLS), a micro-cap medical device company with a market capitalization of $5.68 million, has regained compliance with Nasdaq’s stockholders’ equity requirement, avoiding a potential delisting from the exchange, according to a company press release. According to InvestingPro data, the company maintains a healthy current ratio of 1.53, indicating adequate liquidity.
The weight loss and metabolic health-solutions company received formal notice on June 23 from Nasdaq indicating it now satisfies all criteria for continued listing on The Nasdaq Capital Market, closing the previously announced listing matter.
Nasdaq had notified ReShape on May 28 that its securities were subject to delisting due to non-compliance with the minimum $2.5 million stockholders’ equity requirement. As of March 31, the company’s stockholders’ equity stood at $1.2 million.
ReShape addressed the deficiency through two equity offerings. Between June 3-6, the company sold 593,000 shares of common stock for gross proceeds of $3,642,564 through an at-the-market offering. On June 9, ReShape completed an additional offering of 1,054,604 shares, raising gross proceeds of $2,636,510.
The company’s product portfolio includes the FDA-approved Lap-Band System, an investigational vagal neuromodulation system for type 2 diabetes and metabolic disorders, and the Obalon balloon technology for weight loss.
The information in this article is based on a press release statement from ReShape Lifesciences.
In other recent news, ReShape Lifesciences has announced several significant developments. The company reported a strategic workforce reduction aimed at saving over $750,000 annually, equivalent to about 23% of its wage expenses. This move is part of ReShape’s efforts to operate more efficiently while maintaining its sales and marketing team for ongoing digital marketing campaigns and international expansion. ReShape is also progressing with its merger agreement with Vyome Therapeutics and an asset sale to Biorad Medisys, with a special shareholder meeting scheduled to vote on these transactions. Additionally, the company has been granted an Australian patent for its Diabetes Neuromodulation technology, strengthening its international intellectual property position.
ReShape Lifesciences has also increased its stockholders’ equity above the $2.5 million minimum required for continued listing on The Nasdaq Capital Market, following recent stock offerings that raised approximately $6.28 million. The company has entered into an exclusive U.S. distribution agreement with Recon Supply to distribute its medical devices across Veterans Administration and Department of Defense healthcare systems. Furthermore, ReShape announced the pricing of its public offering of common stock, aiming to raise approximately $2.63 million, as part of a larger at-the-market public offering. These recent activities reflect ReShape’s strategic efforts to enhance its financial stability and expand its market presence.
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