ReShape prices 800,695 shares at $3.07 in registered direct offering

ReShape Lifesciences has entered into a securities purchase agreement with a single institutional investor to purchase 800,695 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 800,695 shares of common stock. The combined effective offering price for each share of common stock and accompanying warrant is $3.07. The warrants will be immediately exercisable, will expire five and a half years from the issuance date and will have an exercise price of $3.07 per share. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $2.5 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about April 24, 2023, subject to the satisfaction of customary closing conditions. Maxim Group LLC is acting as the sole placement agent in connection with the offering. The Company has also agreed that certain existing warrants to purchase up to an aggregate of 164,656 shares of common stock that were issued to such institutional investor, at an exercise price of $15.00 per share, will be amended effective upon the closing of the offering so that the amended warrants will have an exercise price of $3.07.