ReShape Lifesciences Inc. said it is expected to raise gross proceeds of about $1.5 million through a concurrent sale of shares and warrants.
The Clemente, Calif.-based medical device maker will sell 374,572 common shares for $3.92 per share as part of a registered direct offering with several institutional investors.
ReShape will also sell warrants for 12.5 cents apiece, exercisable for an aggregate of 280,929 common shares.
Each warrant, valid for 5.5 years, can be exercised for $3.93 per share of common stock immediately after issuance.
The offering is expected to close June 8.
ReShape expects to use the net proceeds of about $1.3 million to continue its commercialization efforts, for clinical and product development activities, and for other working capital and general corporate purposes.
H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering.
