Current Report Filing (8-k)
July 19 2021 - 8:01AM
Edgar (US Regulatory)
0001427570
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0001427570
2021-07-16
2021-07-16
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 16, 2021
RESHAPE LIFESCIENCES
INC.
(Exact name of registrant as specified in its charter)
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Delaware
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1-37897
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26-1828101
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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1001 Calle Amanecer
San Clemente, CA
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92673
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(Address of principal executive offices)
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(Zip Code)
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(949) 429-6680
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, $0.001 par value per share
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RSLS
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The Nasdaq Capital Market
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
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Item 1.01
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Entry into a Material Definitive Agreement.
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On July 16, 2021, ReShape Lifesciences Inc. (the “Company”)
entered into an exchange agreement (the “Exchange Agreement”) with existing institutional investors (the “Investors”)
to exchange certain outstanding warrants (the “Exchange Warrants”) for shares of common stock and new warrants to purchase
common stock. The investors held common stock purchase warrants issued by the Company prior to the merger of Obalon Therapeutics, Inc.
and ReShape Lifesciences Inc. The merger constituted a fundamental transaction under the Exchange Warrants and, as a result thereof, pursuant
to the terms and conditions of the Exchange Warrants, the investors were entitled to a cash payment equal to the Black Scholes value of
the Exchange Warrants, calculated in accordance with the terms of the Exchange Warrants (the “Black Scholes Payment”).
Subject to the terms and conditions set forth in the Exchange Agreement
and in reliance on Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), in lieu of the Black
Scholes Payment, the Company and the Investors agreed to exchange all of the Exchange Warrants for (a) a total of 504,861 shares of common
stock, which was calculated by dividing the Black Scholes Payment by $4.038, which was equal to 95% of the closing market price of the
Company’s common stock on The Nasdaq Capital Market on July 16, 2021 and (b) new warrants to purchase up to a total of 400,000 shares
of common stock at an exercise price equal to $4.038 with a term of five years.
Following the issuance of shares of common stock pursuant to the Exchange
Agreement, the Company has 15,842,185 shares of common stock outstanding.
The foregoing descriptions of the Exchange Agreement and the New Warrants
are not complete and are qualified in their entirety by reference to the full text of the form of Exchange Agreement and the form of the
New Warrant, copies of which are attached hereto as Exhibits 10.1 and 4.1, respectively, to this Current Report on Form 8-K and are incorporated
by reference herein.
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Item 3.02
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Unregistered Sale of Equity Securities.
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The information in Item 1.01 above is incorporated herein by reference.
The New Warrants described in Item 1.01 above were offered in a private placement pursuant to an applicable exemption from the registration
requirements of the Securities Act and, along with the shares of common stock issuable upon the exercise thereof, have not been registered
under the Securities Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission
or an applicable exemption from such registration requirements. The securities were offered only to accredited investors.
This report shall not constitute an offer to sell or a solicitation
of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
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RESHAPE LIFESCIENCES INC.
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By:
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/s/ Barton P. Bandy
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Barton P. Bandy
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President and Chief Executive Officer
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Dated: July 19, 2021
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