OBALON THERAPEUTICS, INC. (NASDAQ:OBLN) Files An 8-K Other Events
Item 8.01 Other Events.
On December 16, 2020, Obalon Therapeutics, Inc. (the “Company”) received a written notification from the Nasdaq Listing Qualifications staff confirming that the closing bid price of the Company’s common stock has been $1.00 per share or greater for 10 consecutive business days and that the Company has accordingly regained compliance with the minimum bid requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5450(a)(1). The Company had previously been notified of its non-compliance with this rule on August 6, 2020 after the closing bid price of its common stock had been below $1.00 for 30 consecutive business days.
With the Company’s transfer to the Nasdaq Capital Market effective today and its satisfaction of the minimum bid requirement, the Company is currently in full compliance with the continued listing standards of Nasdaq.
About OBALON THERAPEUTICS, INC. (NASDAQ:OBLN)
Obalon Therapeutics, Inc. is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients. The Obalon balloon system is intended to be used as an adjunct to a moderate intensity diet and behavior modification program. All balloons must be removed six months after the first balloon is placed. The Obalon balloon system intends to provide patients and physicians with a reversible and repeatable weight loss solution in an outpatient setting, without altering patient anatomy or requiring surgery. The Company has received Premarket approval (PMA) for its Obalon balloon system based on the results of its United States pivotal clinical trial, referred to as the SMART trial.
