Reshape Lifesciences (NASDAQ:RSLS) stock is rocketing higher on Friday as a filing mixup shines a light on the company’s shares.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Reshape Lifesciences is seeking the withdrawal of two filings made with the agency on Thursday. Those were Form RW filings connected to a Form S-1 registration statement.
Both of those filings were designated to accelerate the effectiveness of the registration statement. While the contents were accurate, the RW filing was wrong and they should have instead been correspondence to the SEC.
Reshape Lifesciences makes clear that this withdrawal request doesn’t include the Form S-1 it filed that same day. The company only wants to the RW filings made in error to be withdrawn.
How Does The Form S-1 Filing Affect RSLS Stock?
The S-1 filing concerns a planned public stock offering of RSLS shares. The company intends to offer 1,274,444 units, which each consist of one share and one warrant. The warrants allow for the purchase of one and one-half shares of RSLS stock. That represents 1,911,666 shares available through the warrants.
With this news comes heavy trading of RSLS stock on Friday morning. As of this writing, more than 673,000 shares of the stock have changed hands. That’s a mighty leap over its daily average trading volume of about 278,000 shares.
RSLS stock is up 136.3% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.