BIOLASE, Inc. Granted Extension by Nasdaq to Regain Compliance with the Stockholders' Equity Continued Listing Requirement
LAKE FOREST, CA / ACCESSWIRE / February 14, 2024 / BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today announced that it received notice from the Staff of the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the Staff has determined to grant the Company an extension of time to regain compliance with Listing Rule 5550(b) (the "Rule"). The Rule requires a minimum of $2,500,000 stockholders' equity, $35,000,000 market value of listed securities, or $500,000 net income from continuing operations.
On December 22, 2023, as supplemented on January 22, 2024, the Company submitted its plan of compliance to the Staff. On February 13, 2024, the Staff provided notice to the Company that the Staff had granted an extension to regain compliance with the Rule, conditioned upon the Company no later than March 31, 2024, closing a public offering that will raise approximately $6.5 million in equity capital and evidencing compliance with the Rule. As previously reported, the Company announced the pricing of a public offering of approximately $7.0 million, which is expected to close on February 15, 2024, subject to customary closing conditions.
In the event the Company fails to evidence compliance with the Rule upon the filing of its periodic report for the period ending March 31, 2024, with the SEC and Nasdaq, the Company may be subject to delisting. In the event the Company does not satisfy these terms, the Staff will provide written notification that its securities will be delisted. At that time, the Company may appeal the Staff's determination to a Hearings Panel.
About BIOLASE
BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. As of December 31, 2023, BIOLASE's proprietary laser products incorporate approximately 241 patented and 21 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. From 1998 through December 31, 2023, BIOLASE has sold over 47,700 laser systems in over 80 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer applications.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. The forward-looking statements include statements regarding the expected closing of the offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors. These factors include, among others, those risks and uncertainties that are described in the "Risk Factors" section of BIOLASE's Annual Report filed on Form 10-K filed with the SEC and other filings by BIOLASE with the SEC. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.
Investor Relations:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
SOURCE: BIOLASE, Inc.
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