IRVINE, Calif., June 8, 2020 /PRNewswire/ -- BIOLASE, Inc.
(NASDAQ: BIOL), the global leader in dental lasers, today announced
that it has entered into a securities purchase agreement with
institutional investors to purchase approximately $6.9 million of its common stock in a registered
direct offering priced at-the-market under Nasdaq rules and
warrants to purchase common stock in a concurrent private
placement. The combined purchase price for one share of common
stock and warrant to purchase one share of common stock will be
Under the terms of the securities purchase agreement, BIOLASE
has agreed to sell 10,800,000 shares of common stock. In a
private placement, which will be consummated concurrently with the
Offering, BIOLASE also has agreed to issue warrants to purchase up
to an aggregate of 10,800,000 shares of common stock. The
warrants will be immediately exercisable, will expire 5.5 years
from the date of issuance and will have an exercise price of
$0.515 per common share.
The gross proceeds to the Company from the registered direct
offering and concurrent private placement are estimated to be
approximately $6.9 million before
deducting the placement agent's fees and other estimated offering
expenses. The offering is expected to close on or about
June 10, 2020, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC, The Benchmark Company, LLC & Colliers
Securities LLC are acting as co-placement agents for the
The shares of common stock are being offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-233172) previously
filed and declared effective by the Securities and Exchange
Commission (SEC). The offering of the shares of common stock will
be made only by means of a prospectus supplement that forms a part
of the registration statement.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
prospectus supplement relating to the shares of common stock will
be filed by BIOLASE with the SEC. When available, copies of the
prospectus supplement relating to the registered direct offering,
together with the accompanying prospectus, can be obtained at the
SEC's website at www.sec.gov or from Maxim Group LLC, 405 Lexington
Avenue, New York, NY 10174,
Attention: Syndicate Department, or via email at
firstname.lastname@example.org or telephone at (212) 895-3745.
About BIOLASE, Inc.
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. BIOLASE's proprietary laser products
incorporate approximately patented 261 and 52 patent-pending
technologies designed to provide biologically 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
revolutionary dental laser systems that perform a broad range of
dental procedures, including cosmetic and complex surgical
applications, and a full line of dental imaging
equipment. BIOLASE has sold over 41,200 laser systems to
date in over 80 countries around the world. Laser products under
development address BIOLASE's core dental market and
other adjacent medical and consumer applications.
For updates and information on Waterlase iPlus®, Waterlase
Express™, and laser dentistry, find BIOLASE online
at www.biolase.com, Facebook at www.facebook.com/biolase,
Twitter at www.twitter.com/biolaseinc, Instagram
at www.instagram.com/waterlase_laserdentistry, and LinkedIn
BIOLASE®, Waterlase® and Waterlase iPlus® are registered
trademarks of BIOLASE, Inc.
Note on 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, including statements, predictions, or
expectations regarding BIOLASE's revenue during the second quarter
of 2020. 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. 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, the
coronavirus (COVID-19) and the effects of the outbreak and actions
taken in connection therewith, adverse changes in general
economic and market conditions, competitive factors including but
not limited to pricing pressures and new product introductions,
uncertainty of customer acceptance of new product offerings and
market changes, risks associated with managing the growth of the
business, and those other risks and uncertainties that are
described in the "Risk Factors" section of BIOLASE's annual report
filed on Form 10-K filed with the Securities and Exchange
Commission. Except as required by law, BIOLASE does not undertake
any responsibility to revise or update any forward-looking
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SOURCE BIOLASE, Inc.