IRVINE, Calif., June 11, 2020 /PRNewswire/ -- BIOLASE, Inc.
(NASDAQ: BIOL), the global leader in dental lasers, today announced
the closing on June 10, 2020 of its
previously announced registered direct offering of 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 was
$0.64. BIOLASE intends to use the net
proceeds for working capital and for other general corporate
Under the terms of the securities purchase agreement, BIOLASE
sold 10,800,000 shares of common stock. In a private
placement, which was consummated concurrently with the offering,
BIOLASE issued warrants to purchase up to an aggregate of
10,800,000 shares of common stock. The warrants are
immediately exercisable, will expire 5 years from the date of
issuance and have an exercise price of $0.515 per common share.
Maxim Group LLC, The Benchmark Company, LLC and Colliers
Securities LLC acted as co-placement agents for the offering.
The shares of common stock were offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-233172) previously
declared effective by the SEC on August 23,
2019. The offering of the shares of common stock was made by
means of a prospectus supplement that was filed with the SEC and
forms a part of the registration statement.
BIOLASE intends to move forward with a proposed rights offering
in the next few weeks. BIOLASE believes that the capital raised in
this registered direct offering bolsters its balance sheet and will
enable it to approach the proposed rights offering from an enhanced
liquidity and capitalization position. BIOLASE previously filed a
registration statement on Form S-1 (File No. 333-238914) with
respect to the proposed rights offering with the SEC.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of BIOLASE pursuant
to the proposed rights offering or otherwise. The proposed rights
offering will be made only by means of an effective registration
statement. There can be no assurance that BIOLASE will complete the
proposed rights offering.
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.