IRVINE, Calif., July 2, 2020 /PRNewswire/ -- BIOLASE, Inc.
(NASDAQ: BIOL), a global leader in dental lasers, today announced
that the subscription period for the rights offering has commenced.
If exercising subscription rights through a broker, dealer, bank or
other nominee, rights holders should promptly contact their nominee
and submit subscription documents and payment for the units
subscribed for in accordance with the instructions and within the
time period provided by such nominee. The broker, dealer, bank or
other nominee may establish a deadline before July 15, 2020, by which instructions to exercise
subscription rights, along with the required subscription payment,
must be received.
All record holders of rights that wish to participate in the
rights offering must deliver a properly completed and signed
subscription rights statement, together with payment of the
subscription price for both basic subscription rights and any over
subscription privilege election, to the Subscription Agent, to be
received before 5:00 PM Eastern Time
on July 15, 2020. The Subscription
Agent is:
By mail, or overnight courier:
Computershare Trust Company, N.A.
Corporate Actions Voluntary Offer; COY: BLTY
150 Royall St. Suite V
Canton MA 02021
Under the rights offering, BIOLASE will distribute one
non-transferable subscription right for each share of common stock
and each warrant issued in a private placement transaction that was
consummated on June 10, 2020 (on an
as-if-converted-to-common-stock basis) held on the Record Date
(July 1, 2020). Each
subscription right will entitle the holder to purchase one unit, at
a subscription price of $1,000 per
unit, consisting of one share of the Company's newly created Series
F Convertible Preferred Stock with a face value of $1,000 (and immediately convertible into shares
of BIOLASE's common stock at a conversion price of $0.40 per share) and 2,500 warrants to purchase
BIOLASE's common stock with an exercise price of $0.40 per share. The warrants will be exercisable
for 5 years after the date of issuance.
BIOLASE has engaged Maxim Group LLC, The Benchmark Company, LLC
and Colliers Securities LLC as joint dealer-managers for the
proposed rights offering. Questions about the rights offering or
requests for copies of the preliminary and final prospectuses, when
available, may be directed to Maxim Group LLC at 405 Lexington
Avenue, New York, NY 10174,
Attention Syndicate Department, or via email at
syndicate@maximgrp.com or telephone at (212) 895-3745.
The Company's registration statement on Form S-1 was declared
effective by the U.S. Securities and Exchange Commission (SEC) on
July 1, 2020. The prospectus relating
to and describing the terms of the rights offering has been filed
with the SEC as a part of the registration statement and is
available on the SEC's web site at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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
at www.linkedin.com/company/biolase.
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
statements.
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SOURCE BIOLASE, Inc.