IRVINE, Calif., July 16, 2020 /PRNewswire/
-- BIOLASE, Inc. (NASDAQ: BIOL), a global
leader in dental lasers, announced today the expiration of the
Company's rights offering, which was oversubscribed.
The subscription period for its previously announced rights
offering (the "Offering") of units 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 at the option of the holder 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, expired on
July 15, 2020, and these rights are
no longer exercisable.
The subscriptions totaled approximately 49,375 units
(approximately 229% oversubscribed). Due to the over-subscription
of the units, the Company upsized the Offering from the original
15,000 units offered to 18,000 units. The participants are
expected to be reduced pro-rata to the total upsized Offering of
18,000 units. Preliminary estimates indicate that the Company
will be raising gross proceeds of approximately $18.0 million
in the oversubscribed Offering, excluding any proceeds that may be
received by the Company from the future exercise of the warrants
included in the units. The results of the oversubscribed
Offering and BIOLASE's estimates regarding the aggregate gross
proceeds of the oversubscribed Offering to be received by BIOLASE
are subject to finalization and verification by its subscription
agent.
BIOLASE anticipates that closing of the Offering will occur on
or about July 20, 2020, subject to
satisfaction or waiver of all conditions to
closing. Upon the closing, the subscription agent will
distribute, by way of direct registration in book-entry form or
through the facilities of DTC, as applicable, shares of its Series
F Convertible Preferred stock and warrants to holders of rights who
have validly exercised their rights and paid the subscription price
in full. No physical stock or warrant certificates will be
issued to such holders.
Maxim Group LLC, The Benchmark Company, LLC and Colliers
Securities LLC acted as joint Dealer-Managers for the Offering.
Questions about the Offering or requests for copies of the
preliminary and final prospectuses, 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 initial registration statement on Form S-1 (No.
333-238914) with respect to the Offering was declared effective by
the U.S. Securities and Exchange Commission (SEC) on July 1, 2020 and an additional registration
statement on Form S-1 (No. 333-239876) with respect to the Offering
became effective on July 15, 2020.
The prospectus relating to and describing the terms of the
Offering has been filed with the SEC as a part of the initial
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
261 patented and 52 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 revolutionary dental laser
systems that perform a broad range of dental procedures, including
cosmetic and complex surgical applications. 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biolase-announces-expiration-of-oversubscribed-rights-offering-301094609.html
SOURCE BIOLASE, Inc.