LAKE
FOREST, Calif., Dec. 6, 2023
/PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in
dental lasers, announced today that it has entered into a
securities purchase agreement with a single institutional investor
to purchase approximately $1.4
million of its common stock and pre-funded warrants in a
registered direct offering and warrants to purchase common stock in
a concurrent private placement, priced at-the-market under Nasdaq
rules. The combined effective purchase price for one share of
common stock (or pre-funded warrant in lieu thereof) and two
warrants, each to purchase one share of common stock, will be
$1.23.
Under the terms of the securities purchase agreement, BIOLASE
has agreed to sell 1,110,940 shares of common stock (or pre-funded
warrants in lieu thereof). In a private placement, which will be
consummated concurrently with the registered direct offering,
BIOLASE also has agreed to issue warrants to purchase up to an
aggregate of 2,221,880 shares of common stock. The warrants will
have an exercise price of $1.23 per
share, expire five years from the date of stockholder approval and
will become exercisable on the effective date of stockholder
approval for the issuance of the shares upon the exercise of the
warrants.
The Company intends to use a portion of the net proceeds from
this offering for working capital, capital expenditures, product
development, and other general corporate purposes, including
investments in sales and marketing in the
United States and internationally.
Maxim Group LLC is acting as the sole placement agent for the
offering.
The offering is expected to close on or about December 8, 2023, subject to the satisfaction of
customary closing conditions.
The shares of common stock and pre-funded warrants are being
offered pursuant to a shelf registration statement on Form S-3
(File No. 333-266852) previously filed and declared effective by
the Securities and Exchange Commission (SEC). The offering of the
shares of common stock and pre-funded warrants 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,
pre-funded warrants and the shares of common stock issuable upon
exercise of the pre-funded warrants 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, 300 Park Avenue, New York, NY 10022, Attention: Syndicate
Department, or via email at syndicate@maximgrp.com or telephone at
(212) 895-3745.
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, 2022, BIOLASE's proprietary laser
products incorporate approximately 259 active patents and 24
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, 2022, BIOLASE
has sold over 45,500 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 date of the offering and
the expected use of proceeds from 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.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/biolase-inc-announces-pricing-of-1-4-million-registered-direct-offering-priced-at-the-market-under-nasdaq-rules-302007996.html
SOURCE BIOLASE, Inc.
