FOOTHILL RANCH, Calif.,
Nov. 23, 2021 /PRNewswire/
-- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental
lasers, today announced its receipt of written notification from
the Listing Qualification Department of The NASDAQ Stock Market
("Nasdaq") granting BIOLASE's request for a 180-day extension to
regain compliance with Nasdaq's minimum bid price requirement under
Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). BIOLASE now
has until May 23, 2022 to regain
compliance with the Bid Price Rule. Nasdaq's extension notice has
no immediate effect on the continued listing status of BIOLASE's
common stock, which remains listed on The NASDAQ Capital
Market.
If at any time until May 23, 2022,
the bid price for BIOLASE's common stock closes at or above
$1.00 per share for a minimum of 10
consecutive trading days, BIOLASE will regain compliance with the
Bid Price Rule, and the matter will be closed. BIOLASE will
continue to monitor the bid price for its common stock and consider
various available options if BIOLASE's common stock does not trade
at a level that is likely to regain compliance with the Bid Price
Rule. There can be no assurance that BIOLASE will regain compliance
with the Bid Price Rule or maintain compliance with any of the
other Nasdaq continued listing requirements during this extended
compliance period.
Separately, BIOLASE announced that, on November 18, 2021, it entered into an amendment
to its senior secured term loan with SWK Funding LLC, which, among
other improvements, extended the maturity of the loan to
May 31, 2025 and reduced the
effective interest rate on the loan by 200 basis points. SWK
Funding LLC is a subsidiary of SWK Holdings Corporation, a
Dallas, Texas-based healthcare
focused investment firm.
"The 180-day extension from NASDAQ gives us more time to
demonstrate the success of our growth strategy, which has delivered
stellar results over the past three quarters, and for the financial
community to acknowledge and value the opportunity we have ahead,"
commented John Beaver, President and
Chief Executive Officer of BIOLASE. "Additionally, the amendment to
our loan with SWK demonstrates its belief in our ability to deliver
continued strong growth as new customers adopt our market-leading
dental lasers."
"We remain impressed with BIOLASE's continued operating traction
as evidenced by increasing market acceptance of its dental
lasers. The strong operating results combined with the
company's healthy balance sheet positions BIOLASE to achieve its
growth plans driven by continued new customer adoption of their
lasers, which provide a greater standard of care for dental
procedures and a safer environment for dental practitioners and
their patients," commented Winston
Black, Chief Executive Officer of SWK Holdings.
For more information regarding the Nasdaq extension notice and
the credit agreement amendment, please see BIOLASE's Current Report
on Form 8-K filed with the Securities and Exchange Commission on
November 23, 2021.
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.
BIOLASE's proprietary laser products incorporate approximately 300
patented and 35 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.
Cautionary Statement Regarding Forward-Looking
Statements
This communication 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 regarding BIOLASE's compliance
with Nasdaq's minimum bid price requirement. 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," "potential," "plan," "seek," and similar expressions.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect our current expectations
and speak only as of the date of this communication. These factors
include, among others, those risks and uncertainties that are
described in the "Risk Factors" section of our most recent annual
report on Form 10-K and our most recent
quarterly report on Form 10-Q filed with the
SEC. Except as required by law, we do not undertake any
responsibility to revise or update any forward-looking
statements.
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SOURCE BIOLASE, Inc.