COMMON STOCK WILL
BEGIN TRADING ON SPLIT-ADJUSTED BASIS ON APRIL 29, 2022
LAKE FOREST, Calif.,
April 28, 2022 /PRNewswire/ --
BIOLASE, Inc. (NASDAQ: BIOL) ("BIOLASE" or the "Company"), today
announced that it held its annual meeting of stockholders on
April 28, 2022 where the Company's
stockholders granted the Board of Directors the discretion to
effect a reverse stock split of the Company's common stock at a
ratio between 1-to-2 and 1-to-25. Shortly following the annual
meeting, the Board of Directors exercised such discretion to effect
a 1-for-25 reverse stock split that will become effective at
11:59 p.m. Eastern Time on
April 28, 2022, and the Company's
common stock will begin trading on a split-adjusted basis at the
opening of the market on April 29,
2022.
The 1-for-25 reverse stock split will reduce the number of
outstanding shares of Company common stock from approximately 154
million shares to approximately 6.2 million shares. Proportional
adjustments will be made to the number of shares of BIOLASE's
common stock issuable upon exercise or conversion of BIOLASE's
outstanding equity awards and warrants, as well as the applicable
exercise price. There will be no change to the total number of
authorized shares of Company common stock as set forth in the
Restated Certificate of Incorporation of the Company, as
amended.
The purpose of the 1-for-25 reverse stock split is to raise the
per-share trading price of the Company's common stock to allow for
its continuous listing on the Nasdaq Capital Market, among other
benefits. The Nasdaq Capital Market requires, among other things,
that a listing a company's common stock maintain a minimum bid
price of at least $1.00 per
share.
Information for BIOLASE Stockholders
At the effective time of the reverse stock split, BIOLASE
stockholders will receive one new share of Company common stock for
every 25 shares held. Record holders of Company common stock will
receive a transaction statement with respect to the exchange of
such shares for post-reverse split shares. Computershare Trust
Company, N.A., the transfer agent for Company common stock, will
act as the exchange agent, and can be contacted at (800)
546-5141.
BIOLASE will not issue fractional shares that result from the
reverse stock split. Rather, Computershare will aggregate all
fractional shares and arrange for them to be sold in a timely
manner after the effective time of the reverse stock split at the
then prevailing prices on the Nasdaq Capital Market. After such
sale, Computershare will pay to each holder of record such
stockholder's pro rata share of the net proceeds derived from the
sale of the fractional interest to which such holder would
otherwise be entitled.
For more information on the reverse stock split, please refer to
BIOLASE's proxy materials for the April 28,
2022 annual meeting of stockholders, which can be accessed
through the investor portion of BIOLASE's website at
http://www.biolase.com and on the SEC's EDGAR website,
www.sec.gov.
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 301 patented and 38
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. BIOLASE has
sold over 43,300 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 iPlusTM are
registered trademarks of BIOLASE, Inc.
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SOURCE BIOLASE, Inc.