FOOTHILL RANCH, Calif.,
Feb. 4, 2021 /PRNewswire/ -- BIOLASE,
Inc. (NASDAQ: BIOL), a global leader in dental lasers, today
received official notification from the Listing Qualifications
Department of the Nasdaq Stock Market Inc. ("NASDAQ") that it has
regained compliance with the minimum bid price requirement set
forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the "Minimum
Bid Price Requirement").
BIOLASE had previously received written notice from NASDAQ in
December 2019 indicating that because
the closing bid price per share had been below $1.00 for a period of 30 consecutive trading
days, the Company did not meet the Minimum Price Bid Requirement.
According to the recent notification letter, the staff of NASDAQ
has determined that for the last ten consecutive business days,
from January 21, 2021 to February 3, 2021, the closing bid price of the
Company's common stock has been at $1.00 per share or greater, and the Company has
regained compliance with the Minimum Bid Price Requirement, and the
matter is now closed.
The Company has canceled its Special Meeting of Stockholders
scheduled for February 16, 2021. As a
result of regaining compliance with the Minimum Bid Price
Requirement, the Company is no longer seeking stockholder approval
to implement a reverse split of the Company's outstanding shares of
Common Stock at this time.
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 271 patented and 40
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 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
regarding anticipated fourth-quarter results. Forward-looking
statements can be identified through the use of words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "may," "will," "should," and variations of these words
or similar expressions. 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, 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, from time-to-time, in the "Risk Factors" section of
BIOLASE's annual reports filed on Form 10-K 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.