FOOTHILL
RANCH, Calif., May 16, 2022
/PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), the global
leader in dental lasers, today announced that it has received
notice from the Nasdaq Stock Market LLC (Nasdaq) on May 13, 2022 informing BIOLASE that it has
regained compliance with the minimum bid price requirement under
Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing
on The Nasdaq Capital Market. Consequently, BIOLASE is now in
compliance with all applicable listing standards and its common
stock will continue to be listed on The Nasdaq Capital Market.
BIOLASE was previously notified by Nasdaq on May 24, 2021 that it was not in compliance with
the minimum bid price rule because its common stock failed to meet
the closing bid price of $1.00 or
more for 30 consecutive business days. To regain compliance with
the Rule, the Company was required to maintain a minimum closing
bid price of $1.00 or more for at
least 10 consecutive trading days. The requirement was met on
May 12, 2022, the tenth consecutive
trading day when the closing bid price of the Company's common
stock was over $1.00.
On April 28, 2022, BIOLASE
announced that it had effected a 1-for-25 reverse stock split that
became effective at 11:59 p.m. ET
that same day, and that BIOLASE common stock would begin trading on
a split-adjusted basis at the opening of the market on April 29, 2022. The purpose of the reverse stock
split was to raise the per share trading price of the Company
common stock to continue its listing on the Nasdaq Capital
Market.
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 301 patented
and 32 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 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 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 the anticipated roll out of new go-to-market sales
strategies, the Company's efforts to achieve its goal
of becoming EBITDA positive. 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.