LAKE
FOREST, Calif., Sept. 18,
2023 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:
BIOL) ("BIOLASE" or the "Company"), a global leader in
dental lasers, today announced the closing of its previously
announced underwritten public offering of 75,000 units (the
"Units"), with each Unit consisting of one share of BIOLASE's
Series J Convertible Redeemable Preferred Stock, par value
$0.001 per share, with a liquidation
preference of $100.00 per share (the
"Series J Convertible Preferred Stock"), and one warrant (the
"Warrants") to purchase one-half of one (0.50) share of Series J
Convertible Preferred Stock.
The purchase price for one Unit was $60.00, which reflects the issuance of the Series
J Convertible Preferred Stock with an original issue discount. The
Series J Convertible Preferred Stock has a term of one (1) year,
expiring on September 18, 2024, and
is convertible at the option of the holder at any time into shares
of BIOLASE common stock at a conversion price of $3.26.
Dividends on the Series J Convertible Preferred Stock will be
paid, if and when declared by the Board of Directors, in-kind ("PIK
dividends") in additional shares of Series J Convertible Preferred
Stock based on the stated value of $100.00 per share at a dividend rate of 20.0% per
annum. The PIK dividends will be payable to holders of the Series J
Convertible Preferred Stock of record at the close of business on
October 31, 2023, January 31, 2024, April
30, 2024 and July 31,
2024.
The Warrants have a term of one (1) year, expiring on
September 18, 2024. Each Warrant has
an exercise price of $30.00 (50.0% of
the public offering price per Unit) per Warrant, is exercisable
for one-half of one (0.5) share of Series J Convertible
Preferred Stock and is immediately exercisable.
Lake Street Capital Markets, LLC and Maxim Group LLC acted as
joint bookrunners for the offering.
The gross proceeds to BIOLASE from the offering, before
underwriting discounts and commissions and offering expenses, are
expected to be approximately $4.5
million. BIOLASE intends to use the net proceeds from the
offering for working capital and for general corporate
purposes.
Registration statements on Form S-1 (File No. 333-273372) and
Form S-1 MEF (File No. 333-274504) relating to the securities
being offered were previously filed with, and declared effective
by, the U.S. Securities and Exchange Commission (the "SEC") on
September 13, 2023. The offering is
being made only by means of a prospectus that forms a part of the
registration statements. A final prospectus relating to the
offering was filed with the SEC on September
15, 2023 and is available on the SEC's website, located
at www.sec.gov. Alternatively, copies of the prospectus may be
obtained from Lake Street Capital Markets, LLC, Attn: Syndicate
Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612)
326-1305, or by emailing syndicate@lakestreetcm.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
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 communication contains certain "forward-looking
statements" within the meaning of the U.S. federal securities laws.
Such statements are based upon various facts and derived utilizing
numerous important assumptions and are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Statements preceded by,
followed by or that otherwise include the words "believes,"
"expects," "anticipates," "intends," "projects," "estimates,"
"plans" and similar expressions or future or conditional verbs such
as "will," "should," "would," "may" and "could" are generally
forward-looking in nature and not historical facts, although not
all forward-looking statements include the foregoing. The
forward-looking statements include statements regarding 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 registration statement on Form S-1, as amended (File
No. 333-273372), our Annual Report on Form 10-K for the year
ended December 31, 2022, and other
filings made by BIOLASE 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, Inc.
Michael Polyviou/Todd Kehrli
(732) 232-6914
mpolyviou@evcgroup.com; tkehrli@evcgroup.com
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SOURCE BIOLASE, Inc.