IRVINE, Calif., May 30, 2018 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:BIOL) ("BIOLASE" or the "Company"), the global leaderin dental lasers, today announced that it has received a letter from Nasdaq Listing Qualifications confirming that the Company has regained compliance with the minimum bid price requirement of $1.00 per share for continued
On May 10, 2018, BIOLASE announced that it had effected a 1-for-5 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 May 11, 2018. The purpose of the 1-for-5 reverse stock split was to raise the per share trading price of Company common stock to continue its listing on the Nasdaq Capital Market.
On August 9, 2017, Nasdaq Listing Qualifications Department notified BIOLASE that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. On May 29, 2018, BIOLASE received the letter from the Nasdaq Listing Qualifications Department stating that it had determined that for 10 consecutive business days, from May 11 to 25, 2018, the closing bid price of BIOLASE common stock has been at $1.00 per share or greater. Accordingly, the letter said the Company has regained compliance with Listing Rule 5550(a)(2), and that the matter is now closed.
About BIOLASE, Inc.BIOLASE, Inc. is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine and also markets, sells, and distributes dental imaging equipment, including three-dimensional CAD/CAM intra-oral scanners and digital dentistry software. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products incorporate approximately 245 patented and 75 patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal http://www.biolase.com/Pages/Products.aspx products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold over 36,800 laser systems to date in over 90 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer markets.
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 and LinkedIn at www.linkedin.com/company/biolase.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.
Cautionary Statement Regarding Forward-Looking StatementsThis 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 the expected benefits of the reverse stock split. 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, those risks and uncertainties that are described in the "Risk Factors" section of BIOLASE's Annual Report on Form 10-K for the year ended December 31, 2017, as well as other risks and uncertainties set forth from time to time in the reports we file 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.
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