Biolase (BIOL) has released an update.
BIOLASE, Inc. successfully completed a public offering on February 15, 2024, raising approximately $7 million before fees and expenses through the sale of 7,795,000 units, each including shares of common stock and associated warrants, alongside 8,205,000 pre-funded units. With an aim to bolster working capital and support general corporate functions, the offering included Class A and Class B warrants with different exercise prices and terms. The company also entered into a purchase agreement with institutional investors and made arrangements to prevent certain stock transactions for specified periods. The offering was part of a compliance plan with Nasdaq’s minimum stockholders’ equity requirement, and the company received an extension to regain compliance following the offering’s closure.
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