Biolase’s Stock Tumbles After Public Offering

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Shares of Biolase experienced a significant decline following the pricing of its underwritten public offering of preferred stock and warrants. The offering aimed to raise approximately $4.5 million in funds.

Steep Drop in Stock Value

As premarket trading began, Biolase’s stock plummeted by 43% to $1.85. This decline adds to the company’s overall decrease of 99% over the past 12 months, indicating a challenging period for investors.

Details of the Offering

Biolase announced that it would make available 75,000 units as part of the offering. Each unit consists of one share of Series J Convertible Redeemable Preferred Stock, which holds a liquidation preference of $100 per share. Additionally, each unit includes a warrant to purchase half a share of Series J Convertible Preferred Stock.

Unit Pricing and Terms

Investors can acquire a unit for $60. The Series J Convertible Preferred Stock has a term of one year and allows holders to convert their shares at a conversion price of $3.26 per share. The accompanying warrants are valid for one year and have an exercise price set at $30.

Expected Closure Date

The offering is anticipated to conclude on September 18, providing interested investors with a defined timeframe to participate.

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