LAKE FOREST, CA / ACCESSWIRE / June 18, 2024 / BIOLASE, Inc. (NASDAQ:BIOL), a global leader in dental lasers, today announced that the Company received a notice from Nasdaq that it has determined to delist the shares of the Company's common stock from The Nasdaq Stock Market. The delisting is a result of failure to satisfy the $1.00 minimum bid price listing requirement in Nasdaq Listing Rule 5550(a)(2) and failure to comply with Nasdaq's $2,500,000 minimum stockholders' equity requirement for continued listing or any of the alternative requirements in Listing Rule 5550(b). Suspension of trading in the Company's common stock on the Nasdaq exchange will be effective at the open of trading on June 20, 2024.
BIOLASE CEO John Beaver. commented, "While we are disappointed in the Nasdaq delisting, this does not deter us from our long-term strategy of accelerating the adoption of lasers as we believe they will become the gold standard of dental care. There remains a significant untapped opportunity in the dental market for our BIOLASE lasers, with more than 90% of dentists yet to embrace all-tissue laser technology. To that end, we are excited about the increased adoption of our award-winning lasers, which positions us for longer-term success."
The Company expects its common stock to commence trading on the OTC Markets Group platform at the open of trading on June 20, 2024, under the symbol "BIOL." The Company has applied to trade its common stock on the OTCQB Market and expects to commence trading of its common stock on the OTCQB in the coming days.
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, 2023, BIOLASE's proprietary laser products incorporate approximately 241 patented and 21 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, 2023, BIOLASE has sold over 47,700 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 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. Forward-looking statements can be identified through the use of words such as may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology and include statements such as the expected commencement of trading of the Company's common stock on the OTC Markets Group platform at the open of trading on June 20, 2024, under the symbol "BIOL", the expected commencement of trading on the OTCQB in the coming days and transforming BIOLASE into the leading dental laser company in the world the Company has applied to trade on the OTCQB Market. 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, the ability of the Company to commence trading of its common stock on the OTCQB and those risks and uncertainties that are described in the "Risk Factors" section of BIOLASE's Annual Report filed on Form 10-K filed with the SEC and other filings 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 LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
SOURCE: BIOLASE, Inc.
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