Biolase expects to gross $9.75M from public offering

2019 09 18 22 27 1930 Stock Exchange 400

Dental laser developer Biolase announced that it stands to gross about $9.75 million from an underwritten public offering of common stock with the U.S. Securities and Exchange Commission (SEC).

Biolase plans to use the net proceeds for working capital and general corporate purposes, it said. The pricing of the underwritten public offering consists of approximately 16 million shares of its common stock and prefunded warrants to purchase slightly more than 11 million shares of common stock at a public offering price of 35¢ per share or 34¢ per prefunded warrant.

The prefunded warrants have an exercise price of 1¢ per share, are exercisable immediately, and will not expire until exercised. Subject to customary closing conditions, the offering is expected to close on January 12, according to Biolase. A final prospectus relating to the offering will be filed with the SEC and will be available on its website.

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