Biolase (NSDQ:BIOL) announced today that it entered into a securities purchase agreement expected to produce gross proceeds of approximately $6.9 million.
The purchase agreement with certain accredited institutional investors includes a registered direct offering and concurrent private placement with 10.8 million shares of Biolase’s common stock and warrants o purchase 10.8 million shares of the common stock. The combined price for one share and one warrant is set at 64¢.
Until 20 days following the closing of the offering, Biolase will not issue or enter into an agreement to issue any shares of common stock or equivalents, pursuant to the terms of the agreement. Exercise prices on warrants and warrant shares will be subject to adjustment in the event of any stock dividends, splits or other transactions.
Maxim Group, The Benchmark Company and Colliers Securities acted as the placement agents on a “reasonable best efforts” basis in connection with the offering.
Biolase did not list an intended use of proceeds. The Irvine, Calif.-based company develops dental hygiene laser systems, having won FDA 510(k) clearance for its Epic Hygiene laser for managing non-surgical periodontitis and increasing clinical production in December 2019.