The offering, priced yesterday, includes more than 7.8 million shares of common stock at about 58¢ per share, plus a 30-day over-allotment option for the additional purchase of up to nearly 1.2 million shares at the public offering price. The Benchmark Co. and Dougherty & Co. are the acting underwriters for the offering, according to a news release.
Biolase also announced that it sold 69,565 unregistered shares of its convertible preferred stock at $57.50 per share to investors affiliated Jack W. Schuler & Oracle Investment Management in a private placement.
Altogether, the company said it will receive approximately $4.2 million from the common stock offering, or $4.8 million if the over-allotment option is exercised in full, plus the $4 million in gross proceeds from the private placement, putting the net proceeds of the offering at between approximately $8.2 million and $8.8 million.
Irvine, Calif.-based Biolase said it plans to use the net proceeds for working capital, which includes new product development, launch and scale-ups that would follow, along with other general corporate purposes.
The dental laser manufacturer expects the common stock offering and private placement to close on Oct. 29, after which it will be required to submit a charter amendment increasing its number of common stock shares to a stockholder vote.