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Biolase Announces Expiration of Rights Offering

Date Announced: 30 Nov 2017

Company Estimates It Will Receive Aggregate Gross Proceeds from Rights Offering of Approximately $12.0 Million.

IRVINE, Calif.--(BUSINESS WIRE)--BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, announced today that the subscription period for its previously announced rights offering to holders of shares of its common stock expired at 5:00 p.m., Eastern Time, on November 29, 2017, and these rights are no longer exercisable.

The Company received basic subscriptions and over-subscriptions for a total of 26,307,719 shares, exceeding the 26,302,703 shares offered in the rights offering. Available shares will be distributed proportionately among rights holders who exercised their over-subscription privilege based on the number of shares each rights holder subscribed for under the basic subscription right. Based on the review of results provided by the Company’s subscription agent, Computershare, Inc., the Company estimates that it will receive aggregate gross proceeds from the rights offering of approximately $12.0 million. The results of the rights offering and the Company’s estimates regarding the aggregate gross proceeds of the rights offering to be received by the Company are preliminary and subject to finalization and verification by its subscription agent.

The Company expects the subscription agent to distribute the shares and the sale proceeds during the week of December 4th.

Source: Biolase

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