BIOLASE announces Nasdaq delisting: What investors need to know

BIOLASE, a company known for its dental laser technology, has announced that its shares will be delisted from the Nasdaq Stock Market. This follows the company’s inability to meet Nasdaq’s $1.00 minimum bid price and the $2.5 million minimum stockholders’ equity requirement as specified in Nasdaq Listing Rule 5550(a)(2) and 5550(b).

Key Details of the Delisting:

• Effective Date: Trading of BIOLASE’s common stock on Nasdaq will be suspended starting June 20, 2024.
• New Trading Venue: BIOLASE has applied to the OTC Markets Group and expects its stock to begin trading on the OTCQB Market under the symbol “BIOL” on the same day.

CEO’s Statement: John Beaver, CEO of BIOLASE, commented on the delisting, stating, “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.” He noted that there is significant market potential, with over 90% of dentists yet to adopt all-tissue laser technology.

Impact on Investors:

• Market Transition: Investors should prepare for the transition from Nasdaq to the OTCQB Market. This move might involve differences in trading volumes and liquidity.
• Company Focus: BIOLASE continues to focus on its strategic goals and the adoption of its laser technologies in the dental industry.

Next Steps for BIOLASE: BIOLASE expects its common stock to commence trading on the OTC Markets Group platform under the symbol “BIOL.” The company has also applied to trade on the OTCQB Market and anticipates commencing trading there in the near future. The company remains focused on increasing the adoption of its laser products, which include patented and patent-pending technologies designed to enhance dental procedures with less pain and faster recovery times.

The delisting from Nasdaq represents a significant change for BIOLASE and its investors. However, the company’s move to the OTCQB Market indicates its continued commitment to its business strategy. Investors should stay informed about BIOLASE’s performance on the OTCQB and any future developments regarding its financial status and market strategies.