Benzinga | Feb 8, 2021 06:11AM EST

BIOLASE Raises $14.4M From Maxim Group At 15% Discount

* BIOLASE Inc (NASDAQ: BIOL) has announced to sell 14 million common shares at $1.03 per share, raising $14.4 million in gross proceeds. The offering price represents a discount of 15% from the last close price of $1.21.

* Maxim Group LLC, The Benchmark Company, LLC, and Colliers Securities LLC are acting as joint-book-running managers for the offering.

* The offering is expected to close by February 10.

* Last week on Thursday, the stock gained after regaining compliance with the minimum bid price requirement set forth by Nasdaq. Consequently, the BIOLASE said it is no longer seeking stockholder approval to implement a reverse split.

* In late January, BIOLASE reported interim Q4 2020 sales of $8.2 million to $8.5 million, representing sequential growth of 26-31%, driven by sales to new customers, specialists, and DSOs. Reported cash position of approximately $25 million, providing it with the resources to execute its revenue growth strategy. The company launched the Waterlase Endo Academy and its joint marketing program with BMW for the Waterlase Mentoring Experience.

* Price Action: BIOL shares are trading higher by 3.3% at $1.25 in the premarket session on the last check Monday.