Biolase issues reverse stock split
Katherine E. Pfaff
Coming out of its annual stockholder meeting, dental laser manufacturer and marketer, BIOLASE, Inc., has issued a reverse stock split of its common stock. The 1-for-25 reverse stock split took effect on April 28, 2022.
By completing the 1-for-25 reverse stock split, Biolase will decrease its outstanding common stock shares. The reduction will reduce about 154 million shares down to 6.2 million shares.
The total number of authorized shares will not change as it set about by the Restated Certificate of Incorporation of the company. Adjustments that are proportional will be executed on the number of issuable shares in equity awards and warrants.
Through the reverse stock split action, Biolase will increase the price per share that is traded of its common stock. The move will also allow the company’s stock to remain listed on the Nasdaq Capital Market. The market listing requires that participating company shares keep a minimum bid price of $1.00.
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