Biolase approves 1-for-100 reverse stock split

BIOLASE announced that it held a special meeting of its stockholders on July 20 where the Company’s stockholders granted the Board of Directors the discretion to effect a reverse stock split of the Company’s common stock at a ratio between 1-to-2 and 1-to-100. Shortly following the special meeting, the Board of Directors exercised such discretion to effect a 1-for-100 reverse stock split that will become effective on July 27 and the Company’s common stock will begin trading on a split-adjusted basis at the opening of the market on July 28. The primary purpose of the 1-for-100 reverse stock split is to raise the per-share trading price of the Company’s common stock to allow for its continuous listing on the Nasdaq Capital Market, among other benefits. The Nasdaq Capital Market requires, among other things, that a listing a company’s common stock maintain a minimum bid price of at least $1.00 per share. At the effective time of the reverse stock split, BIOLASE stockholders will receive one new share of Company common stock for every 100 shares held. Record holders of Company common stock will receive a transaction statement with respect to the exchange of such shares for post-reverse split shares.