BIOLASE (NASDAQ:BIOL) stock price plummeted 30% during early hours on Thursday as the company priced an underwritten public offering of 75K units, with each unit consisting of one share of BIOLASE’s Series J Convertible Redeemable Preferred Stock, par value $0.001 per share, with a liquidation preference of $100.00 per share, and one warrant to purchase one-half of one share of Series J Convertible Preferred Stock.
The offering is expected to close on September 18, 2023.
The gross proceeds are expected to be ~$4.5M.
BIOLASE (BIOL) intends to use the net proceeds from the offering for working capital and general corporate purposes.
