BIOLASE Inc BIOL shares are trading lower by 38% to $2.03 Thursday morning after the company announced pricing of a $4.5 million underwritten public offering of Series J Convertible Redeemable Preferred Stock and warrants.
Before underwriting discounts and commissions and offering expenses, gross proceeds are expected to be approximately $4.5 million.
BIOLASE intends to use the net proceeds from the offering for working capital and for general corporate purposes.
Lake Street Capital Markets, LLC and Maxim Group LLC are acting as joint bookrunners for the offering.
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According to data from Benzinga Pro, BIOL has a 52-week high of $346.99 and a 52-week low of $1.74.
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