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- Biolase (NASDAQ:BIOL) plunged 13.8% lower in premarket trade after it entered into a securities purchase agreement with a single institutional investor to purchase ~$6.5M of its stock and pre-funded warrants in a registered direct offering and warrants to purchase common stock in a concurrent private placement.
- The combined effective purchase price for one share and one warrant to purchase one share of common stock will be $4.625.
- Under agreement terms, the company has agreed to sell 1.4M shares and issue warrants to purchase shares.
- The warrants will be immediately exercisable, will expire five and a half years from issuance date and will have an exercise price of $4.625/share.
- Offer is expected to close on or about June 30, 2022.