BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, announced today that it has entered into a securities purchase agreement with a single institutional investor to purchase approximately $6.5 million of its common stock and pre-funded warrants in a registered direct offering and warrants to purchase common stock in a concurrent private placement, priced at-the-market under Nasdaq rules. The combined effective purchase price for one share of common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock will be $4.625.

Under the terms of the securities purchase agreement, BIOLASE has agreed to sell 1,405,405 shares of common stock (or pre-funded warrants in lieu thereof). In a private placement, which will be consummated concurrently with the registered direct offering, BIOLASE also has agreed to issue warrants to purchase up to an aggregate of 1,405,405 shares of common stock. The warrants will be immediately exercisable, will expire five and a half years from the date of issuance and will have an exercise price of $4.625 per share of common stock.

Maxim Group LLC is acting as the lead placement agent for the offering. The Benchmark Company and Lake Street Capital Markets, LLC are acting as co-placement agents for the offering.

The offering is expected to close on or about June 30, 2022, subject to the satisfaction of customary closing conditions.

The shares of common stock and pre-funded warrants are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-233172) previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering of the shares of common stock and pre-funded warrants will be made only by means of a prospectus supplement that forms a part of the registration statement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock and pre-funded warrants will be filed by BIOLASE with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.