Biolase (BIOL) Announces Pricing of $4.5 Million Underwritten Public Offering of Series H Convertible Redeemable Preferred Stock and Warrants

BIOLASE, Inc. (NASDAQ: BIOL) ("BIOLASE" or the "Company"), a global leader in dental lasers, today announced the pricing of an underwritten public offering of 175,000 units (the "Units"), with each Unit consisting of one share of BIOLASE's Series H Convertible Redeemable Preferred Stock, par value $0.001 per share, with a liquidation preference of $50.00 per share (the "Series H Convertible Preferred Stock"), and one warrant (the "Warrants") to purchase one-half of one (0.50) share of Series H Convertible Preferred Stock. The offering is expected to close on May 26, 2023, subject to customary closing conditions.

The purchase price for one Unit is $26.00, which reflects the issuance of the Series H Convertible Preferred Stock with an original issue discount. The Series H Convertible Preferred Stock has a term of two (2) years and is convertible at the option of the holder at any time into shares of BIOLASE common stock at a conversion price of $0.1398.

Dividends on the Series H Convertible Preferred Stock will be paid, if and when declared by the Board of Directors, in-kind ("PIK dividends") in additional shares of Series H Convertible Preferred Stock based on the stated value of $50.00 per share at a dividend rate of 20.0%. The PIK dividends will be a one-time payment payable to holders of the Series H Convertible Preferred Stock of record at the close of business on the one-year anniversary of the closing date of the offering.

The Warrants have a term of two (2) years. Each Warrant will have an exercise price of $13.00 (50.0% of the public offering price per Unit) per Warrant, be exercisable for one-half of one (0.5) share of Series H Convertible Preferred Stock and will be immediately exercisable.

Lake Street Capital Markets, LLC and Maxim Group LLC are acting as joint bookrunners for the offering.

The gross proceeds to BIOLASE from the offering, before underwriting discounts and commissions and offering expenses, 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.

A registration statement on Form S-1 (File No. 333-271660) relating to the securities being offered was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission (the "SEC") on May 24, 2023. The offering is being made only by means of a prospectus that forms a part of the registration statement. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website, located at www.sec.gov. Alternatively, copies of the prospectus may be obtained, when available, from Lake Street Capital Markets, LLC, Attn: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, by calling (612) 326-1305, or by emailing [email protected]. Before you invest, you should read the prospectus, together with the information incorporated therein, for more complete information about Biolase and the offering.

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