Biolase (BIOL) Announces 1-for-25 Reverse Stock Split

BIOLASE, Inc. (NASDAQ: BIOL) ("BIOLASE" or the "Company"), today announced that it held its annual meeting of stockholders on April 28, 2022 where the Company's stockholders granted the Board of Directors the discretion to effect a reverse stock split of the Company's common stock at a ratio between 1-to-2 and 1-to-25. Shortly following the annual meeting, the Board of Directors exercised such discretion to effect a 1-for-25 reverse stock split that will become effective at 11:59 p.m. Eastern Time on April 28, 2022, and the Company's common stock will begin trading on a split-adjusted basis at the opening of the market on April 29, 2022.

The 1-for-25 reverse stock split will reduce the number of outstanding shares of Company common stock from approximately 154 million shares to approximately 6.2 million shares. Proportional adjustments will be made to the number of shares of BIOLASE's common stock issuable upon exercise or conversion of BIOLASE's outstanding equity awards and warrants, as well as the applicable exercise price. There will be no change to the total number of authorized shares of Company common stock as set forth in the Restated Certificate of Incorporation of the Company, as amended.

The purpose of the 1-for-25 reverse stock split is to raise the per-share trading price of the Company's common stock to allow for its continuous listing on the Nasdaq Capital Market, among other benefits. The Nasdaq Capital Market requires, among other things, that a listing a company's common stock maintain a minimum bid price of at least $1.00 per share.

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