Biolase Inc. (NASDAQ: NASDAQ:BIOL), a dental laser manufacturer, has been notified by the Nasdaq Stock Market that it is at risk of being delisted. The notification, received on Monday, stated that Biolase's stock has not met the minimum bid price of $1.00 per share over the last 30 consecutive business days as required by Nasdaq's Listing Rule 5550(a)(2).
The company now has until September 3, 2024, to regain compliance with this Bid Price Rule. To achieve this, Biolase's common stock must close at $1.00 per share or higher for at least 10 consecutive business days during the 180-day grace period.
The Nasdaq may, at its discretion, require the company to maintain the bid price for up to 20 consecutive business days to ensure long-term compliance.
If Biolase fails to meet the requirement by the Compliance Date, it may be granted an additional 180 days to remedy the situation. This extension would be contingent on the company's ability to meet all other initial listing standards, except for the bid price, and possibly implementing a reverse stock split.
Previously, on November 14, 2023, Biolase was warned about its non-compliance with other Nasdaq Capital Market listing requirements, including stockholders' equity, market value of listed securities, and net income from continuing operations.
However, on February 16, 2024, the company was found to be in compliance with the stockholders' equity requirement. It must now demonstrate full compliance in its next periodic report for the period ending March 31, 2024, to avoid delisting.
Biolase has expressed its intention to monitor its stock's closing bid price closely and is considering all available options to regain compliance with Nasdaq's requirements. The company's future on the Nasdaq Capital Market hinges on its ability to address these financial challenges within the given timeframe. This information is based on a recent SEC filing by the company.
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