Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on January 11, 2023, BIOLASE, Inc. (the "Company")
received a deficiency notification from The Nasdaq Stock Market LLC ("Nasdaq")
indicating that the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per share required
for continued listing under Nasdaq Listing Rule 5550(a)(2). The Company was
provided a 180 calendar day grace period, or until July 10, 2023, to regain
compliance with the Rule.
On June 8, 2023, the Company was notified by the Listing Qualifications Staff
(the "Staff") of Nasdaq that the Company did not meet the minimum closing bid
price requirement of $1.00 for continued listing, as set forth in Nasdaq Listing
Rule 5550(a)(2), as the Staff has determined that as of June 8, 2023, the
Company's securities had a closing bid price of $0.10 or less for ten
consecutive trading days, from May 24, 2023 through June 7, 2023. As such, the
Staff has determined to delist the Company's common stock from the Nasdaq
Capital Market and to suspend trading of the common stock at the opening of
business on June 20 2023, and file a Form 25-NSE with the Securities and
Exchange Commission, unless the Company timely requests a hearing on an appeal
of this determination by the Staff before the Nasdaq Hearings Panel, which will
stay the suspension of the Company's common stock pending the panel's decision.
The Company plans to timely submit a hearing request to Nasdaq's Hearings
Department.
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