BIOLASE, Inc. (BIOL) stock is on +14.55% rise premarket floating at $1.26 as of 08:54 a.m. EST. Yesterday, the medical device provider reported that it has achieved conformity with the minimum bid price criteria of the Nasdaq Listing Rules necessary to continue Nasdaq listing.
What does the company do?
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In dentistry and medicine, BIOLASE is a medical technology company that designs, produces, commercializes laser devices. The products of BIOLASE improve dentistry and health care practice for patients and hospital clinicians. BIOLASE’s patented laser devices integrate approximately 271 patented and 40 patent-pending technology intended to offer fewer discomfort and quicker recovery times with clinically and biologically greater effectiveness.
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In December, NASDAQ has issued a notice to BIOLASE intimating that it did not meet the Minimum Price Bid Requirement because the company’s closing bid price per share was below $1.00 over a span of 30 consecutive trading days. But now in its recent letter, NASDAQ staff determined that the closing bid price of the common stock of BIOLASE has been $1.00 a share or better for the last ten successive business days, from January 21, 2021, to February 3, 2021. In light of that NASDAQ confirmed that the company has resumed compliance with the Minimum Bid Price Provision, and the matter is now closed.
BIOLASE has also canceled its Special Meeting of Stockholders scheduled for February 16, 2021, after receiving the NASDAQ letter. The Company is no longer trying to seek shareholder approval to execute a reverse split of the Company’s outstanding shares of Common Stock at this time in the context of regaining compliance with the Minimum Bid Price Requirement.
BIOLASE announced its unaudited preliminary revenue results late last month for the fourth quarter ended 31 December 2020. At the time company not only announced its current cash position, which came to approximately $25 million, but also provided the resources to implement its revenue growth strategy. For the reported quarter, the company was expecting total revenue of between $8.2 million to $8.5 million, a representation of sequential growth of 26-31%. Moreover, the company continued the trend generating 78% of the sales from new users.