Why BIOLASE Stock Is Getting Hammered During Tuesday's Session

BIOLASE Inc BIOL shares are trading lower by 46.25% to $0.37 Tuesday morning after the company announced pricing of a $9.75 million offering.

BIOLASE says the underwritten public offering consisting of 16,453,569 shares of its common stock and pre-funded warrants to purchase 11,403,571 shares of common stock will be at a public offering price of $0.35 per share or $0.34 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.01 per share, are exercisable immediately, and will not expire until exercised.

The offering is expected to close on January 12, subject to customary closing conditions. BIOLASE intends to use the net proceeds from the offering for working capital and for general corporate purposes.

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According to data from Benzinga Pro, BIOL has a 52-week high of $10.84 and a 52-week low of $0.36.