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Biolase Drops 41% After Offering

Tries to raise $4.5 million for working capital

Shares of Lake Forest-based Biolase Inc. (Nasdaq: BIOL), a maker of dental lasers, fell 41% today after announcing a $4.5 million public offering.

The company offered Series H stock that can be converted for 13.98 cents each. The offering is expected to close on May 26.

Biolase intends to use the $4.5 million in gross proceeds for working capital and for general corporate purposes.

Shares fell to 8 cents each and a $2.5 million market cap. The shares are now down 99% from their 52-week high of $5.94 last August.

Lake Street Capital Markets LLC and Maxim Group LLC are acting as joint book-runners for the offering.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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