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.