Why BIOLASE Stock Is Getting Obliterated Thursday
Portfolio Pulse from Henry Khederian
BIOLASE Inc announced the pricing of a $4.5 million underwritten public offering of Series J Convertible Redeemable Preferred Stock and warrants, causing its shares to drop by 38%. The proceeds will be used for working capital and general corporate purposes. Lake Street Capital Markets and Maxim Group are acting as joint bookrunners for the offering.
September 14, 2023 | 2:20 pm
News sentiment analysis
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NEGATIVE IMPACT
BIOLASE's stock price dropped significantly following the announcement of a $4.5 million underwritten public offering. This indicates a negative market reaction to the news.
The announcement of the underwritten public offering has led to a significant drop in BIOLASE's stock price. This is likely due to the dilution of shares that such an offering entails, which can lead to a decrease in the value of existing shares. The market's reaction to this news has been decidedly negative, as evidenced by the 38% drop in the stock's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100