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Item 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
On June 17, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) notified BIOLASE, Inc. (the “Company”) that the Nasdaq Hearings Panel (the “Panel”) has determined to delist the Company’s common stock and that trading of the Company’s securities will be suspended at the open of trading on June 20, 2024.
As previously reported, the Nasdaq Listing Qualifications Staff (the “Staff”) notified the Company that it was in violation of the bid price requirement of Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) and the equity requirement in Listing Rule 5550(b)(1) (the “Equity Rule”) or any of the alternative requirements in Listing Rule 5550(b).
The Company appeared before the Panel on June 4, 2024. At the hearing, the Company’s senior management and outside advisors outlined the Company’s compliance plan for the Panel, which included the Company’s plans to regain compliance with the Bid Price Rule (i.e., meet the minimum closing bid price requirement of $1.00) and the Equity Rule (i.e., maintain a stockholders’ equity of at least $2.5 million).
In connection with the Nasdaq delisting notice, Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the “SEC”) after applicable appeal periods have lapsed. In the interim, the Company’s common stock is expected to begin trading under its current trading symbol “BIOL” on the OTC Markets system effective with the open of the markets on June 20, 2024.
The Company has 15 days after the date it received notice of the Panel’s decision (which is July 2, 2024) to request in writing that the Nasdaq Listing and Hearing Review Council (the “Council”) review the decision. In addition, the Council may, on its own motion, determine to review the Panel’s decision within 45 calendar days after the Company was notified of the decision.
The Company has submitted an application to the OTCQB for quotation of its common stock, and plans to continue to file its required periodic reports and other filings with the SEC.
Item 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
On June 17, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) notified BIOLASE, Inc. (the “Company”) that the Nasdaq Hearings Panel (the “Panel”) has determined to delist the Company’s common stock and that trading of the Company’s securities will be suspended at the open of trading on June 20, 2024.
As previously reported, the Nasdaq Listing Qualifications Staff (the “Staff”) notified the Company that it was in violation of the bid price requirement of Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”) and the equity requirement in Listing Rule 5550(b)(1) (the “Equity Rule”) or any of the alternative requirements in Listing Rule 5550(b).
The Company appeared before the Panel on June 4, 2024. At the hearing, the Company’s senior management and outside advisors outlined the Company’s compliance plan for the Panel, which included the Company’s plans to regain compliance with the Bid Price Rule (i.e., meet the minimum closing bid price requirement of $1.00) and the Equity Rule (i.e., maintain a stockholders’ equity of at least $2.5 million).
In connection with the Nasdaq delisting notice, Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the “SEC”) after applicable appeal periods have lapsed. In the interim, the Company’s common stock is expected to begin trading under its current trading symbol “BIOL” on the OTC Markets system effective with the open of the markets on June 20, 2024.
The Company has 15 days after the date it received notice of the Panel’s decision (which is July 2, 2024) to request in writing that the Nasdaq Listing and Hearing Review Council (the “Council”) review the decision. In addition, the Council may, on its own motion, determine to review the Panel’s decision within 45 calendar days after the Company was notified of the decision.
The Company has submitted an application to the OTCQB for quotation of its common stock, and plans to continue to file its required periodic reports and other filings with the SEC.
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Seraphicall : Am out at .191. Was in last night at .143 good 30% gains hehe
Trytosaveabit OP Seraphicall : That’s awesome! Nicely done!
Seraphicall Trytosaveabit OP : Luck. Damn this delist news
Trytosaveabit OP Seraphicall : Yeah the news sux and I lay it at the feet of SS’s! But as far as luck! What’s it matter so long as you get out green! I don’t care whether a good trade was luck or skill on my part. As long as I get out green! Hehehe
Seraphicall Trytosaveabit OP : That’s so true!
Hernandez610 : Do you think it will go up again? Or all the way down from now on
Trytosaveabit OP Hernandez610 : It’s hard to say what it will do once it’s trading on OTC market! Its possible it could get a last minute price increase before 8PM est this evening? But if it don’t! It will next be trading on OTC market Thursday! GL