Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 11, 2023, BIOLASE, Inc. (the "Company") received a deficiency letter
from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock
Market ("Nasdaq") notifying the Company that, for the last 30 consecutive
business days, ending on January 10, 2023, the bid price for the Company's
common stock had closed below the minimum $1.00 per share requirement for
continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5550(a)(2) (the "Bid Price Rule"). In accordance with Nasdaq rules, the Company
has been provided an initial period of 180 calendar days, or until July 10, 2023
(the "Compliance Date"), to regain compliance with the Bid Price Rule. If, at
any time before the Compliance Date, the bid price for the Company's common
stock closes at $1.00 or more for a minimum of 10 consecutive business days, the
Staff will provide written notification to the Company that it complies with the
Bid Price Rule. If the Company does not regain compliance with the Bid Price
Rule by the Compliance Date, the Company may be eligible for an additional 180
calendar day compliance period. To qualify, the Company would need to provide
written notice of its intention to cure the deficiency during the additional
compliance period, by effecting a reverse stock split, if necessary, provided
that it meets the continued listing requirement for the market value of publicly
held shares and all other initial listing standards, with the exception of the
bid price requirement. If the Company does not regain compliance with the Bid
Price Rule by the Compliance Date and is not eligible for an additional
compliance period at that time, the Staff will provide written notification to
the Company that its common stock may be delisted. At that time, the Company may
appeal the Staff's delisting determination to a NASDAQ Listing Qualifications
Panel. The Company intends to monitor the closing bid price of its common stock
and may, if appropriate, consider available options to regain compliance with
the Bid Price Rule.
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