Biolase (BIOL) Announces Commencement of Rights Offering Subscription Period

BIOLASE, Inc. (NASDAQ: BIOL), a global leader in dental lasers, today announced that the subscription period for the rights offering has commenced. If exercising subscription rights through a broker, dealer, bank or other nominee, rights holders should promptly contact their nominee and submit subscription documents and payment for the units subscribed for in accordance with the instructions and within the time period provided by such nominee. The broker, dealer, bank or other nominee may establish a deadline before July 15, 2020, by which instructions to exercise subscription rights, along with the required subscription payment, must be received.

All record holders of rights that wish to participate in the rights offering must deliver a properly completed and signed subscription rights statement, together with payment of the subscription price for both basic subscription rights and any over subscription privilege election, to the Subscription Agent, to be received before 5:00 PM Eastern Time on July 15, 2020. The Subscription Agent is:

By mail, or overnight courier:

Computershare Trust Company, N.A.Corporate Actions Voluntary Offer; COY: BLTY150 Royall St. Suite VCanton MA 02021

Under the rights offering, BIOLASE will distribute one non-transferable subscription right for each share of common stock and each warrant issued in a private placement transaction that was consummated on June 10, 2020 (on an as-if-converted-to-common-stock basis) held on the Record Date (July 1, 2020). Each subscription right will entitle the holder to purchase one unit, at a subscription price of $1,000 per unit, consisting of one share of the Company's newly created Series F Convertible Preferred Stock with a face value of $1,000 (and immediately convertible into shares of BIOLASE's common stock at a conversion price of $0.40 per share) and 2,500 warrants to purchase BIOLASE's common stock with an exercise price of $0.40 per share. The warrants will be exercisable for 5 years after the date of issuance.

BIOLASE has engaged Maxim Group LLC, The Benchmark Company, LLC and Colliers Securities LLC as joint dealer-managers for the proposed rights offering. Questions about the rights offering or requests for copies of the preliminary and final prospectuses, when available, may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at [email protected] or telephone at (212) 895-3745.

The Company's registration statement on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (SEC) on July 1, 2020. The prospectus relating to and describing the terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC's web site at http://www.sec.gov.

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