Biolase Inc. said its board approved a 1-for-5 reverse stock split to raise its per-share price and regain compliance with Nasdaq listing requirements.
The reverse split will reduce Biolase's outstanding shares to 20,470,047 shares from 102,380,238 shares. The number of Biolase authorized shares of will be reduced to 40 million shares from 200 million.
The stock split will take effect 11:59 p.m. ET on May 10 and the company's stock will start trading on a split-adjusted basis on May 11.
The Irvine, Calif.-based medical equipment maker received a noncompliance notice in August 2017 for failing to meet Nasdaq's $1 minimum bid price requirement for 30 consecutive business days. The company said in February that it secured a 180-day extension to regain compliance.