The premarket trading period is often a good time for investors to get a fair idea about the market and this morning, the BIOLASE Inc (NASDAQ:BIOL) stock could be the one to watch.
On Tuesday, BIOL stock fell 4.78% to $0.42 with 7.13 million shares, compared to its average volume of 2.03 million shares. The stock has moved within a range of $0.4150 – 0.4478 after opening trade at $0.43. However, the stock up over 16% in the pre-market session.
Grants BIOLASE 180-Day Extension To Meet Minimum Bid Price Requirement And Enters Into Favorable Credit Agreement Amendment
After the dental lasers company made a key announcement yesterday, the BIOLASE stock has been on the move in a big way during the premarket period today and at the time of writing, it has managed to clock gains of as much as 14%. Yesterday the company announced that it had received a written notification sent in by the Listing Qualifications Department of the NASDAQ. In the notification, the department granted the request from BIOLASE for a 180 day extension within which it seeks to regain compliance with the minimum bid price requirement rules of the exchange.
It was, without a doubt, a significant development for the company and investors have been reacting to the news positively. BIOLASE would not have up until May 23, 2022 to regain compliance with the rules. More importantly, it is also necessary to keep in mind that the stock is going to continue to keep trading on NASDAQ and is currently there is no immediate threat of being delisted from the exchange.
“The 180-day extension from NASDAQ gives us more time to demonstrate the success of our growth strategy, which has delivered stellar results over the past three quarters, and for the financial community to acknowledge and value the opportunity we have ahead,” commented John Beaver, President and Chief Executive Officer of BIOLASE. “Additionally, the amendment to our loan with SWK demonstrates its belief in our ability to deliver continued strong growth as new customers adopt our market-leading dental lasers.”
BIOL stock is trading below the 20-Day and 50-Day Moving averages of $0.52 and $0.59 respectively. Moreover, the stock is below 200-Day moving average of $0.72. The stock is down 26% in the past month.