BIOLASE Technology, Inc. (BIOLASE), a dental devices company, has received a deficiency letter from NASDAQ on March 23, 2009. The deficiency letter states that the company is not in compliance with The NASDAQ Global Market Marketplace minimum stockholders' equity continued listing requirement of $10 million. The stockholders' equity of the company was around $9.4 million as of December 31, 2008.
BIOLASE can either submit a detailed plan of compliance by April 7, 2009, advising NASDAQ of the action BIOLASE has taken, or plans to take, that will bring it into compliance or apply to transfer to the NASDAQ Capital Market. The NASDAQ Capital Market has minimum stockholders’ equity requirements of $2.5 million. The company believes that, as of March 26, 2009, it is in compliance with all of the requirements for listing with the NASDAQ Capital Markets.
If the company chooses to submit a plan of compliance and NASDAQ does not accept the company’s plan, NASDAQ may then start delisting proceedings from the NASDAQ Global Market, at which time BIOLASE may appeal NASDAQ’s determination to a Listing Qualifications Panel.