Biolase pummeled on solvency concerns; reduces S-3 registration from $30M to $5M

Biolase (BIOL -33%) gets hammered on solvency concerns after saying that it's reducing its registration statement from $30M to $5M due to an unwarranted amount of confusion in the marketplace since filing its S-3 on July 26.

The announcement comes just after Comerica Bank (CMA) agrees to waive its requirement that BIOL earn at least $500K EBITDA.

BIOL reported a net loss of $2.6M (EBITDA) for Q2 2013.

Under the terms of the waiver, the two companies agreed on a further amendment to the loan agreement containing revised financial covenants by September 13.

They also agree that until Sept 13, BIOL cannot extend its loan facility by more than $7.5M.

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