04:56 PM EDT, 06/18/2024 (MT Newswires) -- Biolase ( BIOL ) said, late on Tuesday, that it received a delisting notification from the Nasdaq Stock Market because of a failure to satisfy the $1 minimum bid price listing requirement.

The delisting notice was also issued as a result of the company's failure to comply with the $2.5 million minimum stockholders' equity requirement, the company said.

The trading suspension will come into force on June 20.

Biolase ( BIOL ) said it expects its common stock to begin trading on the OTC Markets Group platform on June 20 under the 'BIOL' ticker symbol.

Shares of the company slumped 13% in after-hours activity.

Price: 0.1123, Change: -0.02, Percent Change: -12.95