A South Korean dental implant company was approved by a judge to acquire Biolase's assets for more than $20 million.
Six notes:
1. Biolase initiated Chapter 11 bankruptcy proceedings in October and entered a $14 million purchase agreement to sell nearly all of its assets to dental technology company Sonendo.
2. The sale to Sonendo was subject to court approval, with other bidders allowed to submit offers as well.
3. In a 10-Q form filed with the Securities and Exchange Commission Nov. 7, Biolase said the winning bid came from MegaGen Implant Co., a South Korean-based dental implant company, while Sonendo's offer was named the backup bid.
4. MegaGen agreed to buy Biolase's assets for $20,050,000, according to court documents.
5. MegaGen Implant also plans to form a U.S. subsidiary to complete the transaction.
6. A judge approved the sale Nov. 15.