The offering features up to $60 million in the form of “units” available to all holders of the company’s common stock. Each unit consists of one share of common stock and warrants to purchase a total of one share of common stock.
Hayward, California-based Pulse Biosciences set its subscription price per unit equal to the lesser of $10 per unit or the volume-weighted average price of its common stock over the 10 days prior to the expiration date of the offering. Each warrant features a per share exercise price equal to 110% of the subscription price for the units.
Pulse Biosciences plans to distribute the rights to purchase units to all holders of its common stock. It expects gross proceeds of up to $60 million. Executive Chair and majority stockholder Robert Duggan indicated his support for the rights offering. He plans to participate in the offering on the same terms as all other investors, according to a news release.
The company declined to disclose any intended use of proceeds. It develops the CellFX nanosecond pulsed field ablation (nsPFA) system. Its percutaneous electrode system enables the ablation of soft tissue in percutaneous and intraoperative surgical procedures.
