Pulse Biosciences' Rights Offering Raises $83 Million

Pulse Biosciences, Inc. (NASDAQ: PLSE) has announced the successful closing of its rights offering, with impressive results. The company received basic subscriptions and over-subscriptions totaling over $83 million, which is approximately 138% of the $60 million gross proceeds limit in the rights offering. This was achieved through subscriptions from over 800 accounts, including that of the company’s executive chairman, Robert Duggan.

The rights offering resulted in the sale of six million units at a price of $10.00 per unit. Each unit consisted of one share of the company’s common stock, par value $0.001 per share, and two warrants, with a total of 5,999,999 shares of common stock and warrants to acquire up to an additional approximately six million shares of common stock being issued in the offering. The company received aggregate gross proceeds from the rights offering of $60 million. Additionally, there is the potential for the company to receive up to $66 million in gross proceeds through the exercise of warrants issued in the rights offering.

After the issuance of 5,999,999 shares of common stock in the rights offering (excluding up to approximately six million shares of common stock underlying the warrants issued), the company now has 61,228,332 shares of common stock issued and outstanding.

The company plans to use the proceeds from the offering primarily to support further product and clinical development, future regulatory submissions, and commercial readiness of its three leading cellfx nspfa products, namely the percutaneous electrode, cardiac clamp, and 360° cardiac catheter. These devices are designed to deliver significant clinical advantages compared to the current standards of care.

The rights offering was made pursuant to the company’s registration statement on Form S-3, and the company is actively pursuing the development of its cellfx nspfa technology for use in the treatment of atrial fibrillation and in select few other markets where it could have a positive impact on healthcare for both patients and providers. The market has reacted to these announcements by moving the company's shares 1.1% to a price of $11.54. For more information, read the company's full 8-K submission here.

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