Pulse Biosciences Announces Plans to Initiate a Rights Offering
28 Marzo 2024 - 2:10PM
Business Wire
Pulse Biosciences, Inc. (Nasdaq: PLSE), a company leveraging its
novel and proprietary CellFX® Nanosecond Pulsed Field Ablation™
(nsPFA™) technology, today announced that its Board of Directors
has unanimously approved plans to initiate a rights offering.
The rights offering of up to $60 million worth of units
(“Units”) will be available to all holders of record of the
Company’s common stock, par value $0.01 (the “Common Stock”) as of
the close of the market on a record date in April to be announced
as soon as practicable (the “Record Date”). Each Unit will consist
of one share of Common Stock and warrants to purchase a total of
one share of Common Stock, with each warrant having different
redemption provisions. The subscription price per Unit shall be
equal to the lesser of (i) $10.00 per Unit (the “Initial Price”) or
(ii) the volume weighted average price of the Company’s Common
Stock over the 10 trading days prior to the expiration date of the
offering. The subscription price will determine the final number of
Units issuable, and subsequently the pro rata number of Units to
which stockholders can subscribe. Each warrant will have a per
share exercise price equal to 110% of the subscription price for
the Units. The Company intends to distribute to all holders of
Common Stock as of the Record Date non-transferable subscription
rights to purchase Units at the price provided above.
Assuming that the rights offering is fully subscribed at the
Initial Price, the Company will receive gross proceeds of up to $60
million, less expenses related to the rights offering, and upon
exercise of all of the warrants, would receive additional proceeds
of up to $66 million. The rights offering will include an
over-subscription right to permit each rights holder that exercises
its basic subscription rights in full to purchase additional Units
that remain unsubscribed at the expiration of the offering. The
availability of the over-subscription right will be subject to
certain terms and conditions to be set forth in the offering
documents.
Robert Duggan, the Company’s Executive Chairman and majority
stockholder, has indicated his support for the rights offering and
his intent to participate in the rights offering on the same terms
as all other investors.
The Company intends to register the rights offering with the
Securities and Exchange Commission (the “SEC”) by filing a
prospectus on Form S-3. When available, a copy of the prospectus
may be obtained at the website maintained by the SEC at
www.sec.gov. This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
will there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The rights
offering will be made pursuant to a registration statement on Form
S-3 containing the detailed terms of the rights offering to be
filed with the SEC. Any offer will be made only by means of a
prospectus forming part of the registration statement.
About Pulse Biosciences®
Pulse Biosciences is a novel bioelectric medicine company
committed to health innovation that has the potential to improve
the quality of life for patients. The Company’s proprietary CellFX®
nsPFA™ technology delivers nanosecond pulses of electrical energy
to non-thermally clear cells while sparing adjacent noncellular
tissue. The Company is actively pursuing the development of its
CellFX nsPFA technology for use in the treatment of atrial
fibrillation and in a select few other markets where it could have
a profound positive impact on healthcare for both patients and
providers.
Pulse Biosciences, CellFX, Nano-Pulse Stimulation, NPS, nsPFA,
CellFX nsPFA and the stylized logos are among the trademarks and/or
registered trademarks of Pulse Biosciences, Inc. in the United
States and other countries.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to the effectiveness of the Company’s CellFX
nsPFA technology and CellFX System to non-thermally clear cells
while sparing adjacent non-cellular tissue, statements concerning
the Company’s future fundraising efforts and whether those efforts
will allow the Company to continue current operations as planned,
statements concerning market opportunities, customer adoption and
future use of the CellFX System to address a range of conditions
such as atrial fibrillation, and other future events. These
statements are not historical facts but rather are based on Pulse
Biosciences’ current expectations, estimates, and projections
regarding Pulse Biosciences’ business, operations and other similar
or related factors. Words such as “may,” “will,” “could,” “would,”
“should,” “anticipate,” “predict,” “potential,” “continue,”
“expects,” “intends,” “plans,” “projects,” “believes,” “estimates,”
and other similar or related expressions are used to identify these
forward-looking statements, although not all forward-looking
statements contain these words. You should not place undue reliance
on forward-looking statements because they involve known and
unknown risks, uncertainties, and assumptions that are difficult or
impossible to predict and, in some cases, beyond Pulse Biosciences’
control. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors,
including those described in Pulse Biosciences’ filings with the
Securities and Exchange Commission. Pulse Biosciences undertakes no
obligation to revise or update information in this release to
reflect events or circumstances in the future, even if new
information becomes available.
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version on businesswire.com: https://www.businesswire.com/news/home/20240328732901/en/
Investor Contacts: Pulse Biosciences Kevin Danahy,
President and CEO 510.241.1077 IR@pulsebiosciences.com
Or
Gilmartin Group Philip Trip Taylor 415.937.5406
philip@gilmartinir.com
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