Business
Pulse Biosciences, Inc. Announces Further Details of Oversubscribed Rights Offering
HAYWARD, Calif.--(BUSINESS WIRE)-- Pulse Biosciences, Inc. (Nasdaq: PLSE) (the “Company” or “Pulse Biosciences”), a novel bioelectric medicine company,
About this update from Pulse Biosciences, Inc
[{"type":"text","content":" HAYWARD, Calif.--(BUSINESS WIRE)--\nPulse Biosciences, Inc. (Nasdaq: PLSE) (the “Company” or “Pulse Biosciences”), a novel bioelectric medicine company, announced today further details of its rights offering, which expired on June 8, 2020.\n\n\nBased on a preliminary tabulation by Broadridge Corporate Issuer Solutions, Inc. (the “Subscription Agent”), as of the Expiration Date, the Company received basic subscriptions and over-subscriptions for 7,962,587 units, exceeding the maximum number of up to 4,279,600 units offered in the rights offering at the subscription price of $7.01 per unit. Nearly 80% of basic rights were subscribed, with an additional 107% in over-subscriptions. The dollar value of the total basic subscriptions and over-subscriptions received were almost $56.0 million, well beyond the $30 million offered. Over-subscriptions were allocated to all stockholders who elected to participate based on their pro-rata ownership on the record date, in iterative rounds until all the units in the offering were distributed. The common stock and warrants comprising the units will separate upon the closing of the rights offering and will be issued individually. The Company expects the Subscription Agent to distribute such shares and warrants, as well as the sale proceeds, on or about June 11, 2020.\n\n\n“Thank you to all participating stockholders for a strong demonstration of continued support for the Company and our vision. We were very pleased to see total subscriptions well in excess of the $30 million aggregate value of units offered in the rights offering, with approximately 80% of basic rights subscribed,” said Darrin Uecker, President and Chief Executive Officer of Pulse Biosciences. “We also saw strong insider participation, in addition to participation by our Chairman of the Board of Directors. We are very pleased with these preliminary results and the demonstration of confidence placed in us by our stockholders. We were able to complete this transaction without incurring any banking fees and expect to receive approximately $29.5 million in net proceeds in this offering. This excludes proceeds of up to $4.5 million from the exercise of associated warrants issued.”\n\n\nA registration statement, as amended, relating to the Units was previously filed with the Securities and Exchange Commission (the “SEC”) and declared e...