On December 14, 2018 Pulse Biosciences, Inc. (Nasdaq: PLSE) ("Pulse Biosciences" or the "Company"), a novel medical therapy company bringing to market its proprietary CellFX Nano-Pulse Stimulation (NPS) platform, reported that its rights offering has closed (Press release, Pulse Biosciences, DEC 14, 2018, View Source [SID1234532068]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
The rights offering resulted in the issuance of 3,581,148 shares of the Company’s common stock at a price of $12.5658 per share for total gross proceeds of $45 million to the Company. Investors who have participated in the rights offering should expect to see the shares issued to them in book-entry or, uncertificated, form. Any excess subscription payments received by Broadridge Corporate Issuer Solutions, Inc. (the "Subscription Agent") will be returned by the Subscription Agent to investors by mail, without interest or penalty, through the same method by which they participated in the rights offering. After giving effect to the rights offering, the Company has 20,578,904 shares of common stock issued and outstanding.
Robert W. Duggan, the chairman of the Company’s board of directors and the beneficial owner of approximately 35% of the Company’s outstanding common stock prior to this rights offering, participated in the rights offering and purchased an aggregate of 3,146,226 shares for an additional investment of approximately $39.5 million. After giving effect to the rights offering, Mr. Duggan is the beneficial owner of approximately 44% of the Company’s outstanding common stock.
A registration statement relating to the shares of common stock was previously filed with the Securities and Exchange Commission (the "SEC") and declared effective on November 6, 2018. A prospectus relating to the offering was filed with the SEC on November 19, 2018 and is available on the SEC’s website. Subscription rights that were not exercised by 5:00 p.m. Eastern Time on December 6, 2018 have expired.