Pulse Biosciences, Inc. (Nasdaq: PLSE) (“Pulse” or the
“Company”), a company leveraging its novel and proprietary CellFX®
Nanosecond Pulsed Field Ablation™ (nsPFA™) technology, today
announced that the Company’s Board of Directors has determined a
new record date for the Company’s previously announced rights
offering (the “Rights Offering”), which will be available to all
holders of record of the Company’s common stock, par value $0.001
per share (the “Common Stock”), now as of the close of the market
on Friday, May 31, 2024 (the “Record Date”). This new record date
was changed from the original record date of May 16, 2024.
The Company intends to distribute to all holders of Common Stock
as of the Record Date non-transferable subscription rights to
purchase up to an aggregate of 6,000,000 units (“Units”) at a price
per Unit equal to the lesser of: (i) $10 (the “Initial Price”) and
(ii) the volume weighted average price of the Common Stock for the
ten trading day period through and including the expiration date of
the Rights Offering, now contemplated to be Wednesday, June 26,
2024 (the “Alternate Price”). Only persons who own Company stock on
the May 31, 2024 Record Date will be able to participate in the
Rights Offering. Assuming that the Rights Offering is fully
subscribed, the Company will receive gross proceeds of $60,000,000,
less expenses related to the Rights Offering. As indicated below,
please refer to the Registration Statement on Form S-3, as amended,
for more complete information regarding the planned Rights
Offering.
Each stockholder will receive one subscription right entitling
the holder to purchase a fraction of a Unit for each share of
Common Stock owned at 5:00 p.m., Eastern Time, on the Record Date.
Each Unit shall consist of one share of Common Stock and two
warrants, each being a warrant to purchase one-half of one share of
Common Stock at an exercise price per whole share that shall be
equal to 110% of the per-Unit subscription price (provided, that,
the aggregate number of shares of Common Stock that shall be
issuable upon the exercise of each set of warrants included in a
given subscription for Units shall be rounded up to the nearest
whole share). Each warrant will be exercisable immediately upon
completion of the Rights Offering and will expire on the fifth
anniversary of the completion of the Rights Offering. The
respective warrants will be subject to redemption by the Company
for $0.01 per underlying share of Common Stock, on not less than
thirty (30) days’ written notice, if the volume weighted average
price of our Common Stock equals or exceeds: (i) in respect of one
such warrant, 150% of the exercise price for the warrants, subject
to adjustment, per whole share, for twenty (20) consecutive trading
days, and (ii) in respect of the other such warrant, 200% of the
exercise price for the warrants, subject to adjustment, per whole
share, for twenty (20) consecutive trading days, provided that, in
each case, the Company may not redeem the warrants prior to the
date that is three months after the issuance date. To the extent
that the Alternate Price is lower than the Initial Price, the
Company will sell additional Units, but will not sell fractional
Units.
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, but the Company
will not sell fractional Units. The availability of this
over-subscription right will be subject to certain terms and
conditions to be set forth in the offering documents.
Pulse has filed a registration statement (including a
prospectus) on Form S-3 with the U.S. Securities and Exchange
Commission (the “SEC”) on April 3, 2024, as amended on each of
April 15, 2024, April 23, 2024, April 25, 2024, and April 30, 2024
(the “Registration Statement”), which is now effective. The
Registration Statement covers, among other things, the Rights
Offering to which this communication relates. Before you invest,
you should read the final prospectus in the Registration Statement,
together with any prospectus supplement, that we will file prior to
commencing any Rights Offering, and the documents incorporated by
reference in the prospectus (or any prospectus supplement), as well
as the other documents Pulse has filed with the SEC for more
complete information about Pulse and the Rights Offering. You may
get these documents for free by visiting EDGAR on the SEC’s website
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.
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 be successful or 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/20240520893315/en/
Investor Contacts: Pulse Biosciences, Inc. Burke T.
Barrett, President and CEO IR@pulsebiosciences.com
Or
Gilmartin Group Philip Trip Taylor 415.937.5406
philip@gilmartinir.com
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