Pulse Biosciences announces $60M rights offering

Pulse Biosciences announced that its board has unanimously approved plans to initiate a rights offering. The rights offering of up to $60M worth of units will be available to all holders of record of the company’s common stock as of the close of the market on a record date in April to be announced as soon as practicable. 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 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. 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.