Pulse Biosciences sells 10.022M shares at $6.51 per share in private placement

Pulse Biosciences announced that it has entered into a stock purchase agreement with Robert Duggan, an experienced life sciences executive and the company’s executive chairman, for the purchase of 10,022,937 shares of the company’s common stock at a price of $6.51 per share, a greater than 1% premium over the last reported sale price of the company’s common stock on April 28, the immediately preceding trading day. Upon the closing of this private placement and sale of these securities, all indebtedness owed by the company to Duggan, including the principal balance of $65M and accrued and unpaid interest of approximately $0.25M, will be cancelled as consideration for the shares. Duggan, who beneficially owns approximately 62% of the company, will become the beneficial owner of approximately 69% of the company after giving effect to the private placement. No warrants will be provided, or other discounts given, to Duggan in the private placement. At the time of Duggan’s original loan to the company in September 2022, the company’s stock was trading under $1.50 per share. The private placement is being facilitated directly by the company. Therefore, no investment banking or placement fees are being incurred by the company. The private placement is expected to close on or about May 8, subject to the satisfaction of customary preclosing conditions. This announcement is neither an offer to sell nor a solicitation to buy any securities, nor shall there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.