On December 7, 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 reported the completion of its rights offering, which expired at 5:00 p.m. Eastern Time on December 6, 2018 (the "Expiration Date") (Press release, Pulse Biosciences, DEC 7, 2018, View Source [SID1234531940]).
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In accordance with the pricing structure of the rights offering described in the prospectus relating to the offering, Pulse Biosciences has determined that the final subscription price per share for the shares offered in the rights offering is $12.5658 per share, which is the volume weighted average price of the Company’s common stock as calculated for the five-trading day period through and including the Expiration Date.
Based on a preliminary tabulation by Broadridge Corporate Issuer Solutions, Inc. (the "Subscription Agent"), as of the Expiration Date, the Company had received basic subscriptions and over-subscriptions for a total of 4,023,779 shares, exceeding the 3,581,148 shares offered in the rights offering, subject to adjustment upon expiration of the guaranteed delivery period. Available shares will be distributed proportionately among rights holders who exercised their over-subscription right based on the number of shares each rights holder subscribed for under the basic subscription right, in accordance with the procedures described in the prospectus relating to the rights offering. The Company expects the Subscription Agent to distribute the shares and the sale proceeds on or about December 14, 2018.
"We are pleased with the results of the rights offering," said Darrin Uecker, President and Chief Executive Officer of Pulse Biosciences. "The rights offering offered our stockholders an opportunity to participate in this important financing that will enable us to continue progress towards our goal of commercializing our proprietary CellFX Nano-Pulse Stimulation platform, initially in aesthetic dermatology. We remain committed to building a viable company and to stockholder value, and look forward to updating you on our progress as we continue to generate important results in the future."
The Company will receive aggregate gross proceeds from the rights offering of $45 million. The results of the rights offering, including the allocation of shares to be issued in the rights offering, are preliminary and subject to change pending the expiration of the guaranteed delivery period under the offering and finalization of subscription procedures by the Subscription Agent.
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.