Pulse Biosciences, Inc. Announces Planned Redemption of Warrants
May 10 2023 - 9:29AM
Business Wire
Pulse Biosciences, Inc. (Nasdaq: PLSE), a company leveraging its
novel and proprietary nanosecond pulsed field ablation (nsPFA™)
technology for the treatment of atrial fibrillation, today
announced that it intends to deliver an irrevocable notice of
redemption, on or about May 15, 2023, to redeem all of the common
stock warrants that were issued as part of its June 9, 2022 rights
offering which are still outstanding as of June 16, 2023 (the
“Redemption Date”). These outstanding common stock warrants (the
“Warrants”), which were issued pursuant to the Company’s
Registration Statement on Form S-3, as amended (File No.
333-246346), may be exercised by the holders thereof until 6:30
p.m., Eastern time, on the Redemption Date, at the exercise price
of $2.05 per share of Company common stock, $0.001 par value per
share (the “Common Stock”). Any Warrants not exercised before 6:30
p.m., Eastern time, on June 16, 2023, will be redeemed by the
Company for $0.01 per Warrant (the “Redemption Price”).
Under the terms of the Warrants, the Company has the right to
redeem all of the outstanding Warrants if the VWAP (as defined in
the Warrants) exceeds $4.10 per share for twenty (20) consecutive
trading days at least three months after the date that the Warrants
were issued. This requirement was met for each of the twenty
consecutive trading days preceding May 9, 2023. Over this period,
the Company had an average last reported sale price of $6.77.
Any Warrants that remain unexercised at 6:30 p.m., Eastern time,
on the Redemption Date, will be void and no longer exercisable, and
the holders of those Warrants will be entitled to receive only the
Redemption Price of $0.01 per Warrant.
The Company received aggregate gross proceeds of $15 million
from its rights offering, which was completed in June 2022, and the
Company will receive an additional $15 million of gross proceeds,
if all the Warrants are exercised prior to the Redemption Date.
None of the Company, its board of directors or employees has
made or is making any representation or recommendation to any
holder of the Warrants as to whether to exercise or refrain from
exercising any Warrants.
A registration statement, as amended, relating to the rights
offering was previously filed with the Securities and Exchange
Commission (the “SEC”) and declared effective on August 21, 2020. A
prospectus relating to the offering was filed with the SEC on May
4, 2022 and supplemented on May 19, 2022 and is available on the
SEC’s website.
The Company will post a copy of the notice of redemption being
sent to the holders of the Warrants on its investor relations
website at investors.pulsebiosciences.com.
Questions concerning redemption and exercise of the Warrants can
be directed to Broadridge Corporate Issuer Solutions, LLC, Attn:
BCIS Re-Organization Dept., P.O. Box 1317, Brentwood, NY
11717-0718, telephone number (877) 830-4936.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of the Company’s securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
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
Nanosecond Pulsed Field Ablation (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 nsPFA technology for use in the
treatment of atrial fibrillation as well as a select few other
opportunities currently served by alternative established ablation
procedures. Visit pulsebiosciences.com to learn more.
Pulse Biosciences, CellFX, Nano-pulse Stimulation, NPS, 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 Company’s planned redemption of
outstanding warrants, statements concerning its expected product
development efforts, statements about its Nanosecond Pulsed Field
Ablation (nsPFA) technology to non-thermally clear cells while
sparing adjacent noncellular tissue, as well as statements
concerning customer adoption and future use of the CellFX System to
address a range of conditions such as atrial fibrillation. 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/20230510005638/en/
Investor Contacts: Pulse Biosciences Kevin Danahy, CEO
510.241.1077 IR@pulsebiosciences.com or Gilmartin Group Philip Trip
Taylor 415.937.5406 philip@gilmartinir.com
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