Pulse Biosciences, Inc. (NASDAQ: PLSE) disclosed that it has inked a stock purchase deal with Robert W. Duggan for the buying of 3,048,780 shares of the common stock of the firm for $16.40 per share, the last recorded sale price of the common stock of the firm on June 30, 2021, the instantly leading trading day. Robert W. Duggan is an experienced life sciences executive and the Board Chairman of the firm.
Shares of Pulse Biosciences skyrocketed 26.35% as the firm has gained +4.32 at the time of writing on Thursday. The firm has recorded an average volume of 1.52 million as compared to the average volume of 66.94K. In the past 52-weeks of the trading session, the share of the firm oscillated between the 52-week low and high range of $8.76 and $45.82, respectively. The firm has a total market capitalization of $445.26 million at the time of writing.
Furthermore, it has been disclosed that all obligations payable by the firm to Mr. Duggan following the loan agreement between Mr. Duggan and the firm dated as of March 11, 2021, involving the principal balance of $41.0 million and accumulated and outstanding interest of $0.6 million, will be remunerated through the annulment and extinguishment of such obligation and the issuance of the common stock shares in the private placement.
Additionally, Mr. Duggan, who presently holds nearly 46% of the outstanding common stock of the firm, will become the beneficial owner of nearly 51% of the outstanding common stock of the firm after giving effect to the private placement.