08:43 AM EDT, 06/28/2024 (MT Newswires) -- Pulse Biosciences ( PLSE ) said on Friday that the preliminary results of its rights offering set the final subscription price for the units at $10 each.

The company said each unit includes one share of common stock and two warrants, each warrant allowing the purchase of half a share at $11 per whole share.

The warrants are exercisable immediately and expire five years after the rights offering's completion, the company said. It added that half of the warrants can be redeemed if the stock price exceeds $16.50 for 20 consecutive trading days and the other half if the price exceeds $22 for the same duration.

The company expects to receive $60 million from the rights offering, with potential additional proceeds of up to $66 million from warrant exercises.

Shares of the drug developer rose more than 8% in premarket trading.

Price: 11.99, Change: +0.98, Percent Change: +8.90