Pulse Biosciences Reaches $75M Equity Offering Agreement With Mizuho

Pulse Biosciences has established an at-the-market (ATM) equity distribution agreement with Mizuho Securities USA. This agreement provides the company the flexibility to raise up to $75 million through the sale of its common stock. The arrangement allows the medical technology firm to tap into capital markets on a commercially reasonable efforts basis, though it remains under no obligation to issue any shares.

"The company is not obligated to sell any shares under the agreement and retains the right to suspend solicitations and offers at any time," according to the terms filed with the SEC.

Agreement Structure and Commission

Under the terms of the agreement, Mizuho Securities acts as the sales agent for the issuance. For any common stock sold through this facility, the bank is entitled to a commission of up to 3.0% of the gross sales price.

This structure offers Pulse Biosciences a tool for capital management. A traditional underwritten offering typically involves a set price and a compressed timeframe for selling a specific block of shares. By contrast, an ATM program allows the company to sell shares incrementally over time at prevailing market prices. Companies use this method to minimize the immediate price impact of a large share issuance on their stock.

Market Performance and Financial Context

As of September 18, 2026, Pulse Biosciences (PLSE) stock was trading at $53.87, representing a 6.44% increase for the day.

The ability to access $75 million in additional equity capital provides the company with liquidity to support its research, development, and commercial operations. Because the agreement is non-binding, the company retains full control over the timing and volume of any sales. This allows it to bypass the market if it determines that current share prices or capital needs do not warrant issuance.