Pulse Biosciences opens $85M stock-selling facility with Mizuho
What's the deal? Pulse Biosciences has entered a new at-the-market (ATM) equity distribution agreement with MizuhoDealroom has a profile for this one. Try Dealroom → Securities USA LLC to sell up to $85 million in common stock, according to a Form 8-K filing dated September 15, 2026. Under an ATM programme, a company sells shares gradually into the open market at prevailing prices rather than in a single block.
The terms: MizuhoDealroom has a profile for this one. Try Dealroom → will earn a commission of up to 3% of the gross sales price on shares sold, the filing said. Sales can run through broker transactions on The Nasdaq Capital Market, market makers, block trades, or negotiated deals.
Why now? On September 14, 2026, Pulse Biosciences terminated a prior ATM agreement with TD Securities (USA) LLCDealroom has a profile for this one. Try Dealroom →, which had up to $1 million in shares unsold at termination. The new facility replaces it and expands the company's capacity to raise capital.
What's the track record? An earlier August 6, 2026 agreement with Mizuho already produced results: Pulse Biosciences issued and sold 1,379,925 shares for roughly $68.8 million as of September 14, 2026. Baker & Hostetler LLPDealroom has a profile for this one. Try Dealroom → provided the legal opinion confirming those issuances.
The fine print: The offering runs under a Form S-3 registration statement effective February 27, 2026, with a prospectus supplement filed September 15, 2026. The company stressed it has no obligation to sell any shares and may suspend offers at any time.
The signal: ATM programmes give companies flexible, on-demand access to capital without the disruption of a traditional raise. At $85 million, this is a modest facility — sitting in the lower quartile by size — but the rapid follow-on to a $68.8 million August round signals Pulse Biosciences is keeping its funding pipeline open and topped up.
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