Robert W. Duggan Increases Stake in Pulse Biosciences to 71.9% via ATM Offering

Robert W. Duggan filed Amendment No. 17 to his Schedule 13D for Pulse Biosciences, Inc. (PLSE) on May 13, 2026, reporting an increased beneficial ownership position. As of May 11, 2026, Mr. Duggan beneficially owns 49,706,423 shares, representing approximately 71.9% of the company. This total includes 256,078 shares underlying exercisable options and shares held through his controlled entities, Genius 24C Inc (630,109 shares) and Blazon Corporation (450,189 shares). The increase was primarily driven by the purchase of 660,233 shares on May 11, 2026, at a price of $19.69 per share. These shares were acquired through the company's at-the-market (ATM) equity offering program. The aggregate purchase cost for Mr. Duggan's total holdings is approximately $414.7 million, funded largely through personal capital. Mr. Duggan continues to serve as a significant insider and director, and while he disclaims beneficial ownership of shares held by his spouse, Dr. Maky Zanganeh, he remains the dominant majority shareholder of the issuer.