Pulsenmore Ltd. (NASDAQ:PLSM) stock fell in Friday’s premarket session after the company announced a $7.5 million private placement, extending a pullback that followed a sharp rally earlier this week.
Pulsenmore $7.5 Million Private Placement
The Ramat Gan, Israel-based home ultrasound company said it entered into a securities purchase agreement with a single healthcare-focused institutional investor.
The agreement includes the sale of 1,562,500 ordinary shares and warrants to purchase up to 1,562,500 additional ordinary shares at a combined price of $4.80 per share. Pulsenmore said the offering price is above the Nasdaq minimum price required under exchange rules.
The company expects gross proceeds of about $7.5 million before fees and expenses. The transaction is expected to close on Friday, subject to customary closing conditions.
Funds To Support U.S. Expansion
Chief Executive Officer Elazar Sonnenschein said the financing will support the company’s next phase of growth by expanding its commercial presence, particularly in the U.S. market, increasing market penetration, and advancing strategic initiatives.
Pulsenmore said it plans to use the net proceeds for marketing, commercialization activities, and general working capital.
Pulsenmore Stock Gives Back Part Of Earlier Rally
The decline comes after Pulsenmore shares surged more than 200% in Wednesday’s premarket session following the company’s partnership announcement with Ouma Health.
The companies said they will integrate Pulsenmore’s FDA-authorized home ultrasound platform into Ouma Health’s virtual maternity care model across the United States.
PLSM Stock Price Activity: Pulsenmore shares were down 9.41% at $5.345 during premarket trading on Friday, according to Benzinga Pro data.
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