Why Pulse Biosciences Stock Moved Higher Thursday

Shares of Pulse Biosciences (NASDAQ: PLSE) jumped 20.6% on Thursday when the company entered into an agreement to sell more than 3 million shares to billionaire Robert Duggan, who is Pulse's board chairman, at $16.40 per share.

The move cancels $41.6 million in debt Pulse owed to Duggan, and he goes from 46% ownership of the company to a controlling 51%. The stock climbed 20.6%, opening at $17.25, and closed at $20.82 after rising as high as $24.40 during the day.

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Source Fool.com