bioAffinity Technologies raises $1.2 million in private placement

bioAffinity Technologies Inc. (NASDAQ: BIAF) completed a private placement and warrant inducement transaction expected to generate approximately $1.2 million in gross proceeds, according to a press release statement.

The biotechnology company entered into securities purchase agreements with institutional and accredited investors for 990 shares of Series B Convertible Preferred Stock and warrants to purchase approximately 6.7 million shares of common stock.

The preferred shares carry a stated value of $1,000 per share and are initially convertible into approximately 4.3 million common shares at a conversion price of $0.23 per share. The private placement warrants have an initial exercise price of $0.352 per share and expire five years from the original exercise date.

Separately, the company entered into a warrant exercise agreement with an existing investor to exercise outstanding warrants for 450,000 shares issued in August 2024 and 650,000 shares issued in October 2024. This warrant inducement reduced exercise prices from $1.50 and $1.25 respectively to $0.23 per share, generating approximately $253,000 in cash proceeds.

The investor received new warrants to purchase up to 1.43 million common shares at $0.352 per share in exchange for exercising the existing warrants.

The closing was expected to occur on or about August 14, 2025, subject to customary closing conditions. The company plans to use net proceeds for working capital and general corporate purposes.

WallachBeth Capital LLC served as sole placement agent for the private placement and financial advisor for the warrant inducement. The company agreed to file a registration statement with the SEC covering resale of the underlying common shares within 15 calendar days after closing.

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