bioAffinity Technologies closes $4M stock offering on Nasdaq

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) has closed a registered direct offering of common stock and a concurrent private placement, raising approximately $4 million in gross proceeds before placement agent fees and other expenses, according to a press release from WallachBeth Capital LLC.

The shares were sold to an institutional investor at a purchase price of $6.122 per share, or $6.115 per pre-funded warrant, priced at-the-market under Nasdaq rules. The concurrent private placement included warrants to purchase up to 980,072 shares of common stock at an exercise price of $6.122 per share. The pre-funded warrants carry an exercise price of $0.007 per share. The warrants will be exercisable following stockholder approval and will expire five years from that date.

WallachBeth Capital acted as sole placement agent for the offering.

The company stated it intends to use the net proceeds for working capital, to support sales of its CyPath Lung noninvasive lung cancer test, and for general corporate purposes.

The common stock was offered under a shelf registration statement on Form S-3 declared effective by the U.S. Securities and Exchange Commission on November 27, 2023.

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