bioAffinity Technologies Announces Closing of $4M Private Placement Offering Priced At-the-Market Under Nasdaq Rules
bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company focused on noninvasive diagnostics and early cancer detection, today announced that it has closed its previously announced private placement priced at-the-market under Nasdaq rules for the purchase and sale of pre-funded warrants to purchase an aggregate of 8,462,027 shares of common stock. The combined effective offering price for each pre-funded warrant and accompanying two warrants to be issued is $0.4657. The pre-funded warrants will have an exercise price of $0.007 per share of common stock, and the warrants will have an initial exercise price of $0.4727 per share, will be exercisable following stockholder approval, and will expire five years from the date of issuance.
The gross proceeds to the Company from the offering are estimated to be approximately $4.0 million before deducting the placement agent's fees and other estimated offering expenses.
WallachBeth Capital LLC acted as the sole placement agent in connection with the offering.
The offer and sale of the foregoing securities are being made in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and/or Regulation D promulgated thereunder, and the securities have not been registered under the Securities Act or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company will provide customary registration rights for the shares of common stock underlying the warrants, subject to the terms of the definitive transaction documents.
