SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF and BIAFW) has announced a new financing deal with institutional investors, involving the sale of shares and warrants expected to generate gross proceeds of around $2.5 million.
The transaction includes 1.6 million shares of common stock and equal number of common warrants, with the share purchase priced at $1.5625 and warrants exercisable at $1.64 per share.
The offering, set to close around March 8, 2024, is contingent on customary closing conditions. The warrants, part of a private placement, become exercisable upon shareholder approval and will expire five years from that date.
WallachBeth Capital is serving as the sole placement agent for the offering. The shares are being offered through a previously filed and effective shelf registration statement with the SEC. The related prospectus supplement will be available on the SEC's website.
The private placement of common warrants relies on an exemption from registration requirements, meaning the securities cannot be sold in the U.S. without either an effective registration statement or an applicable exemption.
bioAffinity Technologies focuses on noninvasive early-stage cancer diagnostics and treatments, with its first product, CyPath® Lung, demonstrating high sensitivity and accuracy for early-stage lung cancer detection. The company is also engaged in research and optimization of its platform technologies.
This financial move aims to support the company's growth and development, although the specific use of proceeds has not been detailed. Investors are advised that the press release contains forward-looking statements, and actual results may differ due to various risks and uncertainties.
The information in this article is based on a press release statement from bioAffinity Technologies.
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