BioAffinity Technologies announces closing of $2.6M registered direct offering

BioAffinity Technologies (BIAF) announced it has closed its previously announced registered direct offering with institutional investors for the purchase and sale of 2,048,294 shares of common stock at a price of $1.30 per share and concurrent private placement of common warrants to purchase up to 2,662,782 shares of common stock at an exercise price of $1.50 per common share for gross proceeds of $2,662,782 before deducting placement agent fees and other offering expenses payable by the company. The Warrants are initially exercisable on the date that the company’s stockholders approve the exercise of the Warrants and the issuance of the shares upon exercise thereof and will expire five years from the date of such approval. The company intends to use the net proceeds from the offering for general corporate purposes, including using funds for working capital. WallachBeth Capital acted as sole placement agent for the offering.