Jersey City, New Jersey, October 9th / PRNewswire / -- WallachBeth Capital LLC indicates that biotechnology company bioAffinity Technologies, Inc. (Nasdaq: BIAF, BIAFW) has completed the previously announced direct registration offering. The company develops non-invasive medical solutions for the early detection and monitoring of lung diseases. This offering is directed at one institutional investor, with ordinary shares being issued, or alternatively, pre-financing warrants may be issued in lieu thereof, at a purchase price of $6.122 per share, or $6.115 per pre-financing warrant. It constitutes a direct registration offering priced at the market value in accordance with Nasdaq regulations.
In addition, the company has also completed the previously announced simultaneous private placement. The subject of the placement are warrants that allow for the purchase of up to a total of 980,072 ordinary shares, with an exercise price of $6.122 per share. The exercise price for the pre-financing warrants is $0.007 per ordinary share; the exercise price for the aforementioned warrants is $6.122 per share, and they can be exercised upon shareholder approval, with expiration occurring five years after the date of shareholder approval.
WallachBeth Capital LLC serves as the exclusive placement agent for this issuance.
The company raised a total of approximately $4 million from this issuance, before deducting the placement agency fees and other issuance expenses paid by the company. The company plans to use the net proceeds for working capital, to support the expected growth in sales of its non-invasive lung cancer detection product CyPath ® Lung, as well as for general corporate purposes.
The aforementioned common shares were issued in accordance with the company's previous registration statement filed with the U.S. Securities and Exchange Commission (SEC) under Form S-3, which became effective on November 27, 2023 (file number 333-275608). The issuance of these common shares was conducted solely through a prospectus, which includes supplementary documents to the prospectus that form part of the valid registration statement. The supplementary prospectus documents describing the terms of this direct registration and the accompanying prospectus have been submitted to SEC. Electronic versions of the supplementary prospectus documents and the accompanying prospectus can be obtained after they become available at the website SEC at https://www.sec.gov, or by email [email protected], by calling +1-646-237-8585, or by mail to WallachBeth Capital LLC, Attn : Capital Markets, 185 Hudson St., Suite 1410, Jersey City , NJ 07311, USA to contact WallachBeth Capital LLC.
This press release does not constitute an offer to sell or an invitation to purchase; in any jurisdiction where such an offer, invitation, or sale in accordance with the securities laws of that jurisdiction would be illegal before registration or qualification, no securities sales will be conducted in that jurisdiction.
About WallachBeth Capital LLC:
WallachBeth Capital provides a wide range of capital market and investment banking services in the healthcare sector, connecting corporate clients with leading institutions to support issuers and investors in achieving their financial goals. The company's experience includes initial public offerings (IPOs), subsequent offerings, PIPE financing, private placements, as well as ATM issuances.
Forward-looking Statements
Certain statements in this press release constitute “forward-looking statements” as defined by the federal securities laws. Words such as “may”, “might”, “will”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, “predict”, “forecast”, “plan”, “intend”, and similar expressions regarding intentions, beliefs, or current expectations are considered forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and may result in significant differences between actual results and the current expectations and assumptions expressed or implied in these forward-looking statements. Important factors that could lead to significant differences between actual results and current expectations are discussed in the company’s annual report 10-K for the fiscal year ending December 31, 2025, and in subsequent documents submitted to SEC, including subsequent periodic reports 10-Q and 8-K. Such forward-looking statements are based on facts and conditions existing at the time of the statements, as well as forecasts of future facts and conditions. Although the company believes these forward-looking statements to be reasonable, readers are cautioned not to rely too heavily on them. The information in this press release is as of the date of issuance, and the company assumes no obligation to update any forward-looking statements related to the matters discussed in this press release, unless otherwise required by applicable securities laws.
