JERSEY
CITY, N.J., Oct. 21,
2024 /PRNewswire/ -- WallachBeth Capital LLC, a
leading provider of capital markets and institutional execution
services, announced today that bioAffinity Technologies,
Inc. (Nasdaq: BIAF; BIAFW), a biotechnology
company focused on the need for noninvasive tests for the detection
of early-stage cancer, has closed its previously announced
registered direct offering with institutional investors for the
purchase and sale of 2,048,294 shares (the "Shares") of common
stock at a price of $1.30 per share
and concurrent private placement of common warrants (the
"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. Sichenzia Ross Ference Carmel LLP is counsel to the
placement agent in the offering.
The Shares of common stock were issued in a registered direct
offering pursuant to an effective shelf registration statement on
Form S-3 (File No: 333-275608) previously filed with the U.S.
Securities and Exchange Commission (SEC), under the Securities Act
of 1933, as amended, and declared effective by the SEC on
Nov. 27, 2023. A prospectus
supplement describing the terms of the proposed registered direct
offering will be filed with the SEC and available on the SEC's
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement may be obtained, when available, from
WallachBeth Capital, LLC, via email at cap-mkts@wallachbeth.com, by
calling +1 (646) 237--8585, or by standard mail at WallachBeth
Capital LLC, Attn: Capital Markets, 185 Hudson St., Suite 1410,
Jersey City, NJ 07311,
USA. The private placement of the
Warrants will be made in reliance on an exemption from registration
under Section 4(a)(2) of the Securities Act and/or Regulation D
thereunder. Accordingly, the securities issued in the concurrent
private placement may not be offered or sold 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About WallachBeth Capital LLC:
WallachBeth Capital offers a robust range of capital markets and
investment banking services to the healthcare community, connecting
corporate clients with leading institutions. The firm's experience
includes initial public offerings, follow-on issues, PIPE
offerings, and private transactions.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated use of proceeds from
the Company's offering of securities and the expected closing of
the offering. Forward-looking statements can be identified by words
such as "believes," "expects," "estimates," "intends," "may,"
"plans," "will" and similar expressions, or the negative of these
words. Such forward-looking statements are based on facts and
conditions as they exist at the time such statements are made and
predictions as to future facts and conditions and include the
intended use of proceeds. Readers of this press release are
cautioned not to place undue reliance on any forward-looking
statements. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to risks and uncertainties included under the heading "Risk
Factors" in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2023,
subsequent Quarterly Reports on Form 10-Q filed by the Company and
other reports filed with the SEC from time to time. The Company
does not undertake any obligation to update any forward-looking
statement relating to matters discussed in this press release,
except as may be required by applicable securities laws.
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SOURCE WallachBeth Capital LLC
