bioAffinity Technologies, Inc. announced on October 21, 2024, the closing of its registered direct offering and concurrent private placement, generating gross proceeds of approximately $2.66 million. The offering involved the sale of 2,048,294 shares of common stock at a price of $1.30 per share.
In addition to the common stock, the company issued common warrants to purchase up to 2,662,782 shares of common stock, with an exercise price of $1.50 per common share. These warrants are exercisable upon stockholder approval and will expire five years from that date.
The net proceeds from this financing are designated for general corporate purposes, including working capital. This capital infusion is crucial for supporting the company's ongoing operations and advancing the commercialization of its CyPath® Lung diagnostic test.
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