JERSEY
CITY, N.J., Feb. 26,
2025 /PRNewswire/ -- WallachBeth Capital LLC, a
leading provider of capital markets and institutional execution
services, announced today that – bioAffinity Technologies, Inc.
(NASDAQ: BIAF and BIAFW) announced today it has closed its
previously announced warrant exercise agreements with four existing
accredited investors to exercise certain outstanding warrants to
purchase an aggregate of 2,438,473 of the Company's shares of
common stock (the "Existing Warrants"). In consideration for the
immediate exercise in full of the Existing Warrants for gross cash
proceeds of approximately $1.4
million, the exercising holders will receive in a private
placement new unregistered warrants (the "New Warrants") to
purchase up to an aggregate of 2,926,166 shares of common stock
(equal to 120% of the shares of common stock issued in connection
with the exercise of the Existing Warrants) with an exercise price
of $0.85 per share. The New Warrants
are initially exercisable on the date that stockholder approval of
the exercise of the New Warrants is obtained and will expire five
years from the date of such approval. In connection with the
exercise of the Existing Warrants, the Company agreed to reduce the
exercise price of the Existing Warrants from $1.50 to $0.58 per
share.
The gross proceeds from the warrant inducement are expected to
be approximately $1.4 million,
excluding any proceeds that may be received upon the exercise of
the New Warrants and before deducting placement agent fees and
other offering expenses payable by the Company.
WallachBeth Capital is acting as sole placement agent for the
for the warrant inducement transaction.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About WallachBeth Capital LLC
WallachBeth Capital offers a comprehensive range of capital
markets and investment banking services to the healthcare
community, connecting corporate clients with leading institutions,
supporting issuers and investors in achieving their financial
goals. The firm's experience includes initial public offerings,
follow-on issues, PIPE offerings, and private transactions and
ATM's.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements regarding the anticipated exercise of
warrants, the anticipated gross 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. 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 the Company's ability to close the offering and risks
and uncertainties included under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q 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
