bioAffinity Technologies raises ~$4M in stock offering via WallachBeth

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) has entered into a definitive agreement with an institutional investor to raise approximately $4 million through a registered direct offering of common stock, priced at $6.122 per share, or $6.115 per pre-funded warrant, at-the-market under Nasdaq rules.

In a concurrent private placement, the company will also sell warrants to purchase up to 980,072 shares of common stock at an exercise price of $6.122 per share. The warrants will be exercisable following stockholder approval and will expire five years from the date of that approval. Pre-funded warrants carry an exercise price of $0.007 per share.

The closing of the offering was expected to occur on or about October 9, 2026, subject to customary closing conditions. WallachBeth Capital LLC is acting as sole placement agent for the offering.

The company said it intends to use net proceeds for working capital, to support sales of its CyPath Lung noninvasive lung cancer test, and for general corporate purposes. Gross proceeds are expected to be approximately $4 million before deducting placement agent fees and other offering expenses.

The common stock is being offered under a shelf registration statement on Form S-3 previously declared effective by the U.S. Securities and Exchange Commission on November 27, 2023. According to the press release, bioAffinity Technologies is a biotechnology company focused on noninvasive detection and monitoring of lung disease.

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