JERSEY
CITY, N.J., Feb. 25,
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) has entered into warrant exercise agreements with three
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 2,926,168 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 exercise of the Existing Warrants and the issuance of
the New Warrants are expected to occur on February 25, 2025.
The closing of the offering is expected to occur on or about
February 26, 2025, subject to the
satisfaction of customary closing conditions. 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 robust 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
