WallachBeth Capital Announces Closing Of bioAffinity Technologies, Inc. $7.8 Million Initial Public Offering

Rhea-AI Summary

bioAffinity Technologies, Inc. (NASDAQ: BIAF) has successfully completed its initial public offering (IPO), raising approximately $7.8 million through the sale of 1,282,600 units. Each unit consists of one share of common stock and two types of warrants, with exercise prices set at $7.35 and $7.656. The underwriters have an option to purchase up to 192,390 additional shares and/or warrants. The offering, managed by WallachBeth Capital and Craft Capital Management, aims to enhance bioAffinity's efforts in developing noninvasive cancer diagnostics.

Positive

• Successfully raised approximately $7.8 million through the IPO.
• Funds intended to support the development of noninvasive cancer diagnostics.

Negative

• Potential dilution of shares if underwriters exercise their over-allotment option.

JERSEY CITY, N.J., Sept. 6, 2022 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today bioAffinity Technologies, Inc. ("bioAffinity" or the "Company") (NASDAQ: BIAF, BIAFW), a cancer diagnostics company that develops noninvasive, early-stage diagnostics to detect cancer and diseases of the lung, has completed its previously announced initial public offering ("IPO") of 1,282,600 units, each consisting of one share of common stock, one tradeable warrant to purchase one share of common stock at an exercise price of $7.35 per share, and one non-tradeable warrant to purchase one share of common stock at an exercise price of $7.656 per share, for aggregate gross proceeds of approximately $7.8 million, prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, bioAffinity has granted the underwriters a 45-day option to purchase up to 192,390 shares of common stock, and/or 192,390 tradeable warrants, and/or 192,390 non-tradeable warrants, or any combination of additional shares of common stock and warrants representing, in the aggregate, up to 15% of the number of the units sold in this offering to cover over-allotments in this offering.

WallachBeth Capital, LLC and Craft Capital Management, LLC are co-managers and co-book running managers for the offering.

A registration statement on Form S-1, as amended (File No. 333- 264463) was filed with the Securities and Exchange Commission ("SEC") and was declared effective on August 29, 2022. A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at https://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from WallachBeth Capital, LLC, Attention: Capital Markets, 185 Hudson Street, Jersey City, NJ 07311, by telephone at 646-998-7608, or by email at cap-mkts@wallachbeth.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 bioAffinity Technologies, Inc.

bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) addresses the need for noninvasive diagnosis of early-stage cancer and diseases of the lung, and targeted cancer treatment.

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, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions. The firm's website is located at www.wallachbeth.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the anticipated use of proceeds from the Company's offering of common shares. 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. Neither the Company not WallachBeth undertakes any obligation to update any forward-looking statement, except as may be required by applicable securities laws.

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SOURCE WallachBeth Capital LLC

FAQ

What is the IPO amount raised by bioAffinity Technologies?

bioAffinity Technologies raised approximately $7.8 million through its IPO.

What does each unit in bioAffinity's IPO consist of?

Each unit consists of one share of common stock and two types of warrants.

What are the exercise prices of the warrants issued by bioAffinity?

The tradeable warrant's exercise price is $7.35, and the non-tradeable warrant is $7.656.

Who managed the IPO for bioAffinity Technologies?

The IPO was managed by WallachBeth Capital and Craft Capital Management.

What is the purpose of the funds raised from the IPO?

The funds will support the development of bioAffinity's noninvasive cancer diagnostics.