BioAffinity Technologies, Inc. announced a private placement and warrant inducement transaction.
The company is focused on noninvasive tests for the detection of early-stage cancer.
The transaction is expected to result in gross proceeds of approximately $1.2 million.
Transaction Details
990 shares of Series B Convertible Preferred Stock and warrants for approximately 6.7 million shares of common stock were sold.
Warrant Inducement
Existing warrants were exercised with reduced exercise prices and new unregistered warrants issued.
Proceeds Usage
Net proceeds will be utilized for working capital and general corporate purposes.
- The transaction is vital for funding the company's ongoing operations and research activities.
- The ability to raise $1.2 million through this transaction demonstrates investor confidence in the company's future prospects.
BioAffinity Technologies' successful private placement and warrant inducement will strengthen its financial position and support its innovative cancer detection technologies.