WallachBeth Capital Announces The Closing of bioAffinity Technologies $1.8M Registered Direct Financing of Common Stock Priced At-The-Market Under Nasdaq Rules

Rhea-AI Summary

bioAffinity Technologies (NASDAQ: BIAF) closed a registered direct offering of 720,000 shares at $2.50 per share on Oct 9, 2025, raising approximately $1.8 million. WallachBeth Capital acted as sole placement agent. The company said it will use net proceeds for working capital, to support expected growing sales of CyPath® Lung, and for general corporate purposes. The shares were offered under a shelf registration on Form S-3 (File No. 333-275608) declared effective Nov 27, 2023. A prospectus supplement describing the offering terms will be filed with the SEC and made available on the SEC website when available.

Positive

• Registered direct offering raised approximately $1.8 million
• Issuance of 720,000 shares priced at $2.50 per share
• Proceeds earmarked for working capital and to support CyPath® Lung sales

Negative

• Issuance of 720,000 new shares may dilute existing shareholders
• No disclosed net proceeds after placement fees or expected timing for funds

JERSEY CITY, N.J., Oct. 9, 2025 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that bioAffinity Technologies, Inc. (NASDAQ: BIAF, BIAFW) a biotechnology company focused on the need for noninvasive tests for the detection of early-stage cancer, has closed the previously announced definitive agreements for the purchase and sale of 720,000 shares of common stock at a purchase price of $2.50 per share in a registered direct offering priced at-the-market under Nasdaq rules.

WallachBeth Capital, LLC acted as sole placement agent for the offering.

The Company intends to use the net proceeds from the offering for working capital, to support expected growing sales for CyPath® Lung, its noninvasive test for lung cancer, and general corporate purposes.

The common stock described above was offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-275608) previously filed with the U.S. Securities and Exchange Commission ("SEC"), under the Securities Act of 1933, as amended (the "Securities Act"), and declared effective by the SEC on November 27, 2023. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement describing the terms of the proposed registered direct offering and accompanying prospectus will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at https://www.sec.gov or by contacting WallachBeth Capital, LLC, via email at cap-mkts@wallachbeth.com, by calling +1-646-237-8585, or by standard mail at WallachBeth Capital LLC, Attn: Capital Markets, 185 Hudson St., Suite 1410, Jersey City, NJ 07311, USA.

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 LLC is a broker-dealer providing advisory and execution services in capital markets transactions for corporate clients. The firm's investment-banking activities include initial public offerings, follow-on offerings, private placements, PIPE transactions, and at-the-market (ATM) programs. WallachBeth Capital LLC is a member of FINRA and SIPC

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability to close the offering when anticipated on October 9, 2025, and the risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. 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. While the Company believes these forward-looking statements are reasonable, readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The information in this release is provided only as of the date of this release, and 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.

The above statement is made solely by bioAffinity Technologies, Inc. WallachBeth Capital LLC is not responsible for these statements and does not provide research, analysis, or recommendations regarding BIAF securities

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SOURCE WallachBeth Capital LLC

FAQ

What did bioAffinity Technologies (BIAF) announce on Oct 9, 2025?

The company closed a registered direct offering of 720,000 shares at $2.50 per share, raising about $1.8M.

How will bioAffinity use the proceeds from the BIAF offering?

The company intends to use net proceeds for working capital, to support expected growing sales of CyPath® Lung, and for general corporate purposes.

Who acted as placement agent for the BIAF registered direct offering?

WallachBeth Capital acted as the sole placement agent for the offering.

Under what registration was the BIAF offering made and when was it declared effective?

The shares were offered under a shelf registration on Form S-3 (File No. 333-275608), declared effective by the SEC on Nov 27, 2023.

Will bioAffinity file additional documents about the offering for BIAF shareholders?

Yes; a prospectus supplement describing the offering terms will be filed with the SEC and will be available on the SEC website when posted.