01:50 PM EDT, 08/05/2024 (MT Newswires) -- BioAffinity Technologies ( BIAF ) said Monday it raised a total of under $1.8 million from a registered direct offering, concurrent private placement, and warrant inducement.

The company said it issued 1,041,667 shares at $1.25 apiece to three existing accredited investors who exercised outstanding warrants for proceeds of $1.3 million. The investors also received new warrants to buy an additional 1.3 million shares of the company at $1.50 each.

Meanwhile, the company sold 360,000 shares to an institutional investor in a registered direct offering at $1.25 each to further raise $450,000. The investor also received in a concurrent private placement warrants to buy up to 450,000 shares, with an exercise price of $1.50 each.

BioAffinity ( BIAF ) shares were 5.8% higher in recent trading Monday.

Price: 1.83, Change: +0.10, Percent Change: +5.78