01:30 PM EST, 03/08/2024 (MT Newswires) -- BioAffinity Technologies ( BIAF ) said Friday it closed a direct equity offering and private placement of warrants for about $2.5 million in gross proceeds.

The direct offering covers 1.6 million common shares and the private placement covers sale of common warrants to purchase 1.6 million shares, according to the company.

The registered offering and private placement have a combined price of $1.5625 per share, while the warrants can be exercised for $1.64 per share.

BioAffinity ( BIAF ) plans to use net proceeds for working capital and general corporate purposes.

The company shares were down 2.6% in recent trading.

Price: 1.51, Change: -0.04, Percent Change: -2.58