Bluejay Diagnostics announces pricing of $8.75M underwritten public offering

Bluejay Diagnostics announced the pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $8.75 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base offering consists of 5,368,098 Common Units or Prefunded Units, each Unit consisting of one share of the Company’s common stock or one pre-funded warrant to purchase one share of Common Stock two Class C warrants each to purchase one share of our common stock and one Class D Warrant to purchase such number of shares of common stock as determined in the Class D Warrant. The purchase price of each Common Unit was $1.63, and the purchase price of each Prefunded Unit is $1.6299. The Prefunded Warrants will be immediately exercisable and may be exercised at any time until all the Prefunded Warrants are exercised in full. The Class C Warrants, which will not be exercisable until approval by the Company’s stockholders, will have an initial exercise price of $1.96 per share, and will expire five years from the date of such stockholder approval. Each Class D Warrant will be exercisable immediately. The exercise price and number of shares of Common Stock issuable under the Class D Warrants are subject to adjustment as described in the Class D Warrant. The Company intends to use the net proceeds from the offering to repay $2.3 million in outstanding debt that will be due and payable upon consummation of the offering and fund matters related to obtaining FDA approval, as well as for other research and development activities, and for general working capital needs. In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase additional shares of Common Stock and/or Common Warrants, representing up to 15% of the number of securities sold in the offering, solely to cover over-allotments, if any. The closing of the offering is expected to occur on June 28, 2024, subject to the satisfaction of customary closing conditions.