BioAffinity stock soars over 150% following $8M IPO (NASDAQ:BIAF)
Diagnostic test developer bioAffinity (NASDAQ:BIAF) stock soared over 150% on Thursday following its $8M initial public offering.
Shares of bioAffinity opened at $8.40, dipping to a low of $8 in early trading before hitting a high of $15.55, up 154% from its IPO price, in early afternoon. The stock recently changed hands at $10.09, up 65%, at approximately 1:15 p.m. ET.
BioAffinity offered 1.3M units at $6.125 per unit. Each unit consists of one share plus one tradeable warrant to buy one share at $7.35 and one non-tradeable warrant to buy one share at $7.656.
The company said it plans to use proceeds from the deal to commercialize its CyPath Lung test for the early detection of lung cancer.
The IPO was slightly downsized from an earlier proposal made in May, which had the company looking to raise around $10M.