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Bluejay Diagnostics Prices $8.75M Public Offering

NEW YORK – Bluejay Diagnostics announced Thursday that it has priced an $8.75 million public offering.

The Acton, Massachusetts-based firm said that the offering consists of 5,368,098 common or pre-funded units at a price of $1.63 for each common unit or $1.6299 for each pre-funded unit. Each unit comprises one share of common stock or one pre-funded warrant to purchase a share of common stock as well as two Class C warrants for the purchase of one share each of common stock and one Class D warrant to purchase additional shares of common stock. The number and price of those shares will be subject to adjustment as described in the warrants.

The offering is expected to close on June 28, subject to customary closing conditions.

The pre-funded warrants and Class D warrants will be immediately exercisable. The Class C warrants will be exercisable upon approval by the company's shareholders at an initial price of $1.96 per share, and they will expire five years from the date of stockholder approval.

Bluejay plans to use the proceeds to repay $2.3 million in outstanding debt, to support clinical studies and other operations toward obtaining US Food and Drug Administration for the firm's diagnostic products, to fund other R&D activities, and for general working capital.

Aegis Capital is the underwriter for the offering. Bluejay has granted it a 45-day option to buy additional shares of common stock or warrants for up to 15 percent of the number of securities sold during the public offering.

Bluejay, which went public in 2021, closed early this year a $3.5 million public offering and said it would use the proceeds to support the studies and regulatory submissions that were needed to bring to market its Symphony IL-6 tests for the triage of patients with suspected sepsis, with results in about 20 minutes. The firm also executed a 1-for-8 reverse stock split earlier this month.