Bluejay Diagnostics, a medical technology company, has entered into a definitive agreement for the purchase and sale of 216,000 shares through a registered direct offering. The shares will be priced at $7.365 per share, in accordance with Nasdaq rules.

Decrease in Stock Price and 52-Week Low

Following the announcement, Bluejay Diagnostics' shares experienced a 10% decline, trading at $6.97. It is worth noting that the stock had previously hit its 52-week low of $3.80 on June 14. Over the past year, the company's stock price has plummeted by 67%.

Unregistered Warrants for Share Purchase

Along with the stock offering, Bluejay also plans to issue unregistered warrants for the purchase of up to 216,000 shares. These warrants will be exercisable immediately upon issuance, and will have an exercise price of $7.24 per share. Shareholders will have a five-year period to exercise these warrants.

Expected Closing Date and Proceeds

The registered direct offering and concurrent private placement are anticipated to conclude on or about Monday. The company is projected to generate approximately $1.59 million in proceeds from these offerings.

Purpose of Proceeds

Bluejay Diagnostics intends to utilize the proceeds from the offerings on various fronts. The funds will primarily go towards activities related to obtaining approval from the U.S. Food and Drug Administration. Additionally, the company plans to allocate the funds for research and development initiatives, as well as general working capital needs.

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