ACTON, Mass. - Bluejay Diagnostics, Inc. (NASDAQ: BJDX), a medical technology company, announced Thursday the pricing of its public offering expected to raise approximately $8.75 million, before underwriting discounts and other estimated expenses.
The offering comprises 5,368,098 units, including both Common Units and Prefunded Units, with each unit containing one share of common stock or one pre-funded warrant to purchase a share, two Class C warrants, and one Class D warrant.
The offering price per Common Unit is set at $1.63, while each Prefunded Unit is priced at $1.6299. Prefunded Warrants are immediately exercisable and may be exercised at any time until fully exercised. Class C Warrants will become exercisable following stockholder approval, with an initial exercise price of $1.96 per share and a five-year expiration from the date of approval. Class D Warrants are also immediately exercisable, with terms detailed in the warrant documentation.
The net proceeds from the offering are designated for the repayment of $2.3 million in outstanding debt due upon the offering's closure, funding FDA approval processes, including clinical studies, and other research and development efforts, as well as for general working capital needs.
Moreover, Bluejay has granted Aegis Capital Corp., the offering’s underwriter, a 45-day option to purchase up to 15% more securities to cover any over-allotments. The closing of the offering is scheduled for June 28, 2024, contingent on customary closing conditions.
The securities are offered pursuant to a registration statement on Form S-1, effective as of June 26, 2024. Final prospectuses, when available, can be obtained from the SEC's website or directly from Aegis Capital Corp.
Bluejay specializes in rapid diagnostics through its Symphony System, aiming to improve patient outcomes in critical care settings. Its first product candidate is an IL-6 Test for sepsis, designed to deliver results in approximately 20 minutes.
This news is based on a press release statement from Bluejay Diagnostics, Inc. and does not constitute an offer to sell or a solicitation of an offer to buy these securities. The forward-looking statements in the press release are subject to various risks and uncertainties, and actual results may differ materially from expectations.
In other recent news, Bluejay Diagnostics, Inc. has released noteworthy findings from its SYMON-I clinical study, investigating the role of interleukin-6 (IL-6) in predicting mortality in sepsis and septic shock patients. The study indicated that measuring IL-6 levels within the first 24 hours of ICU admission could forecast patient survival up to 28 days.
Bluejay Diagnostics plans to validate these findings in the forthcoming SYMON-II pivotal study, set to commence in Q3 2024. If validated, the company intends to support a 510(k) application to the FDA in 2025, proposing the use of the Symphony IL-6 Test for assessing sepsis risk in ICU patients.
In a significant shift in its corporate structure, Bluejay Diagnostics has ended its contractual relationship with DLA, LLC, leading to the departure of Frances Scally, the Interim Chief Financial Officer. In response to this change, Neil Dey, the current President and Chief Executive Officer, will assume additional responsibilities as the principal financial and accounting officer.
These modifications are part of Bluejay Diagnostics' recent business strategy and operational management adjustments. These are the latest developments in Bluejay Diagnostics' ongoing operations.
InvestingPro Insights
As Bluejay Diagnostics, Inc. (NASDAQ: BJDX) navigates its public offering, recent data from InvestingPro shows a challenging financial landscape for the company. With a market capitalization of merely $1.0 million, the company's valuation is significantly low, which can be a concern for potential investors. The detailed financial metrics reveal that Bluejay has an adjusted P/E ratio of -0.06, reflecting that the company is not currently profitable.
Moreover, the price/book ratio as of Q1 2024 stands at 0.18, suggesting that the stock is trading at a level significantly below the company's book value, which can be interpreted as a sign of undervaluation or a reflection of underlying issues within the company.
InvestingPro Tips highlight several critical aspects for investors to consider. Bluejay holds more cash than debt on its balance sheet, which is a positive sign of liquidity. However, the company is quickly burning through cash, which raises concerns about its long-term financial stability. Furthermore, the stock has taken a significant hit over the last week, month, and year, with a 1-week price total return of -51.63%, a 1-month return of -58.42%, and a year-to-date return of -83.3%. These metrics indicate a considerable decline in investor confidence and market valuation.
For those interested in a deeper analysis, there are additional InvestingPro Tips available for Bluejay Diagnostics, Inc., which can be found at https://www.investing.com/pro/BJDX. These additional tips provide a comprehensive view of the company's financial health and market performance. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to valuable insights that could inform your investment decisions.
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