Bluejay Diagnostics Announces Closing of $8.75 Million Underwritten Public Offering

ACTON, Mass., June 28, 2024 (GLOBE NEWSWIRE) — Bluejay Diagnostics, Inc. (NASDAQ: BJDX), a medical technology company developing rapid diagnostics on its Symphony platform to improve patient outcomes in critical care settings, today announced the closing 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 consisted 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 is $1.63, and the purchase price of each Prefunded Unit is $1.6299 (which is equal to the public offering price per Common Unit minus $0.0001). 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 (5) 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 (i) repay $2.3 million in outstanding debt that will be due and payable upon consummation of the offering and (ii) fund matters related to obtaining FDA approval (including clinical studies related thereto), 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 occurred on June 28, 2024, subject to the satisfaction of customary closing conditions.

Aegis Capital Corp. acted as the underwriter for the offering. Hogan Lovells US LLP acted as counsel to the Company for the offering. Kaufman & Canoles, P.C. served as counsel to Aegis Capital Corp. for the offering. 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Bluejay Diagnostics:

Bluejay Diagnostics, Inc. is a medical diagnostics company focused on improving patient outcomes using its Symphony System, a cost-effective, rapid, near-patient testing system for sepsis triage and monitoring of disease progression. Bluejay’s first product candidate, an IL-6 Test for sepsis, is designed to provide accurate, reliable results in approximately 20 minutes from ‘sample-to-result’ to help medical professionals make earlier and better triage/treatment decisions. More information is available at www.bluejaydx.com.