Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 681

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 681
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4 million in annual cost
savings at our subsidiary PPLS, while increasing resources to expand CyPath® Lung sales in high-potential national markets. Specifically,
cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain pathology services
with suboptimal profit margins to focus on high-margin services such as CyPath® Lung and by discontinuing certain pathology
services with suboptimal profit margins.

Public
and Private Offerings

On
February 26, 2025, pursuant to the terms of the February Inducement Agreement certain holders of existing warrants exercised for cash
(i) October Warrants to purchase an aggregate of up to 1,302,082 shares of Common Stock, at the reduced exercise price of $0.58 per share,
and (ii) August Warrants to purchase an aggregate of up to 1,136,391 shares of Common Stock, at the reduced exercise price of $0.58 per
share. We received aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses payable
by us. In consideration of the immediate exercise of the October Warrants and August Warrants by the holders thereof in accordance with
the February Inducement Agreement, we issued unregistered common warrants (the “February Warrants”) to purchase an aggregate
of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October Warrants
and August Warrants) to such holders.

 55 

We
agreed in the February Inducement Agreement to file a registration statement to register the resale of the shares of Common Stock (the
“February Warrant Shares”) issuable upon exercise of the February Warrants (the “Resale Registration Statement”)
as soon as practicable (and in any event within 45 calendar days following the date of the Inducement Agreement), and to use commercially
reasonable efforts to have the Resale Registration Statement declared effective by the SEC and to keep such registration statement effective
at all times until the Holders no longer own any February Warrants or February Warrant Shares.

On
October 21, 2024, we issued to certain institutional investors (i) in a
registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement (the “October Private
Placement”), common warrants to purchase an aggregate of 2,