Company: BIAF
Filing Date: 2025-05-23
Form Type: PRER14A
Source: 0001641172-25-012315
Chunk: 46

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-23
Form: PRER14A
Chunk 46
---

than public offerings of greater than 20% of the outstanding Common Stock or voting power of an issuer prior to a private placement
for less than the applicable Minimum Price. Under Rule 5635(d), the “Minimum Price” means a price that is the
lower of: (i) the closing price immediately preceding the signing of the binding agreement or (ii) the average closing price of the
Common Stock for the five trading days immediately preceding the signing of the binding agreement. The closing price of our Common
Stock on Nasdaq on February 24, 2025, the trading date immediately preceding the signing of the Inducement Agreement, was $0.78 per share
and the average closing price of our Common Stock for the five trading days immediately preceding the signing of the Inducement Agreement
was $0.81. In order to comply with Nasdaq Listing Rule 5635(d), the New Warrants are not exercisable until Stockholder Approval is obtained.

We are seeking stockholder approval for the issuance
of up to an aggregate of 2,926,166 shares of our Common Stock upon the exercise of the New Warrants. Effectively, stockholder approval
of this Warrant Exercise Proposal is one of the conditions for us to receive up to approximately $2.5 million in gross proceeds upon the
exercise of the 2,926,166 New Warrants, if exercised for cash. Loss of these potential funds could adversely impact our ability to fund
our operations.

The Board is not seeking the approval of our stockholders
to authorize our entry into or consummation of the Warrant Inducement, as the Warrant Inducement has already been completed. We are only
asking for approval to issue up to an aggregate of 2,926,166 New Warrant Shares upon exercise of the New Warrants.

Potential Consequences if Proposal No. 4 is Not Approved

The failure of our stockholders to approve this Proposal
No. 4 will mean that (i) we cannot permit the exercise of the New Warrants and (ii) may incur substantial additional costs and expenses.

Each New Warrant has an initial exercise price of
$0.85 per share. Accordingly, we would realize an aggregate of up to approximately $2.5 million in gross proceeds, if all the New Warrants
were exercised for cash, which could adversely impact our ability to fund our operations. However, if we were to lower the exercise price
of the New Warrants