Company: BIAF
Filing Date: 2025-04-15
Form Type: PRE 14A
Source: 0001641172-25-004857
Chunk: 27

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: PRE 14A
Chunk 27
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 in the short-term and long-term, and general market, economic conditions, and other related conditions prevailing
in our industry.

The Reverse Stock Split, if effected, will not change
the number of authorized shares of Common Stock or Preferred Stock, or the par value of Common Stock or Preferred Stock; however, effecting
the Reverse Stock Split will provide for additional shares of authorized but unissued shares of Common Stock. As of the date of this Proxy
Statement, our current authorized number of shares of Common Stock is sufficient to satisfy all of our share issuance obligations and
current share plans and we do not have any current plans, arrangements or understandings relating to the issuance of the additional shares
of authorized Common Stock that will become available for issuance following the Reverse Stock Split.

Purpose and Background of the Reverse Stock Split

The Board’s primary objective in asking for
authority to effect a reverse split is to increase the per-share trading price of our Common Stock. If our Board does not implement the
Reverse Stock Split prior to the one-year anniversary of the date on which the Reverse Stock Split is approved by our stockholders at
the Annual Meeting, the authority granted in this proposal to implement the Reverse Stock Split will terminate and the Reverse Stock Split
will be abandoned.

As background, we received
notice February 7, 2025 from the Staff of the Nasdaq notifying us of our noncompliance with Nasdaq Listing Rule 5550(a)(2) by failing
to maintain a minimum bid price for our Common Stock on Nasdaq of at least $1.00 per share for 30 consecutive business days (the “Minimum Bid Price Requirement”). The notice has no immediate effect on the listing or trading of the Company’s common stock
and the common stock will continue to trade on The Nasdaq Capital Market under the symbol “BIAF.” In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until August 6, 2025, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). Compliance may be achieved without further action if the closing bid price of the Company’s common
stock is at or above $1.00 for a minimum of ten consecutive business days at any time during the 180-day compliance period, in which case
Nasdaq will notify the Company if it determines it is in compliance and the matter will be closed; however, Nasdaq may require the closing
bid price