Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 92

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 3
Chunk 92
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 revenue, if ever, from PPLS’ services,
the amount of profit or revenue that will be generated, or the expenses that will be incurred.

Since
its acquisition in September 2023, we have generated $16.8 million in revenue from PPLS. Once we begin to generate such profit, there
is no guarantee that it will be sufficient to realize the expected financial benefits of the acquisition. In addition, since we have
limited experience operating a clinical laboratory, we may not accurately estimate the expenses we will incur.

30

Risks
Related to Ownership of Our Common Stock and Warrants

Our
failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a de-listing of our Common Stock.

The
shares of our Common Stock are listed for trading on The Nasdaq Capital Market under the symbol “BIAF” and our Tradeable
Warrants are listed under the symbol “BIAFW.” On February 7, 2025, we received written notice from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that for the preceding 30 consecutive business days (December
23, 2024, through February 6, 2025), our Common Stock did not maintain a minimum closing bid price of $1.00 (“Minimum Bid Price
Requirement”) per share as required by Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing or trading
of our 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), we have 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 our 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 us if it determines we are in compliance and the matter will be closed; however, Nasdaq may require the closing
bid price to equal or to exceed the $1.00 minimum bid price requirement for more than 10 consecutive business days before determining
that a company complies.

If,
however, we do not achieve compliance with the Minimum Bid