Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 40

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 40
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,000 shares of Common Stock originally issued on October 21,
2024 with a current exercise price of $1.50 per share, pursuant to which the Holder agreed to exercise in cash the Existing Warrants at
a reduced exercise price of $0.23 per share, for gross proceeds to the Company of $253,000. As an inducement to such exercise, the Company
agreed to issue to the holder unregistered warrants (the “New Warrants”) to purchase up to 1,430,000 shares of the Company’s
Common Stock. The New Warrants, which have an exercise price of $0.352 per share and will not become exercisable until the Company’s
stockholders approve the issuance of shares of Common Stock.

As a result of the foregoing transactions on August
13, 2025, the Company will issue approximately 8.0 million additional warrants to the participants in the May 2025 public offering.

Nasdaq Compliance

On August 7,
2025, the Company received notice from Nasdaq noting the Company’s bid price for its common stock closed at less than $1 per share
over the previous 30 consecutive business days as of February 7, 2025, and has not regained compliance according to Listing Rule 5550(a)(2).
In addition, the Company did not comply with the continued listing requirement of a minimum of $2.5 million in stockholders’ equity
set forth in Listing Rule 5550(b)(1). As of August 14, 2025 the Company requested a hearing appeal on the determination. Such request
will stay any further action by Nasdaq and will allow the Company’s ordinary shares to continue to trade on Nasdaq under the symbol “BIAF”
at least pending the issuance of the Panel’s decision and the expiration of any extension the Panel may grant to the Company following
the appeal.

Financial

To
date, we have devoted a substantial portion of our efforts and financial resources to the development of our diagnostic test, CyPath®
Lung. As a result, since our inception in 2014, we have funded our operations principally through private and public sales of our
equity. As of June 30, 2025, we had cash and cash equivalents of $0.8 million. As of August 14, 2025, after the 2025 equity financing,
we had cash and cash equivalents of $0.3 million, which we expect will not support our