Company: BIAF
Filing Date: 2025-04-15
Form Type: PRE 14A
Source: 0001641172-25-004857
Chunk: 47

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: PRE 14A
Chunk 47
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 the Company’s Board, the holders of the New Warrants will only be entitled to receive from the Company or its successor
entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion),
at the Black-Scholes Value of the unexercised portion of the New Warrant that is being offered and paid to the holders of Common Stock
in connection with the Fundamental Transaction, whether that consideration is in the form of cash, stock or any combination of cash, and
stock, or whether the holders of our Common Stock are given the choice to receive alternative forms of consideration in connection with
the Fundamental Transaction.

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The Advisor Warrants have
substantially the same terms as the New Warrants, except that they are immediately exercisable and expire on the five-year anniversary
of the date of issuance. In addition, the Advisor Warrants may be exercised in a “cashless” manner if at any time after the
six month anniversary of the date of issuance, there is no effective registration statement under the Securities Act for the resale of
the shares of Common Stock issuable upon exercise of the Advisor Warrants.

We agreed in the Inducement Agreement to file a registration
statement to register the resale of the New Warrant Shares (the “Resale Registration Statement”) within 45 calendar
days of February 26, 2025 (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 New Warrants or New Warrant Shares.

Reasons for the Warrant Exercise Proposal

Our Common Stock is listed on Nasdaq and trades under
the ticker symbol “BIAF.” Nasdaq Listing Rule 5635(d) requires stockholder approval of transactions other 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