Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 54

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 54
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 stock dividends and distributions, stock splits, stock combinations, reclassifications, or similar events. The May 2025 Warrants may be exercised on a cashless basis if at the time of exercise there is no effective registration statement registering, or the prospectus contained therein is not available for, the issuance of the May 2025 Warrant Shares to the holder, provided however that those purchasers who do not enter into the Purchase Agreement and do not provide the Company with information required for registration of the resale of shares of Common Stock shall not have any of their shares issuable as a result of an Anti-Dilution Adjustment included in the registration statement the Company will file covering shares issuable as a result of an Anti-Dilution Adjustment and will not be able to effect a cashless exercise with respect to such shares.

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A holder of the May 2025 Warrants (together with its affiliates) may not exercise any portion of the May 2025 Warrant to the extent that the holder would own more than 4.99% (or 9.99%, at the election of the holder) of the outstanding shares of Common Stock immediately after exercise, except that upon at least 61 days’ prior notice from the holder to the Company, the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder’s May 2025 Warrants up to 9.99% of the number of the Company’s shares of Common Stock outstanding immediately after giving effect to the exercise.

Reasons for the Anti-Dilution Adjustment Proposal

We are seeking stockholder approval of the Anti-Dilution Adjustment contained in the May 2025 Warrants and the issuance of up to an aggregate maximum of 49,907,811 shares of our Common Stock (on a pre-reverse stock split basis which number shall be adjusted based on the reverse stock split ratio) upon exercise of the May 2025 Warrants, assuming that we consummate a Dilutive Issuance, triggering of the Anti-Dilution Adjustment, at a price of $0.10 or less, because at the time the May 2025 Warrants were issued, we did not have a sufficient number of shares authorized to allow for the exercise in full of the May 2025 Warrants pursuant to the Anti-Dilution Adjustment.

The Board is not seeking the approval of our stockholders to authorize our entry into or consummation of the Public Offering, nor is the Board seeking approval of the issuance of the May