Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 48

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 48
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 Board is requesting stockholder approval of an amendment to our Certificate of Incorporation to increase the authorized number of shares of Common Stock from 100,000,000 shares to 350,000,000 shares. The form of amendment is attached to this proxy statement as Appendix B.

The additional Common Stock to be authorized by adoption of the amendment would have rights identical to the currently outstanding Common Stock of the Company. Although at present the Board has not approved any plans or proposals to issue any of the additional shares of Common Stock that would become authorized for issuance if this proposal is approved, the Board desires to have the shares available to provide additional flexibility to use the Common Stock for financing and business purposes in the future. Adoption of the proposed amendment and issuance of the Common Stock would not affect the rights of the holders of currently outstanding Common Stock of the Company, except for, with respect to the issuance of additional shares, effects incidental to increasing the number of shares of the Company’s Common Stock outstanding, such as dilution of the earnings per share and voting rights of current holders of Common Stock. If the amendment is adopted, it will become effective upon filing of a certificate of amendment of the Certificate of Incorporation with the Secretary of State of the State of Delaware.

As of the Record Date, in addition to the 28,459,541 shares of Common Stock outstanding, the Board had reserved 29,903,730 of the remaining authorized and unissued shares of the Company for issuances under the Company’s stock incentive plans and upon the exercise of outstanding options and warrants. Thus, as of the Record Date, the Company had only 41,636,729 unissued and unreserved authorized shares of Common Stock.

Unless further stockholder approval is required for a proposed issuance of additional shares by the rules of Nasdaq or other applicable laws or regulations, the additional shares may be used for various purposes without further stockholder approval. These purposes may include raising capital, establishing strategic relationships with other companies, expanding the Company’s business or product lines through the acquisition of other businesses or products, the issuance of additional shares of stock pursuant to the anti-dilution provision of the May 2025 Warrants if Proposal No. 6 is approved by our stockholders, and other purposes.

The additional shares of Common Stock that would become available for issuance if the proposal is adopted could also be used by the Company to oppose a hostile takeover attempt or to delay or prevent changes in control or management of the Company. For example, without further stockholder approval, the Board could