Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 33

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 33
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On
May 22, 2025, the Company initiated an ATM Agreement under a prospectus supplement for aggregate sales proceeds of up to $5.8 million.
In July 2025, the Company has sold an aggregate of 8,371 shares for gross proceeds of approximately $3,000, and paid cash commissions
of approximately $100 to WallachBeth.

On July 4, 2025,
the “One Big Beautiful Bill Act” was signed into law, which includes significant changes to federal tax law and other regulatory
provisions that may impact the Company. We are currently evaluating the provisions of the new law and the potential effects on our financial
position, results of operations, and cash flows.

On
July 22, 2025, the Company held its 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”). At the 2025 Annual Meeting,
the Company’s stockholders approved each of the following proposals: (i) the election of Maria Zannes, Steven Girgenti, Robert
Anderson, Peter Knight, Gary Rubin, Roby Joyce, MD and Jamie Platt, PhD to the Company’s board of directors to serve until the
2026 Annual Meeting of Stockholders and until such director’s successor has been duly elected and qualified; (ii) the ratification
of the appointment of WithumSmith+Brown, PC as the Company’s independent registered public accounting firm for the fiscal year
ending December 31, 2025; (iii) an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split, at
the discretion of the Company’s board of directors, within a range of 1-for-2 to 1-for-100; (iv) the issuance of up to an aggregate
of 2,926,166 shares of our Common Stock upon the exercise of our Common Stock purchase warrants issued in connection with our private
placement offering that closed on February 26, 2025, that may be equal to or exceed 20% of our Common Stock outstanding before such offering,
pursuant to Nasdaq listing rules; (v) an amendment to the Company’s Certificate of Incorporation,
as amended, at the discretion of the Board, to increase the authorized number of shares of the Company’s Common Stock, from 100,000,000
to 350,000,000; (vi) the Anti-Dilution Adjustment provision of the May 2025 Warrants; and (vii) the adj