Company: BIAF
Filing Date: 2025-05-23
Form Type: PRER14A
Source: 0001641172-25-012315
Chunk: 47

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-23
Form: PRER14A
Chunk 47
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 we will receive less proceeds.

Potential Adverse Effects of the Approval of Proposal No. 4

If this Proposal No. 4 is approved, existing stockholders
will suffer dilution in their ownership interests in the future upon the issuance of the New Warrant Shares upon exercise of the New Warrants.
Assuming the full exercise of the New Warrants, an aggregate of 2,926,166 additional shares of Common Stock will be outstanding, and the
ownership interest of our existing stockholders would be correspondingly reduced. In addition, the sale into the public market of these
shares also could materially and adversely affect the market price of our Common Stock.

Required Vote

The affirmative vote from the holders of a majority
of the shares present in person or represented by proxy and entitled to vote on the Warrant Exercise Proposal at the Annual Meeting is
required for approval of this proposal. Abstentions will have the same effect as votes AGAINST this proposal. Broker non-votes will have
no effect on this proposal.

<div align='center'>THE BOARD UNANIMOUSLY RECOMMENDS

AVOTE “FOR” APPROVAL OF

THE WARRANT EXERCISE PROPOSAL.</div>

| 25 |

<div align='center'>Proposal NO. 5

Approval of AN Increase In THE Number of Authorized Shares of Common Stock</div>

Our 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