Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 46

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 46
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, 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, the trading date immediately preceding the signing of the Inducement Agreement, was $0.78 per share
and the average closing price of our Common Stock for the five trading days immediately preceding the signing of the Inducement Agreement
was $0.81. In order to comply with Nasdaq Listing Rule 5635(d), the New Warrants are not exercisable until Stockholder Approval is obtained.

We are seeking stockholder approval for the issuance
of up to an aggregate of 2,926,166 shares of our Common Stock upon the exercise of the New Warrants. Effectively, stockholder approval
of this Warrant Exercise Proposal is one of the conditions for us to receive up to approximately $2.5 million in gross proceeds upon the
exercise of the 2