Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 55

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 55
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2025 Warrants, as the Public Offering has already been completed and the May 2025 Warrants have been issued. The Board is also not seeking stockholder approval of the Reverse Stock Split Adjustment or the issuance of the Reverse Stock Split Adjustment Shares upon exercise of the May 2025 Warrants, as the Reverse Stock Split Adjustment will be triggered if we effect a reverse stock split and the Reverse Stock Split Adjustment Shares will thereafter be issuable upon exercise of the May 2025 Warrants. This Proposal No. 6 only seeks approval of the Anti-Dilution Adjustment and the resulting reduction in exercise price and issuance of the maximum number of Anti-Dilution Adjustment Shares that could be issuable upon exercise of the May 2025 Warrants, if we should consummate a Dilutive Issuance.

Potential Consequences if Proposal No. 6 is Not Approved

The failure of our stockholders to approve this Proposal No. 6 will mean that we will incur substantial additional costs and expenses. The Purchase Agreement requires us to hold a meeting of our stockholders within 90 days after the closing of the Public Offering for purposes of seeking Warrant Stockholder Approval. If we do not obtain Warrant Stockholder Approval at the first meeting, we are required to call a meeting every three (3) months thereafter to seek Warrant Stockholder Approval until the earlier of the date Warrant Stockholder Approval is obtained or the May 2025 Warrants are no longer outstanding. In the event that we are unable to obtain the Warrant Stockholder Approval, the Anti-Dilution Adjustment will not be permitted.

Potential Adverse Effects of the Approval of Proposal No. 6

If this Proposal No. 6 is approved, existing stockholders will suffer dilution in their ownership interests in the future upon the issuance of the Anti-Dilution Warrant Shares upon exercise of the May 2025 Warrants if a Dilutive Issuance is effected while the May 2025 Warrant is outstanding. The May 2025 Warrants are currently exercisable for up to 15,234,375 shares of Common Stock and will be exercisable for an additional 4,570,312 shares of Common Stock if we effect a reverse stock split. If the Anti-Dilution Adjustment is approved by our stockholders pursuant to this Proposal No. 6 and Proposal No. 5 is approved, up to an additional 49,907,811 shares of Common Stock (on a pre-reverse stock split basis which number shall