Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 80

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 80
---
 of registered broker-dealers to make a market in our Common Stock, which may reduce our stock price.

| 35 |

<div align='center'>USE OF PROCEEDS</div>

We estimate that the net proceeds from this offering will be approximately $2.9 million, assuming a public offering price of $0.499 per share of Common Stock and accompanying April 2025 Warrants (which is equal to the last reported sale price per share of our Common Stock on the Nasdaq Capital Market, on April 25, 2025), and the sale of all the securities offered under this prospectus, after deducting the Placement Agent fees and estimated offering expenses payable by us, assuming no sale of any Pre-Funded Warrants. However, because this is a “best efforts” offering and there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, the Placement Agent fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover page of this prospectus. The combined public offering price per share of Common Stock (or Pre-Funded Warrant) and accompanying April 2025 Warrants will be fixed for the duration of this offering.

These estimates exclude the proceeds, if any, from the exercise of April 2025 Warrants issued in this offering. If all of the April 2025 Warrants issued in this offering were to be exercised in cash at an assumed exercise price of $0.5489 per share of Common Stock (equal to 110% of the assumed combined offering price per Share and accompanying April 2025 Warrant), we would receive additional proceeds of approximately $5.8 million. We cannot predict when or if these April 2025 Warrants will be exercised. It is possible that these April 2025 Warrants may expire and may never be exercised. Additionally, the April 2025 Warrants contain a cashless exercise provision that permit exercise of these warrants on a cashless basis at any time where there is no effective registration statement under the Securities Act covering the issuance of the underlying shares of Common Stock.

We intend to use the net proceeds from the sales of the securities offered by this prospectus primarily for working capital and other general corporate purposes. Pending these uses, we expect to invest the net proceeds in short-term, interest-bearing securities. We have broad discretion in determining how the proceeds of this offering will be used, and our discretion is not limited by the aforementioned possible uses.