Company: BIAF
Filing Date: 2025-02-27
Form Type: 8-K
Source: 0001493152-25-008471
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Company: bioAffinity Technologies, Inc.
Filing Date: 2025-02-27
Form: 8-K
Item: Item 1.01
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Item
1.01. Entry into a Material Definitive Agreement.

On
February 25, 2025, bioAffinity Technologies, Inc. (the “ Company”) entered into a warrant inducement agreement (the “ Inducement
Agreement”) with certain holders (the “ Holders”) of the Company’s warrants to purchase shares of the Company’s
common stock, par value $0.007 per share (the “ Common Stock”), issued in a private placement offering that closed on October
21, 2024 (the “ October Warrants”) and a private placement offering that closed on August 5, 2024 (the “ August Warrants”
and, together with the October Warrants, collectively, the “ Existing Warrants”). Pursuant to the Inducement Agreement, the
Holders of the Existing Warrants agreed to exercise for cash (i) October Warrants to purchase an aggregate of up to 1,302,082 shares
of Common Stock (the “ October Warrant Shares”), at the reduced exercise price of $0.58 per share and August Warrants to purchase
an aggregate of up to 1,136,391 shares of Common Stock (the “ August Warrant Shares” and, together with the October Warrant
Shares, the “ Existing Warrant Shares”), at the reduced exercise price of $0.58 per share. The transactions contemplated by
the Inducement Agreement (the “ Warrant Inducement”) were consummated on February 26, 2025 (the “ Closing Date”).
The Company received aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses
payable by the Company.

In
consideration of the Holders’ immediate exercise of the Existing Warrants in accordance with the Inducement Agreement, the Company
issued unregistered Common Stock Purchase Warrants (the “ New Warrants”) to purchase an aggregate of up to 2,926,166
shares of Common Stock (120% of the number of Existing Warrant Shares issued upon exercise of the Existing Warrants) (the “ New
Warrant Shares”) to the Holders of the Existing Warrants.

The
August Warrant Shares have been registered pursuant to a registration statement on Form S-1 (File No. 333-282045), which was declared
effective by the Securities and Exchange Commission (the “ SEC”) on September 19, 2024, and the October Warrant Shares have