Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 34

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 34
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ournment proposal.

On August 7,
2025, the Company received notice from Nasdaq noting the Company’s bid price for its common stock closed at less than $1 per share
over the previous 30 consecutive business days as of February 7, 2025, and has not regained compliance according to Listing Rule 5550(a)(2).
In addition, the Company did not comply with the continued listing requirement of a minimum of $2.5 million in stockholders’ equity
set forth in Listing Rule 5550(b)(1). As of August 14, 2025 the Company requested a hearing appeal on the determination. Such request
will stay any further action by Nasdaq and will allow the Company’s ordinary shares to continue to trade on Nasdaq under the symbol “BIAF”
at least pending the issuance of the Panel’s decision and the expiration of any extension the Panel may grant to the Company following
the appeal.

On August 13, 2025, the Company entered into a securities
purchase agreement with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell, in a private
placement, (i) 990 shares of the Company’s newly designated Series B Convertible Preferred Stock, with a par value $0.001 per share
and stated value of $1,000 per share, for gross proceeds to the Company of $990,000, initially convertible into 4,304,343 shares of the
Company’s Common Stock, par value $0.007 per share at an initial conversion price of $0.23 per share and (ii) warrants to purchase
up to 6,714,780 shares of the Company’s Common Stock at an exercise price of $0.352 per share of Common Stock.

On August 13, 2025, the Company entered into a warrant
inducement agreement with the holder of a warrant to purchase 450,000 shares of Common Stock originally issued on August 5, 2024, with
a current exercise price of $1.25 per share and a warrant to purchase 650,000 shares of Common Stock originally issued on October 21,
2024 with a current exercise price of $1.50 per share, pursuant to which the Holder agreed to exercise in cash the Existing Warrants at
a reduced exercise price of $0.23 per share, for gross proceeds to the Company of $253,000. As an inducement to such exercise, the Company
ag