Company: BIAF
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001493152-25-013294
Chunk: 19

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-09-15
Form: S-1/A
Chunk 19
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 Warrant will not have the rights or privileges of a holder of our Common Stock, including any voting rights, until the holder exercises such warrant.

<div align='center'>ANTI-DILUTION ADJUSTMENTS TO MAY 2025 WARRANTS</div>

On May 7, 2025 we consummated
a best efforts public offering of an aggregate of (i) 7,784,904 shares of Common Stock, par value $0.007 per share, (ii) pre-funded warrants
to purchase up to 2,371,346 shares of Common Stock in lieu of shares, and (iii) May 2025 Warrants to purchase up to 15,234,375 shares
of Common Stock (which number of May 2025 Warrant Shares is equal to 150% of the aggregate number of shares and pre-funded Warrants sold
in the Offering). Each share and accompanying May 2025 Warrant was sold at a combined public offering price of $0.32. Each pre-funded
warrant and accompanying May 2025 Warrant was sold at a combined public offering price of $0.313.

The May 2025 Warrants contain an anti-dilution
adjustment provision, pursuant to which, upon consummation of a Dilutive Issuance (as such term is defined in the May 2025 Warrants)
the exercise price of the May 2025 Warrants would be reduced to a minimum price of $0.10 per share and, upon a reduction in the exercise price, the number of shares of Common Stock issuable upon exercise of the May 2025 Warrants was correspondingly increased.

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

The Selling Stockholders will receive all of the proceeds of the sale of shares of Common Stock offered from time to time pursuant to this prospectus. Accordingly, we will not receive any proceeds from the sale of shares of Common Stock that may be sold from time to time pursuant to this prospectus; however, we will receive proceeds from the conversion of Series B Preferred Stock and/or cash exercise of the Common Warrants. We currently intend to use these net proceeds for general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures. We have not determined the amount of net proceeds to be used specifically for any of such purposes.

The expected use of net proceeds from