Company: BIAF
Filing Date: 2025-05-23
Form Type: PRER14A
Source: 0001641172-25-012315
Chunk: 55

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-23
Form: PRER14A
Chunk 55
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 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 be adjusted based on the reverse stock split ratio) will be issuable upon exercise of the May 2025 Warrants, assuming the Anti-Dilution Adjustment is triggered and the exercise price of the May 2025 Warrant is reduced to the $0.10 floor price. Assuming the full exercise of the May 2025 Warrants (including pursuant to the Reverse Stock Split Adjustment and the Anti-Dilution Adjustment), an aggregate of 69,712,498 additional shares of Common Stock will be outstanding, and the ownership interest of our existing stockholders would be correspondingly reduced. In addition, the sale into the public market of these shares also could materially and adversely affect the market price of our Common Stock.

Interests of Directors and Executive Officers

Our directors and executive officers have no substantial interests, directly or indirectly, in the matters set forth in this proposal. However, as a condition to the closing of the best efforts public offering on May 7, 2025, our officers and directors executed support agreements, agreeing to vote in support of this Proposal No. 6, as well as the Authorized Increase Proposal (Proposal No. 5) and the Adjournment Proposal (Proposal No. 7).

Required Vote