Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 28

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 3
Chunk 28
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 sale of covered securities in a particular case. Further, if we were to be delisted from The Nasdaq Capital Market, our Common
Stock would cease to be recognized as a covered security and we would be subject to regulation in each state in which we offer our securities.

Our management collectively
owns a substantial percentage of our Common Stock.

Based on the provisions for
determining beneficial ownership in accordance with Rule 13d-3 and Item 403 of Regulation S-K under the Exchange Act, our officers and
directors own or exercise control of approximately 26% of the voting power of our outstanding Common Stock. As a result, investors may
be prevented from affecting matters involving our Company, including:

    ●
    the composition of our board and, through it, any determination with respect to our business direction and policies, including the appointment and removal of officers;

    ●
    any determinations with respect to mergers or other business combinations;

    ●
    our acquisition or disposition of assets; and

    ●
    our corporate financing activities.

Furthermore, this concentration
of voting power could have the effect of delaying, deterring, or preventing a change of control or other business combination that might
otherwise be beneficial to our stockholders. This significant concentration of share ownership may also adversely affect the trading price
for our Common Stock because investors may perceive disadvantages in owning stock in a company that is controlled by a small number of
stockholders.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS.

Unregistered Sales of Equity Securities

We did not sell any equity securities during the quarter
ended March 31, 2025, in transactions that were not registered under the Securities Act other than as previously disclosed in our filings
with the SEC.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

During the three months ended March 31, 2025, no director
or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,”
as each term is defined in Item 408(a) of Regulation S-K.

26

ITEM 6. EXHIBITS.

    Exhibit No.
     
    Title of Document

    3.1
     
    Certificate of Incorporation