Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 90

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 90
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 accelerate the commercial growth of CyPath ®Lung, taking steps to deliver approximately $4 million in annual cost savings at our subsidiary PPLS, while increasing resources to expand CyPath ®Lung sales in high-potential national markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain pathology services with suboptimal profit margins to focus on high-margin services such as CyPath ®Lung and by discontinuing certain pathology services with suboptimal profit margins.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of a warrant inducement agreement, dated February 25, 2025 (the “February Inducement Agreement”), certain holders of existing warrants exercised for cash (i) warrants to purchase an aggregate of up to 1,136,391 shares of Common Stock that we issued on October 21, 2024 (the “October 2024 Warrants”), at the reduced exercise price of $0.58 per share, and (ii) warrants to purchase an aggregate of up to 1,302,082 shares of Common Stock that we issued on August 5, 2024 (the “August 2024 Warrants”), at the reduced exercise price of $0.58 per share. We received aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October 2024 Warrants and August 2024 Warrants by the holders thereof in accordance with the February Inducement Agreement, we issued warrants (the “February 2024 Warrants”) to purchase an aggregate of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October 2024 Warrants and August 2024 Warrants) to such holders.

On October 21, 2024, we issued to certain institutional investors (i) in a registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement, common warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant to a securities purchase agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate gross proceeds from the offerings of approximately $2.7 million, before deducting placement agent