Company: BIAF
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001641172-25-008629
Chunk: 81

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 81
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 price per share of Common Stock (or Pre-Funded Warrant) and accompanying May 2025 Warrants will be fixed for the duration of this offering.

These estimates exclude the proceeds, if any, from the exercise of May 2025 Warrants issued in this offering. If all of the May 2025 Warrants issued in this offering were to be exercised in cash at an assumed exercise price of $0.5489 per share of Common Stock (equal to 110% of the assumed combined offering price per Share and accompanying May 2025 Warrant), we would receive additional proceeds of approximately $5.8 million. We cannot predict when or if these May 2025 Warrants will be exercised. It is possible that these May 2025 Warrants may expire and may never be exercised. Additionally, the May 2025 Warrants contain a cashless exercise provision that permit exercise of these warrants on a cashless basis at any time where there is no effective registration statement under the Securities Act covering the issuance of the underlying shares of Common Stock, subject to certain exceptions.

We intend to use the net proceeds from the sales of the securities offered by this prospectus primarily for working capital and other general corporate purposes. Pending these uses, we expect to invest the net proceeds in short-term, interest-bearing securities. We have broad discretion in determining how the proceeds of this offering will be used, and our discretion is not limited by the aforementioned possible uses. Our board of directors believes the flexibility in application of the net proceeds is prudent.

| 36 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2024:

| ● | on                                                                                             
 an actual basis, based on 15,576,674 shares of Common Stock issued and outstanding at December 
 31, 2024;                                                                                      |

| ● | on                                                                                               
 a pro forma basis to give effect to: (i) an aggregate of 1,136,391 shares of Common Stock        
 upon the exercise of common warrants that we issued on October 21, 2024, at the reduced exercise 
 price of $0.58 per share, and our receipt of approximately $755,000 in proceeds upon such        
 exercise, and (ii) an aggregate of 1,302,082 shares of Common Stock upon the exercise of         
 common warrants that we issued on August 5, 2024, at the reduced exercise price of $0.