Company: BIAF
Filing Date: 2025-05-23
Form Type: PRER14A
Source: 0001641172-25-012315
Chunk: 41

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-23
Form: PRER14A
Chunk 41
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Information Reporting and Backup Withholding

Cash payments received by a U.S. holder of Common
Stock pursuant to the Reverse Stock Split may be subject to information reporting and may be subject to U.S. backup withholding (currently
at 24%) unless such holder provides proof of an applicable exemption or a correct taxpayer identification number and otherwise complies
with the applicable requirements of the backup withholding rules. In general, backup withholding and information reporting will not apply
to payment of cash in lieu of a fractional share of Common Stock to a non-U.S. holder pursuant to the Reverse Stock Split if the non-U.S.
holder certifies under penalties of perjury that it is a non-U.S. holder, and the applicable withholding agent does not have actual knowledge
to the contrary. In certain circumstances the amount of cash paid to a non-U.S. holder in lieu of a fractional share of Common Stock,
the name and address of the beneficial owner and the amount, if any, of tax withheld may be reported to the IRS. Any amount withheld under
the U.S. backup withholding rules is not an additional tax and will generally be allowed as a refund or credit against the holder’s
U.S. federal income tax liability provided that the required information is timely furnished to the IRS.

FATCA

Under the Foreign Account Tax Compliance
Act (‘‘FATCA’’), withholding taxes may apply to certain types of payments made to ‘‘foreign
financial institutions’’ (as specially defined in the Code) and certain other non-U.S. entities. Specifically, a 30%
withholding tax may be imposed on dividends on stock paid to a foreign financial institution or to a non-financial foreign entity, unless
(i) the foreign financial institution undertakes certain diligence and reporting, (ii) the non-financial foreign entity
either certifies it does not have any substantial U.S. owners or furnishes identifying information regarding each substantial
U.S. owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption
from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause
(i) above, then, pursuant to an agreement between it and the U.S. Treasury or an intergovernmental agreement between, generally,
the jurisdiction in which it is resident and the U.S. Treasury, it must, among other things, identify accounts held by certain U.S.
persons or U.S.-owned foreign entities, annually report certain