Company: BIAF
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001641172-25-013280
Chunk: 42

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 42
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’), 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 information about such accounts and withhold 30% on payments
to non-compliant foreign financial institutions and certain other account holders.

Any cash paid to a non-U.S. holder as
a result of the Reverse Stock Split that is treated as dividend may be subject to withholding under FATCA unless the requirements set
forth above are satisfied (if applicable) and appropriate certifications are made. While withholding under FATCA would have applied also
to payments of gross proceeds from the sale or other disposition of our Common Stock on or after January 1, 2019, proposed Treasury regulations
eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury regulations
until final Treasury regulations are issued.

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 except to the extent of their ownership of shares of our
Common Stock.

Vote Required

The affirmative vote of a majority of the votes cast
by the holders of all shares of stock present or represented and voting on the Reverse Stock Split Proposal at the Annual Meeting is required
to approve the Reverse Stock Split Proposal. This means that to be approved, the votes cast in favor of the Reverse Stock Split Proposal
must exceed the votes cast against the Reverse Stock Split Proposal. Since abstentions are