Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 9

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 9
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 monthly installments of $58,005 each through December
2024 and accrued interest at 6.99%. The note was repaid in its entirety in 2024.

    8

4. Stockholders’ Equity

Preferred
Stock

The
Company has 10,000,000 shares of preferred stock authorized at a par value of $0.00001 with 5,500,000 being designated as Series A Convertible
Preferred Stock. Of the 5,500,000 authorized shares of Series A Convertible Preferred Stock, 73,449 were issued and outstanding as of
March 31, 2025. Each share of Series A Convertible Preferred Stock is convertible at any time into 10 shares of the Company’s common
stock. The Series A Preferred Stock is the economic equivalent of the common stock but has no voting rights and is subject to a blocker
which prohibits the conversion into common stock if it would result in the investor owning more than 4.99% of the Company’s outstanding
common stock at such time.

Common
Stock

The
Company has 100,000,000 shares of common stock authorized at a par value of $0.00001.

In
February 2024, the Company received approximately $6.5
million of gross proceeds from the sale of 1,247,092
shares of common stock, 478,429
pre-funded warrants and 1,725,521
common warrants (each share of common stock or pre-funded warrant and common warrant, collectively, the “Units”). The
Units were sold at a price of $3.782
and the sale was completed via an underwritten public offering and includes the underwriter’s exercise of their overallotment
option. The warrants have an exercise price of $4.16
and expire 5
five-years from issuance. In conjunction with the transaction, the Company issued to the placement agent warrants to purchase an
aggregate of 90,428
shares of common stock. The placement agent warrants have an exercise price of $4.16
and expire 5 five-years from issuance. The pre-funded warrants had an exercise price of $0.001
and were all exercised in their entirety in the first quarter of 2024.

In
October 2024, the Company received approximately $3.13
million of gross proceeds from the sale of (i) 862,602
shares of the Company’s common stock and pre-funded warrants to purchase up to