Company: BFRG
Filing Date: 2025-04-25
Form Type: 424B5
Source: 0001641172-25-006297
Chunk: 21

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-04-25
Form: 424B5
Chunk 21
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 aggregate of 1,684,782 shares of our common stock are sold at a price of $1.84 per share, the last reported sale price of our common stock on the Nasdaq Capital Market on April 24, 2025, for aggregate gross proceeds of $3.1 million. The shares sold in this offering, if any, will be sold from time to time at various prices. An increase of $0.25 per share in the price at which the shares are sold from the assumed offering price of $1.84 per share shown in the table above, assuming all of our common stock in the aggregate amount of $3.5 million is sold at that price, would result in an increase to our adjusted net tangible book value per share after the offering by $0.04 to $0.59 and an increase in the dilution in net tangible book value per share to new investors in this offering by $0.21 to $1.50, after deduction of commissions and estimated offering expenses payable by us. A decrease of $0.25 per share in the price at which the shares are sold from the assumed offering price of $1.84 per share shown in the table above, assuming all of our common stock in the aggregate amount of $2.7 million is sold at that price, would result in a decrease to our adjusted net tangible book value per share after the offering by $0.04 to $0.51 and a decrease in the dilution in net tangible book value per share to new investors in this offering by $0.21 to $1.08, after deduction of commissions and estimated offering expenses payable by us. This information is supplied for illustrative purposes only, and will adjust based on the actual offering prices, the actual number of shares that we offer and sell in this offering and other terms of each sale of shares in this offering.

The information above and in the foregoing table is based upon 9,415,525 shares of our common stock outstanding as of March 31, 2025. The information above and in the foregoing table excludes as of March 31, 2025:

| ● | Up                                                                                                                               
 to 7,209,328 shares of common stock issuable upon the exercise of outstanding warrants with a weighted-average exercise price of 
 $4.91 per share;                                                                                                                 |
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 to 938,927 shares of common stock issuable upon the exercise of outstanding stock options,                                       
 which options have a weighted