Company: BFRG
Filing Date: 2025-10-10
Form Type: S-1
Source: 0001493152-25-017809
Chunk: 55

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-10-10
Form: S-1
Chunk 55
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) warrants (the “Placement Agent Warrants”) to purchase an aggregate of 62,600 shares of common stock, at an exercise price per share equal to $2.00 per share.

In December 2021, the Company initiated a placement of Bridge Notes seeking $1.5 million in operating capital to ensure the Company had operating capital while it finished the audit of its financial statements and prepared the S-1 registration statement related to its IPO. In December 2021, the Company sold a convertible promissory note to an unrelated party for $25,000. On April 11, 2022, the Company entered into an exclusive placement agent and/or underwriter agreement with WallachBeth Capital LLC in connection with a proposed private and/or public offering by the Company. On April 28, 2022 the Company received net proceeds of approximately $775,000 from the sale of Convertible Bridge Notes and Warrants to several institutional investors as well as several individual accredited investors. In addition to the money received on April 28, 2022, the Company also received $100,000 from the sale of a Convertible Bridge Note and Warrants to a related party in early April 2022. The Company also received net proceeds of $20,000 from the sale of one additional Convertible Bridge Note in September 2022. The bridge notes were convertible at the IPO at a 20% discount to the IPO price and the purchasers were also issued a warrant for each share of common stock issued upon conversion. The warrant exercise price was 90% of the per share IPO price.

| II-2 |

In November 2021, 57,142 shares of common stock were issued under a consulting agreement with Dane Saglio for services consistent with the responsibilities of a Chief Financial Officer. In addition, a total of 138,928 warrants with exercises prices of $2.10-$2.66 were issued to consultants who had been engaged as Company management and advisors. These warrant agreements have vesting terms that range from 12 to 36 months. In addition, the Company issued 29,285 options to employees with an exercise price of $2.66 with vesting terms that range from 12 to 24 months.

Except as otherwise set forth above, in connection with the foregoing, the Company relied upon the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions not involving a public offering.

Each of the foregoing issuances of securities