Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 78

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 78
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 entered into an ATM Agreement with BTIG, LLC, pursuant to which the Company may offer and sell shares of common
stock, from time to time in its sole discretion, at the market price up to an aggregate offering price of $20 million. The Company is
not obligated to sell any shares, and BTIG is not required to sell any specific number or dollar amount of shares of common stock. Accordingly,
the Company will not receive any proceeds from such transaction until shares are actually sold by BTIG. Subject to the Company’s
request to sell shares, BTIG will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell
shares of common stock on the Company’s behalf in accordance with Company instructions. Notwithstanding the foregoing, there can
be no assurance that the Company will be able to sell, when needed, sufficient shares under the ATM Agreement to fund planned operations.
In the nine months ended September 30, 2025, the Company received approximately $1.1 million of net proceeds from the sale of 693,487
shares of the Company’s common stock at an average price of approximately $1.58 per share.

In
September 2025, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant
to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock, subject to certain limitations.
The Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $10.0 million
of the Company’s common stock. Such sales of common stock by the Company, if any, will be subject to certain limitations set forth
in the purchase agreement, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing
on the date that the conditions to Lincoln Park’s purchase obligation set forth in the purchase agreement are satisfied, including
that a registration statement covering the resale by Lincoln Park of shares of common stock that have been and may be issued to Lincoln
Park under the purchase agreement, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) in
October 2025, is declared effective by the SEC. No shares were sold under this facility during the nine months ended September 30, 2025.
In connection with the purchase agreement, we issued 147,682 shares of common stock valued at approximately $207,000 to Lincoln Park